FIDES (VIETNAM) Market Statistics 25/12 – 29/12/2023  

FIDES (VIETNAM) Market Statistics 25/12 – 29/12/2023

Market Summary
 ChangeTrading VolumeTrading ValueForeign net buy/sell
 (%)Average daily trading volume (Mil. shares)Average daily trading value (Mil.USD)Net trading value (Mil.USD)
HSX2.44%655.96658.5218.99
VN303.10%214.56277.900.28
HNX1.21%64.2250.080.60
Upcom1.04%57.9339.54(6.80)

Source: Fiinpro 

Sector Performance (HOSE + HNX, %)

Source: Fiinpro

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

Source: Fiinpro

News

Economy – Society

Macro

  • 4Q2023 GDP increased by 6.72% yoy. FY23 GDP growth of 5.05% yoy, mainly driven by the service sector +6.82% yoy.
  • Dec-2023 CPI of 0.12% mom and 3.58% yoy. FY23 CPI of 3.25% yoy.
  • Trade balance: Dec-2023, exports of $32.91bn (+13.1% yoy) and imports of $30.63bn (+12.3% yoy) resulted in a trade surplus of $2.28bn. FY23, exports of $355.5bn (-4.4% yoy) and imports of $327.5bn (-8.9% yoy) resulted in a trade surplus of $28bn. (Source: GSO)

FDI

  • Adani Group, India’s largest economic group, plans to invest $10bn to Vietnam in the next 10 years, focusing on seaports, logistics, infrastructure, and renewable energy. The Prime Minister proposed Adani Group to coordinate closely in researching the Lien Chieu port (Da Nang), Chu Lai airport (Quang Nam) and specific projects in renewable energy.
  • GSO released the FDI in Dec-2023 as followed:
    • Total registered FDI reached $7.75bn (+151.20% mom, +200.33% yoy)
    • Disbursed FDI reached $2.93bn (+30.3% mom, +8% yoy) (Source: GSO)

Interest rate

  • VCB cut the interest rate by 30bps for deposits having terms under 12M. Meanwhile, BID and Agribank cut the deposit rate by 40bps for 1M term and 50bps for 3-9M terms. The current 1M deposit rate is 1.9% at VCB and 2.2% at BID, Agribank. (Source: VCB, BID, Agribank)

Commodities

  • The PM required the SBV to govern domestic gold price in accordance with the market principles to minimize the positive gap of Vietnam domestic gold price and the world’s gold price. The current gold price has decreased to 76mn per tael (-5% from 27/12/2023). (Source: Government)

Company – Sectors

Brokerage sector

  • The SSC required securities companies to stop mobilizing capital from investors through deposit and settle all transactions that have occurred before 30/06/2024. By the end of 3Q2023, customer deposit balances at securities companies reached about $3.17bn. In recent years, investors’ money in securities accounts has remained at a very large level, sometimes up to $4.1bn. (Source: SSC, Financial reports of securities companies)
  • In response to SSC’s request, VND stop renewing the cash interest support services (which offer deposit yield for investors cash balance at brokers) from 29/12/2023. (Source: VND)
  • KRX System did not meet the go-live deadline and there was no official announcement from HOSE. (Source: Media)

Energy sector

  • According to data from the GDC, Vietnam’s coal exports in November reached 141,216 tons, about $35.3mn (quantity: +60.5% yoy, +44.2% mom; value: +9.3% yoy; +33.5% mom). 11M2023 coal exports reached 673,658 tons, about $211.3mn (quantity: -41.2% yoy; value: -46.3% yoy). As Coal price reached $419/tons, peak in 2022, dropping to $250/tons in Nov-2023, average coal price/tons in 11M2023 are $313.6/tons (-8.7% yoy). In addition, export turnover in Japan, South Africa, Netherlands, is witnessed a deep decline. (Source: GDC)
  • According to the conclusion of the Government Inspectorate, Trung Nam does not ensure financial capacity, therefore the Trung Nam Thuan Bac and Trung Nam Thuan Nam Solar Power Projects have not been implemented in accordance with regulations. The electricity payment price for Trung Nam Hydropower Plant is also 0.3 cent/kWh cal (7 cent/kWh) higher than the ceiling price of the electricity generation price frame in 2013, which approved by MOIT and suggested by EVN. (Source: Government)

