FIDES (VIETNAM) Market Statistics 17/12 –22/12/2023 

FIDES (VIETNAM) Market Statistics 17/12 –22/12/2023 

Market Summary 
 Change Trading Volume Trading Value Foreign net buy/sell 
 (%) Average daily trading volume  (Mil. shares) Average daily trading value (Mil.USD) Net trading value  (Mil.USD) 
HSX 0.07% 563.60 526.62 -110.35 
VN30 0.00% 186.68 221.35 -60.71 
HNX 0.55% 73.13 54.84 0.75 
Upcom 1.28% 34.45 22.10 -0.32 

Source: Fiinpro

Sector Performance (HOSE + HNX, %) 

Source: Fiinpro

Foreign Top buy/sell (HOSE + HNX, mil.USD) 

Source: Fiinpro

News 

Economy – Society 

FDI:  

  • Thai Binh People’s Committee awarded the investment decision and investment certificate for the Thai Binh LNG Gas Power Plant project worth $1.94bn to Vietnam Truong Thanh Group JSC – Tokyo Gas Group – Kyuden Company International. (Source: Thai Binh Province) 
  • Can Tho and Bac Giang People’s Committee cooperate with Aeon Mall Vietnam Co., Ltd. in researching investment of 2 Aeon Mall commercial centers in Can Tho and Bac Giang. (Source: Thai Binh Province) 
  • PepsiCo Foods Vietnam to build a food factory in Ha Nam with an investment capital of $82mn. New factory will supply over 23,000 tons of snacks/ year to the Vietnamese and Cambodian markets. The project is expected to complete construction in 3Q2025. (Source: Ha Nam Province) 

Agriculture: 

  • Following the recent visit to Ha Noi by the President Xi Jinping, China is set to import more fruits from Vietnam, bringing the total number of farm produce approved for official export to China to 14, as part of the effort to boost bilateral trade. (Source: Government) 
  • As China is opening its market for some Vietnamese fruits, Vinafruit forecasts that the export revenue would surpass $6bn and even reach $7bn in 2024. (Source: Vinafruit) 

Trade balance: 

  • First fortnight Dec-2023, exports of $15.04bn (+10.4% yoy) and imports of $15.48bn (+10.9% yoy), resulting in a trade deficit of $0.44bn. YTD, exports of $337.62bn (-5.2% yoy) and imports of $312.35bn (-9.8% yoy), resulting in a trade surplus of $25.27bn. (Source: MOIT) 

Commodity:  

  • Domestic gold price set a record of $3,097 per tael (+5.8% since November), while the world gold price has increased by 3.5% since November to $2,039/ounce. 

Remittances:  

  • The inflow of overseas remittances to Ho Chi Minh City is estimated to reach about $8.92bn in 2023 (+35% yoy). It is expected that the remittances inflow in 2024 will increase by 20% yoy. 9M2023, remittance to HCMC has reached $6.69bn (+40% yoy and equal to 101.3% FY22). HCMC accounts for more than 50% total remittance inflow. (Source: Government) 

Company – Sectors 

Fisheries: 

  • According to the Department of Fisheries, total fishery output in 2023 was estimated to reach 9.2mn tonnes (+2% yoy). Of the figure, the exploitation and aquaculture outputs hit 3.86mn tonnes and 5.4mn tonnes, respectively. Aquaculture export revenue in 2023 was estimated at $9.2bn, equivalent to 92% of the set target. The shrimp sector is the largest contributor with about $3.45bn, followed by pangasius ($1.9bn), mollusks ($0.8bn), and tuna ($0.9bn). The fisheries industry has set a target to earn $9.5bn from exporting aquaculture products in 2024. (Source: DoF) 

Aviation sector:  

  • According to CAAV, the total transport volume is estimated at approximately 74 million passengers this year (+34.5% yoy). (Source: CAAV) 

Real estate sector:  

  • The Nation Assemble expects to hold 5th extraordinary meeting from 15/01/2024 to 19/01/2024. The meeting will take place in 2 sessions: 
  • Phase 1 (15/01/2024 – 17/01/2024): to review and discuss the draft Land Law (amended), and Resolutions including (1) Resolution on several specific mechanisms and policies to remove difficulties and obstacles, accelerate the implementation of National Target Programs and (2) Resolution on supplementing the Medium-term Public Investment Plan with central budget capital for the period 2021 – 2025. 
  • Phase 2 (19/01/2024): to consider approving Laws and Resolutions. 

