FIDES (VIETNAM) Market Statistics 21/8 – 25/8/2023

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	0.46%	883.49	825.35	(74.56)
VN30	0.32%	253.38	340.07	(77.72)
HNX	2.94%	107.00	79.50	1.21
Upcom	1.95%	58.23	38.46	(0.15)

Source: Fiinpro

Sector Performance (HOSE + HNX, %)

Source: Fiinpro

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

Source: Fiinpro

News

Economy – Society

Macro

• On 21 Aug 2023, PBoC (China) decreased the basic interest rate to 3.45%/year (-10 bps) for 1-Y loans. The PBoC’s decision will indirectly support economic activities when China’s growth has slowed down significantly. (Souce: PBoC)

Trade balance

• 1H Aug – 2023, exports of $14.44bn (-10.8% yoy) and imports of $14.22bn (+5.3% yoy), translated into a trade surplus of $0.22bn.
• Accumulation from the beginning of 2023, exports of $209.43bn (-10.1% yoy) and imports of $193.18bn (-16.7% yoy), resulted in a trade surplus of $16.26bn. (Source: Customs)

Public investment

• Construction on the Long Thanh International Airport’s first terminal (Dong Nai) and the third terminal (T3) of the Tan Son Nhat International Airport (HCMC) is scheduled to commence on 26 Aug 2023. Total investment of these 02 terminal is $1.89bn.
• The Long Thanh terminal is expected to be completed and operate in 2026 and the T3 terminal is expected to start operation in Q3/2025.
• On 24 Aug 2023, ACV announced the bid winner for package 5.10 is the VIETUR consortium (including: IC Ictas, Ricons, Newtecons, SOL E&C, ATAD, No.1 Construction, HAWEE, VCG, Phuc Hung Holdings, and Ha Noi Construction) with a winning bid price of $1.5bn.
• Contract implementation period: 39 months, expected to be signed by 30 Aug 2023. (Source: ACV)

Company – Sectors

Banking

• 7M2023, credit growth reaches 4.56% ytd (-0.17% mom), indicating a continuous weakening of credit demand. In order to support the economy, 4 SoCBs cut deposit rates for terms 1M-12M by 30bps starting 23 Aug 2023.
• The SBV issued Circular 10/2023/TT-NHNN amending Circular 06/2023/TT-NHNN prescribing the lending activities of financial institutions, effective from 1 Sep 2023. The Circular ceased the effectiveness of clauses prohibiting lending for capital contribution in shares/stake acquisition, capital contribution in BCC contracts, and offset lending. (Source: SBV)

Brokerage

• On Aug-21, HoSE held a meeting to discuss the implementation of the KRX system.
• The MoF expected that the KRX system would go live on Dec-11, 2023. (Souce: HSX)

Insurance

• At end June – 2023, Vietnam had 13.35mn life insurance policies in force, a decrease of 4% ytd, resulting from the low confidence of customers following violations in bancassurance activities. 1H2023, newly signed contract decreased 31% yoy and insurance premiums fell by 8% yoy. (Source: Insurance Association of Vietnam)

Consumer finance

• Kasikornbank, Thailand’s second-biggest lender, is in talks to buy consumer finance provider Home Credit Vietnam in a deal worth up to $1 billion that would further its push to expand in Vietnam. (Source: Reuters)

Sugar sector

• India is expected to ban mills from exporting sugar in beginning Oct-2023, halting shipments for the first time in 07 years, as a lack of rain has cut can yields. India allowed mills to export only 6.1 million tonnes of sugar (-45% compared to last season) during the current season to Sep-30.
• India’s absence from the world market would be likely to increase benchmark prices in New York and London that are already trading around multi-year highs, triggering fears of further inflation on global food markets. (Source: Reuters)

Fisheries

• China has decided to ban fishery imports from Japan following the latter’s release of treated wastewater from a nuclear power plant to the sea. (Source: China’s Customs)
• Vietnam fishery exporters will likely benefit from this event due to Vietnam’s proximity to the China market as well as its strong existing exposures/relationships to this market.

VHM (Vinhomes JSC)

• VHM intends to issue $500mn bonds to the international market. Type: unsecured, inconvertible, and without warrants. Par: $200,000, tenor: no more than 5 years. Implementation time: no later than April, 2024. (Source: VHM)

EIB (Vietnam Commercial Joint Stock Export Import Bank)

• The SBV approved EIB’s capital raising plan by paying 18% stock dividends. (Source: EIB)

SZC (SONADEZI Chau Duc Shareholding Company)

• SZC approved the issuance of 60 million shares (ratio 2:1) for existing shareholders at VND20,000/share. Implementation time: Q4/23.
• The proceeds of $50.6mn will be used to restructure SZC’s debt. (Source: SZC)

VIC (Vingroup Joint Stock Company)

• Gotion, a Chinese battery manufacturer, has registered to buy 15 million VFS shares privately issued at $10/share. The total transaction value is expected to be $150mn.
• Previously, Gotion has co-operated with VinES to form a joint-venture lithium battery plant in Vung Ang. (Source: Vinfast)

VNZ (VNG CORPORATION)