Banking sector

  • As of 20/12/2023, credit growth has reached 10.85% ytd (+1.7% mtd, +1% since 13/12/2023). Maintaining the current growth rate, credit growth is estimated to reach 12.4% in 2023. The PM issued Document No. 1403 requiring banks to make loans actively and flexibly but not lower standards. (Source: SBV)

Insurance sector

  • As of 30/11/2023, total insurance premium has reached $8.7bn (-4.43% yoy) and insurance payouts to reach $3.34bn (+32.52% yoy). The IAV estimated that insurance premium FY23 can reach $9.4bn (-8.1% yoy), mostly attributed to the plunge of life insurance due to mis-selling activities in the bancassurance channels. The leader of Insurance Supervision and Administration expects that the bancassurance channel is basically completed and this will be the long-term core driver of the life insurance segment. (Source: IAV)

Shrimp sector

  • According to VASEP, shrimp export turnover is estimated to reach $3.4bn (-21% yoy) in 2023. In November alone, shrimp export turnover reached $284mn (-5% yoy), this is the lowest decrease YTD. (Source: VASEP)

Rice sector

  • As of 15/12/2023, The General Department of Customs reported a new record for rice exports with the volume reaching 7.9mn tons, worth $4.54bn.
  • In 2023, the rice farming area nationwide is 7.1mn ha with productivity estimated at 6.08 tonnes of unmilled rice per ha and total output at 43.1mn tonnes, up about 420,000 tonnes from last year.
  • Vietnam’s current export price of 5% broken rice is $663/ton due to high demand. (Source: GDC)

Forestry sector

  • According to the Forestry Department under the Ministry of Agriculture and Rural Development, forestry export turnover is estimated at $14bn this year (-15.8% yoy). Forestry sector targets $17.5bn in export revenue in 2024. (Source: Forestry Department)

Tourism sector

  • According to the Vietnam National Authority of Tourism (VNAT), the total number of international tourists in 2023 is estimated at 12.5 million, meeting the targeted 12.5-13 million foreign arrivals for the year. Total revenue from tourism is expected to be $28bn, exceeding the plan by 3.38%.
  • Specifically, Hanoi recorded an estimated 24 million tourist arrivals this year (+27% yoy) and total tourism revenue was estimated at $3.65bn (+45.5% yoy). Of which: foreign visitors reached 4 million (+266.7% yoy), while the remainders were domestic tourists (+16.3% yoy). Hanoi targets 26.5 million tourists in 2024. (Source: VNAT)

Aviation sector

  • The Civil Aviation Authority of Vietnam (CAAV) has submitted to the Ministry of Transport for approval of the use of biometrics and population databases, citizen identification and e-authentication for domestic flights, aiming for fully automatic check-in and boarding processes.
  • If approved, the Airports Corporation of Vietnam (ACV) will invest and put in place equipment and software solutions for chip-based ID card and biometric authentication at Phú Bài, Cát Bi and Điện Biên airports within 1Q2024.
  • ACV will also conduct further research and work with relevant stakeholders to pilot this automatic verification model for international flights in 2024. (Source: Media)

Seaport sector

  • The Ministry of Transport (MoT) just released Circular 39/2023/TT-BGTVT, replacing the previous circular to provide charge brackets for seaport services here. The new rules come into effect from 15/02/2024.
  • Accordingly, the floor of container handling charges (FHC) will be raised by around 9-10%. Notably, the new rules also raise the floor of barge fees (FBF) by 30-33%. (Source: MoT)

Telecom sector

  • It is expected that the Ministry of Information and Communication will announce plan for the next spectrum auction in 24/01/2024. (Source: Ministry of Information and Communications)

BWE (Binh Duong Water – Environment Corporation – JSC)

  • The 5MW waste-to-energy power plant has been completed and is ready for official operation in early 2024. The project includes upgrading waste classification capacity up to 840 tons/day, using an integrated incinerator with a burning capacity of 200 tons/day and a power generation capacity of 5MW. In the first phase, the power source will be used internally in the factory in a cyclical process. (Source: BWE)