Pangasius: 

  • Vietnam’s pangasius industry has set a target of achieving commercial output of 1.7mn tons in 2024 and recording export turnover of $2bn. Pangasius farming area is expected to cover 5,700 ha next year. (Source: Government) 

Livestock sector:  

  • Vietnam’s livestock industry has set a production growth target of 4-5% in 2024 and is expected to make up 28-30% of the country’s agricultural production. Of which: 
  • Meat: is expected to reach about 7.98mn tonnes in 2024 (+3.8% yoy), including over 4.87mn tonnes of pork (+4% yoy) and over 2.31mn tonnes of poultry meat (+3.1% yoy). 
  • Milk: is expected to hit 1.28 million tonnes (+6.7% yoy). 
  • Industrial feed: is expected to produce over 20.5 million tonnes of industrial feed (+2.5% yoy). (Source: Government) 

Shrimp sector:  

  • Vietnam is the largest shrimp supplier of Korea in 10M2023, reaching $295.4mn (-20% yoy). Although shrimp export value to Korea have decreased, Vietnam still maintains its position as the largest supplier with a proportion of 46.1% in 10M2023 (+45% yoy). (Source: Government) 

Rice sector: 

  • Kien Giang – the largest rice producing province – is expanding organic rice farming and developing linkages between various stakeholders in the value chain. Kien Giang is targeting 6,500ha in An Minh, An Bien and Vinh Thuan districts and an annual output of 31,900 tonnes by 2025. By 2030 it plans to expand the organic rice area to 25,000ha in the three districts and U Minh Thuong, Go Quao and Han Dat, and output to 129,185 tonnes. (Source: Kien Giang Province) 

Tourism sector: 

  • Phu Quoc set up an inspection team and committed to selling at the listed price to stimulate tourism demand. The hotline number will be posted by the locality at all hotels, resorts and on taxi and Grab transport vehicles… for tourists to report issues related to service quality and tourism services on the island. 
  • On the other hand, there are many events held in Dec-23 such as: the 8Wonder Winter music festival in Phu Quoc took place on 16/12/2023, attracting more than 12,000 domestic and foreign tourists to attend; the Kissing Bridge  (Sun Group) will launch and serve tourists on 23/12/2023; the first creative night market in Vietnam Vui Phet (Vui-Fest Bazaar) with a street musical show called Loang Xang and the Countdown music festival to welcome the new year 2024 “Wake up New Year” taking place on December 31 in Love Lake stage (Grand World Phu Quoc area). 
  • In 11M2023, the number of local visitors traveling to Phu Quoc by air reached 3.9mn arrivals (-25% yoy). (Source: Government) 

Banking sector: 

  • As of 19/12/2023, credit growth has reached 9.87% ytd (+0.72% mtd). The figure is far lower than the target of 14% set by the SBV. The SBV is encouraging banks to simplify the loan granting process and continue to cut the interest rate. (Source: Government) 

Energy Sector:  

  • On 30/11/2023, China Power Construction Group (Power China) and Trung Nam Group signed an EPC contract for a 916 MW wind power project cluster. Detailed information about the project has not been announced. (Source: Trung Nam Group) 
  • EVN wants to import wind power from Laos to ensure electricity supply to the North, where it is expected to have difficulty supplying electricity in the period 2024-2030. Increasing electricity imports from Laos also helps reduce costs and ensure electricity supply security. The ceiling price of wind power from Laos is 6.95 cents/kWh, lower than domestic wind power sources (8.5 cents/kWh on land and 9.8 cents/kWh at sea). (Source: EVN) 