• HNX approved for VNZ to cancel 7.1mn treasury shares, effective 22 Aug 2023. VNZ intended to sell the 7.1mn treasury shares to BigV Technologies JSC but the plan was cancelled.
• VNG Limited has filed a Form F-1 registration statement with the SEC, intending to list its Class A ordinary shares on the NASDAQ Global Select Market through an initial public offering (“IPO”) under the symbol “VNG”. Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, UBS Securities LLC and BofA Securities, Inc. will act as underwriters of the IPO. The size and price range of the potential offering have yet to be determined. (Source: VNZ)

MWG (Mobile World Investment Corporation)

• July 2023, MWG recorded revenues of $413.68mn (-1.45% yoy, +5.24% mom), of which TGDD and DMX contributed $283.57mn (+2% mom and -20% yoy, accounting for 68.5% revenues) and BHX made up $120.93 (+10% mom and +20% yoy, accounting for 28.2% revenues). Average monthly sale per store reached $66.72mn (+10.3% mom).
• 7M2023, MWG recorded revenues of $2.77bn (-19% yoy)
• Currently, MWG owns 1,172 TGDD stores,  2,287 DMX stores, 1,706 BHX stores, 537 AnKhang pharmacies and 67 AVAKids stores. (Source: MWG)

PNJ (Phu Nhuan Jewelry JSC)

• July-2023, revenues of $99.3mn (-5.8% yoy) and NPAT of $3.5mn (+6.7% yoy).
• 7M2023, revenues and NPAT of $790.3mn (-9.2% yoy) and $49.2mn (-0.3% yoy, completing 60.4% year target), respectively. Of which, retail revenues decreased by 9.9% yoy, wholesale revenues declined by 31.3% yoy and 24K gold sales dropped by 1.2% yoy.
• At end July 2023, PNJ had 384 independent stores, including 371 PNJ Gold stores, 3 CAO Fine Jewelry stores, 5 PNJ Style stores, 2 PNJ Watch stores, and 3 PNJ Art stores. (Source: PNJ)

HBC (Hoa Binh Construction Group JSC)

•  On Aug-23, HBC signed a strategic cooperation agreement with PrimeTech Constructions Pty Ltd for being a contractor of Matevulu Sands Hotel and Resorts project with a total value of $1.75bn.
• HBC is the general contractor for the design and construction of construction items worth about $874.5mn. It is expected that the entire project will be divided into 3 phases and completed within 8 years. (Source: HBC)

KDC (KIDO Group Corporation)

• KDC announced having acquired 51% ownership at Tho Phat Quoc Te JSC. In the next stage, KDC will try to own up to 70% OS of Tho Phat. (Source: KDC)

VEA (Viet Nam Engine And Agricultural Machinery Corporation)

• MoIT proposed the Government to transfer 11 state-owned enterprises represented by MoIT to the Commission for the Management of State Capital at Enterprises (CMSC) and SCIC by 2025. VEA is in the list of 11 enterprises mentioned. (Source: MoIT)

VPB (Vietnam Prosperity Joint Stock Commercial Bank)

• Dragon Capital sold 1.5mn VPB shares on 17 Aug 2023, cutting their ownership from 5.01% to 4.99% (equivalent to 335,156,279 shares) and no longer being a major shareholder at VPB. (Source: HSX)

PAC (Dry Cell And Storage Battery JSC)

• PVI Opportunities Fund (POF) sold 5.3mn shares on 17 Aug 2023, cutting their ownership from 21.26% to 9.93% (equivalent to 4,614,500 shares). (Source: HSX)

VIB (Vietnam International Commercial Joint Stock Bank)

• Funderra JSC (related to Chairman) bought 118.7mn VIB shares, raising their ownership from 0% to 4.68% OS (equivalent to 244,263,180 shares). (Source: HSX)

NLG (Nam Long Investment Corporation)

• Mr. Tran Thanh Phong (Vice chairman) sold 398,348 shares from 20 Jul to 18 Aug 2023 via matching and put through, cutting his ownership to 4.25%. (equivalent to 16,333,750 shares). (Source: HSX)

PNJ (Phu Nhuan Jewelry JSC)

• Mr. Dao Trung Kien (member of BoD) registered to sell 175,000 shares via order and/or matching from 25 Aug to 22 Sep 2023. Post transaction, he will raise his ownership to 0.07%. (equivalent to 229,710 shares). (Source: HSX)

TCB (Vietnam Technological and Commercial Joint Stock Bank)

• Ms. Ho Thuy Anh (Chairman’s daughter) registered to buy 82.2mn shares from 25 Aug to 19 Sep 2023 via matching and put through. Post transaction, she will raise her ownership from 0.64% to 2.97% OS (equivalent to 104,660,940 shares). (Source: HSX)

NVL (No Va Land Investment Group Corporation)

• Novagroup was forced selling 2.73 million NVL shares from Aug-15 to Aug-17, decreasing their OS to 23.01% (equivalent to 448,788,910 shares).
• Diamond Properties was forced selling 2.38 million NVL shares on Aug-17, decreasing their OS to 9.24% (equivalent to 180,271,736 shares). (Source: HSX)