PVS (PetroVietnam Technical Services Corporation)

  • Preliminary FY23 revenue of $832.2mn (+18% yoy, exceeded 53%-year plan) and PBT of $45.2mn (-6% yoy, exceeded 41%-year plan).
  • PVS’s revenue from foreign markets increases from 44% in 2022 to more than 55% in 2023. This shows PVS’s shift to the international market, driven by the New offshore wind M&C. (Source: PVS)

GAS (PetroVietnam Gas JSC)

  • Announced preliminary 2023 revenue of $157.9mn (-7% yoy) and NPAT-MI of $19.6mn (-22% yoy).
  • Progress of GAS’s LNG Terminal: Which targets to finish its considerations study for the Thi Vai LNG Terminal Phase 2 and submit it to the MoIT in Dec-2023. Regarding the Son My LNG Terminal, GAS targets to finish Phase 1 (3.5 MMTPA) in 2026 before expanding its capacity to 6-9 MMTPA.
  • Progress of Block B project: GAS expects to extract the first gas from Block B in 4Q2026. According to GAS, the EPCI#3 contract involving construction of the onshore gas pipeline will be awarded by the end of 2023. In addition, the EPCI#4 contract (for the offshore gas pipeline) is being evaluated following receipt of bids from contractors. (Source: GAS)

BSR (Binh Son Refining and Petrochemical JSC)

  • Estimated FY23 revenue of nearly $6.03bn (-12% yoy, exceeded 54%-year plan) and estimated output of more than 7.35 million tons of products (exceeding 31% of the plan). Specifically, 4Q2023 revenue is estimated at around $1.69bn (flat yoy). BSR also shared that FY23 profit beats profit target ($67mn) significantly but did not disclose the number.
  • In 2024, Dung Quat Oil Refinery plans to conduct the 5th overall maintenance with a production target of about 5.7 million tons of products. (Source: BSR)

REE (Refrigeration Electrical Engineering Corporation)

  • Nghệ An Cancer Hospital has just announced the results of selecting the contractor for Package No. 08 – Construction and supply, installation of items: air conditioning system, electrical system, medical gas, transportation of specimen samples, and interior for operating rooms (belonging to the main building category) of the Project Construction of Nghệ An Cancer Hospital (Phase 2). The project has a total investment of $60mn.
  • Accordingly, the consortium of Ha Hung Company Limited – Vietnam Technical Construction Corporation Limited – Medical Equipment and Construction Joint Stock Company – R.E.E. Corporation Limited won the bid with a price of $11mn, the contract implementation period is 24 months, and the contract is based on a fixed unit price. (Source: REE)

POW (PetroVietnam Power Corporation)

  • Released preliminary 2023 results with sales volume of 14.9bn kWh, revenue of $1.25 bn (+8.4% yoy) and PBT of $5.4 mn (-52.7% yoy). For 2024, POW guides for sales volume of 16.7 bn kWh.
  • The Government has pointed out violations in two thermal power projects of PV Power, including (1) the failure to negotiate and adjust the electricity purchase price of Vung Ang 1 Thermal Power Plant according to the recommendation of the State Audit and (2) the commencement of the construction of NT2 project without an approved construction drawing design and unsigned construction contract. (Source: POW)

DCM (Petro Viet Nam Ca Mau Fertilizer JSC)

  • Adjusted consolidated NPAT year plan down to $37.7mn (-33.7% original plan). However, Ca Mau Ure output added 7.7%, sales raised 13.4%-year plan.
  • In 2023, revenue is estimated to be $552mn (-17% yoy), PBT estimated of $42mn (-78% yoy).
  • In 2024, DCM targets revenue of $486.8mn and PBT of $34.4mn. (Source: DCM)

HSG (Hoa Sen Group)

  • Announced FY22-23 audited financial statement with consolidated revenue of $1.3bn and NPAT of $1.2mn.
  • HoSE announced that HSG is officially added to the margin trading list on 26/12/2023. (Source: HSG)

NKG (Nam Kim Steel JSC)