Wood sector:  

  • According to the Vietnam Handicraft Export Association, exports of wood & wood products in 2023 will reach about $14bn (lower than the target of $17bn). This is due to the world market recession and consumers tightening. 
  • However, the enterprises have continuously received orders, although most of them are small orders, but they have partly helped them overcome difficulties. Many businesses receive export orders until the 1H2024 when the shopping season in major markets such as the US and Europe begins. (Source: VHEA) 

Oil and gas sector:  

  • Angolan Oil Minister announced that the country will leave the OPEC. This decision was made when OPEC is trying to call on member countries to reduce exploitation output to support plummeting oil prices on the world market. Angola joined OPEC in 2007 and its oil production is about 1.1 mn barrels per day, about 1/28 of OPEC’s total daily production. (Source: OPEC) 

TCM (Thanh Cong Textile Garment Investment Trading JSC) 

  • Nov-2023, revenues of $11.7mn (-1.4% yoy) and NPAT of $354K (-56% yoy). 11M2023, revenues of $128mn (-24.8% yoy) and NPAT of $7.52mn (-29.3% yoy). TCM shared that they are not working at full capacity. As of Dec-2023, the company has completed 76% of target revenues and received 90% of orders for 1Q2024. TCM expects that orders in 2024 will be better. (Source: TCM) 

NLG (Nam Long Investment Corporation)  

  • Approved the guarantee for the debt repayment obligation of $53.5mn of Nam Long Dai Phuoc project (Dong Nai) at OCB bank. 
  • The guaranteed obligations include the maximum principal debt of $16.5mn, loan interest, overdue interest, and other expenses according to credit contracts signed between Paragon Dai Phuoc and OCB Bank. The guarantee period will last until Paragon Dai Phuoc provides an adjusted investment certificate or equivalent documents extending the investment period of Nam Long Dai Phuoc project approved by a competent state agency. (Source: NLG) 

VHM (Vinhomes JSC)  

  • Plans to privately issue $82.3mn worth of bonds within 90 days from the date of publication of information before the bond offering or another period. Bond-term: maximum of 24 months. (Source: VHM) 

VIC (Vingroup JSC) 

  • On 18/12/2023, VinFast and Marubeni Group officially signed a MOU on repurposing end-of-life EV batteries in circular economy. Accordingly, VinFast and Marubeni will cooperate in researching and producing battery energy storage systems (BESS) from used electric vehicle batteries. VinFast will be the supplier of electric vehicle batteries; Marubeni undertakes feasibility assessment, technical consultation, and implementation of BESS installation. 
  • VIC registered to buy 116.7 million VHM shares (held by Vinpearl JSC) from 21/12/2023 to 19/01/2024. Post-transaction, VIC will directly hold 3 billion VHM shares (69.34% OS). Transaction’s purpose: reorganize the ownership structure within the Vingroup. Previously, VIC also approved listing Vinpearl in 2024. (Source: VIC) 

PNJ (Phu Nhuan Jewelry JSC) 

  • Nov-2023, revenues of $127.92mn (+22.8% yoy and +3.5% mom) and NPAT of $8.18mn (+30.6% yoy and -14.9% mom). 11M2023, revenues of $1.21bn (-5.1% yoy) and NPAT of $71.22mn (+5.7% yoy). The robust revenue was driven by the gold bar sales (+88.7% yoy and +41.3% mom) and retail segment (+6.5% yoy, -14.9% mom). GPM of PNJ decreased slightly from 18.8% in Oct to 17.3% in Nov due to higher proportion of gold bar in sales mix. However, the NPM is still stable at 6.4%. 
  • In 11M2023, PNJ opened 42 new stores and closed 8 stores to increase coverage and optimize operations. Therefore, the number of PNJ stores increased by 34 stores compared to the end of 2022, reaching 394 at the end of Nov-2023. (Source: PNJ) 

QNS (Quang Ngai Sugar JSC) 

  • 11M2023 revenue reached $394.5mn (+23% yoy, fulfilled 97%-year plan) and PBT reached $86.3mn (+73% yoy, fulfilled 95%-year plan). 
  • Sugar segment is the main growth momentum with net revenue reaching $160.3mn (+96% yoy) and PBT reaching $39mn (+280% yoy). In 11M2023, QNS’s sugar consumption reached 210,000 tons (+79% yoy). (Source: QNS) 

CC1, HHV (Construction Corporation No 1 & Deo Ca Traffic Infrastructure Investment JSC) 

  • Onecons Construction Consulting Limited Liability Company has recently announced the results of selecting the contractor for Package XL4 – Construction of Section Km20+550 to Km23+550 of Ring Road 3 through Thu Duc City in Component Project 1 – Construction of Ring Road 3 through Ho Chi Minh City (including Thay Thuoc Bridge) under the Investment Project for the Construction of Ring Road 3 in Ho Chi Minh City (total investment amounting to $926mn). 
  • The winning contractor is a consortium including Deo Ca Corporation JSC, HHV, CC1, Construction Company 510 JSC, 319 Military Construction JSC, and Thanh An Corporation. The contract value is $67.8mn, and the contract implementation period is 1,060 days (shortened by 20 days compared to the bidding schedule). (Source: Onecons Construction) 

PC1 (PC1 Group JSC):  

  • The Project Management Board of Ho Chi Minh City’s power grid has recently announced the results of selecting the contractor for Package 1: Excavation and rehabilitation of cable trenches, supply, installation of underground cables, and accessories for the section from 220 kV TSN substation to the position of cable tunnel No. 6 of the Tan Son Nhat – Ba Queo 220 kV transmission line project. 
  • Accordingly, the Consortium of PC1 and New Technology and Tourism Application Limited Liability Company won the contract with a bid price of $13.4mn. The contract duration is 360 days, and it is a fixed unit price contract. Currently, the contract has been signed, and the contractor is preparing to implement the project. (Source: Government) 

DCM (Petro Viet Nam Ca Mau Fertilizer JSC):  

  • Announced that the consumption of all fertilizers in 2023 is more than 1.3 mn tons (+20% yoy). In particular, Ure reached 866K tons (+4.8% yoy), and NPK reached 160K tons (+196% yoy). In 2023, DCM has exported to more than 18 countries with an estimated output of 344K tons (26% of total consumption) whereas Cambodia is the largest export market of DCM with output and export value accounting for more than 60%. FY24 target revenue of $488.8mn and NPAT of $32.7mn. (Source: DCM) 

HPG (Hoa Phat Group JSC):  

  • Announced to increase rebar price by VND100/kg (+0.7%) to VND14,200/kg and wire-rod price by VND150/kg (+1.1%) to VND14,060/kg for Northern area. Effective from 19/12/2023. (Source: HPG) 

VIB (Vietnam International Commercial JS Bank):  

  • Announced to buy back 2 lots of bond codes VIB_BOND_L1_2017_002 and VIB2128020 on 13/12/2023. 
    • VIB_BOND_L1_2017_002: total value of $34.3mn. Issued date: 13/12/2017, term of 7 years. 
    • VIB2128020: total value of $21.5mn. The bond issuance interest rate is 7.3%/year. Issued date: 13/12/2021, term of 7 years. (Source: VIB) 

TNG (TNG Investment and Trading JSC):  

  • Reached 100% revenue target of $280.3mn on 16 Dec 2023, setting a record in TNG revenues. TNG expects FY23 revenues of $289.8mn (+3.8% yoy, fulfilling 103% target). 9M2023 TNG’s NPAT reached $7.05mn, only completing 57% target. (Source: TNG) 

ACB (Asia Commercial JS Bank):  

  • Approved the capital raising plan of ACBS from $164.9mn to $288.5mn, funding by the parent bank. Implementation time: 2024, after SSC’s approval. (Source: ACB) 

PTI (Post – Telecommunication – Insurance JSC):  

  • VNDirect bought 2.86 mn shares from 12/04/2023 to 12/08/2023, raising their ownership to 20% (equivalent to 16,079,141 shares). (Source: VND) 

DIG (Development Investment Construction JSC):  

  • Approved the policy of borrowing $82.3mn from BIDV to pay costs related to investment development. Execution time: from 4Q2023. Loan tenor: 5 years. (Source: DIG) 

HAG (Hoang Anh Gia Lai JSC):  

  • The company is negotiating to sell Hoang Anh Gia Lai University Medical Center in 4Q2023 to pay off debt and expand its durian planting business. Chairman shared that the deal has already found a partner, but according to confidentiality principles, HAG cannot disclose it. 
  • Previously, HAG completed the sale of Hoang Anh Gia Lai Hotel in 3Q2023 for $7.4mn. (Source: HAG) 

HBC (Hoa Binh Construction Group JSC):  

  • On 14/12/2023, HBC announced the cancellation of the plan to hold an EGM in 2024. However, HBC did not state the reason for canceling the plan to organize the EGM. 
  • The EGM plan was previously approved on 07/12/2023. (Source: HBC) 

FPT (FPT Corporation): 

  • FPT has just signed a cooperation agreement to promote digital transformation with two Japanese businesses: Yamato Holdings, a unit specializing in logistics, and TradeWaltz, a business that owns a large commercial information interaction platform. (Source: FPT) 

NVL (No Va Land Investment Group Corporation):  

  • On 15/12/2023, NVL announced the plan to restructure a $300mn convertible bond package with a 5.25%/year interest rate, due in 2026, listed on the SGX-ST, issued in 2021 by converting into shares. 
  • The corporation and bondholders holding about 75% of the bond lot signed a transaction support letter on 14/12/2023. They agreed to facilitate the bond conversion into common shares by 20/05/2024. 
  • The support letter states that interests before 31/12/2024 will be paid slowly at redemption or maturity. Interests after 31/12/2024 will be paid in cash. The redemption value at maturity or early redemption is 115% of the original principal (minus the conversion) plus deferred interest and interest on the deferred interest. 
  • For conversion, the initial price is VND40,000/share. Investors have 3 conversion times (6, 18, or 30 months after the amendment) with lower prices each time. The bonds are converted in 30%, 40%, 20%, and 10% portions instead of all at once. (Source: NVL) 

SSI (SSI Securities Corporation):  

  • The company approved the total issuance of 453.2 million shares to increase capital. If successful, the total expected proceeds of $227.5mn will be used to supplement capital for margin trading loans and investment in bonds, certificates of deposit and other valuable papers. SSI’s charter capital is expected to increase from more than $648.5mn to nearly $843mn. Specifically: 
  • 302.2 million bonus shares, ratio: 20%, no lock-up. 
  • 151 million public issuance shares for existing shareholders, ratio: 10%, offer price: VND 15,000/share, no lock-up. (Source: SSI) 

VCS (Vicostone JSC):  

  • Phenikaa Group (parent company) has just completed issuing 2 lots of domestic bonds on 14/12/2023, worth VND900bn (~$38.6mn), with bond-term of 7 years, interest rates from 5.8% to 6.2%. (Source: VCS) 

VND (VNDIRECT Securities Corporation):  

  • Completed the transfer of capital contribution in IPA Asset management (IPAAM) to IPA Investment Group JSC (IPA). VND acquired 100% IPAAM from IPA in 2017. IPA is currently managing VND Active Fund (VNDAF), VND Bond Fund (VNDBF), VND Flexible Bond Fund (VNDCF), ETF IPAAM VN100. (Source: VND) 

ANV (Nam Viet Corporation): 

  • On 21/12/2023, ANV announced the plan to issue 133.13mn shares to pay bonus shares at ratio 1:1. After the issuance, its charter capital would be lifted from $54.8mn to $109.6mn. (Source: ANV)