  • On 26/12/2023, NKG approved the termination of the Nam Kim Chu Lai Steel Pipe Factory in Chu Lai Open Economic Zone (Quang Nam).
  • The investment project was first licensed by the Chu Lai Open Economic Zone Management Board on 09/06/2020. The total expected factory capacity is 150,000 tons/year and total expected investment capital is $6.2mn. (Source: NKG)

CTD (Coteccons Construction JSC)

  • Has recently been appointed as the general contractor for the construction project of the TTC Plaza Da Nang complex by Saigon Thuong Tin Real Estate JSC (HSX: SCR). On 23/12/2023, at the headquarters of the TTC Group, a signing ceremony for the construction cooperation of the TTC Plaza Da Nang complex took place between the two firms. (Source: CTD)

MWG (Mobile World Investment Corporation)

  • 11M2023 sales reached $4.42bn (-13% yoy, completed 80% of year plan). In particular, TGDD and DMX sales reached $3.14 bn (-21% yoy) and BHX reached $1.16bn (+15%yoy). In Nov-2023, sales reached $0.4bn (+5.4% yoy), however, MWG had shut down 138 stores including: 58 TGDĐ, 71 DMX, 9 BHX, 13 An Khang Pharmacy and 2 Ava Stores. (Source: MWG)

PDR (Phat Dat Real Estate Development JSC)

  • On 25/12/2023, PDR announced the buy-back bonds code PDR12101 and PDR12204 worths $18.8mn, bringing PDR’s bond loan to 0. These bonds were issued in Dec-2021 and Dec-2022, respectively. (Source: PDR)

DXG (Dat Xanh Group JSC)

  • Chairman Luong Tri Thin will buy 17.5 million shares of DXG via exercising the rights of 1:6 issuance at VND 12,000/ share to existing shareholders. (Source: DXG)

VHM (Vinhomes JSC)

  • Crosses between local investors of 88.9 million shares of VHM at limit up with total value of $166mn on 28/12/2023. These crosses are from Vinpearl to VIC as previously announced. (Source: VHM)

VIC (Vingroup JSC)

  • Plans to issue bonds of $165m early next year. These are 2 tranches out of 5 tranches from previous plan of issuing $411mn started in Aug-2023. The proceeds will be used to lend for VinFast.
    • VICH2326002: total value of $82.3mn, term: 36 months, no convertible, no warrants, no collateral
      • Interest rate: 15% per annum for the first two payments and floating rate (4.5% + reference rate) for the remaining payment
    • Expected issuance date: 24/01/2024.
    • VICH2325005: total value of $82.3mn, term: 24 months, no convertible, no warrants, no collateral
      • Interest rate: 14.5% per annum for the first two payments and floating rate (4% + reference rate) for the remaining payments.
      • Expected issuance date: 13/03/2024
  • For the previous 2 tranches:
    • VICH2326001: saw 36% subscription
    • VICH2326004: saw 34.6% subscription (Source: VIC)

NVL (No Va Land Investment Group Corporation)

  • NovaGroup registered to sell 2.2 million NVL shares via matching method from 28/12/2023 to 10/01/2024.
  • Post transactions, NovaGroup will hold 380 million NVL shares (19.491% OS). (Source: NVL)

DIG (Development Investment Construction JSC)

  • Approved the private placement of bond worth $86.4mn (non-convertible bonds, without warrants, guaranteed by a credit institution’s payment guarantee). Bond-term: 36 months. Implementation: 4Q2023 – 2024.
  • The additional capital will be supplemented for Long Tan Tourism Urban Area, Phase 2&3 of Cap Saint Jacques Complex, A5 Apartment project in Vung Tau. (Source: DIG)

VCB (Bank for Foreign Trade of Vietnam)

  • Mr. Pham Quang Dung, chairman of VCB, was appointed by the PM to serve as Deputy Governor of the SBV, effective from 01/01/2024. (Source: VCB)

TCB (Vietnam Technological and Commercial Joint Stock Bank)

  • Ms. Ho Minh Anh, chairman’s daughter, bought 72mn shares from 08/12/2023 to 20/12/2023, raising her ownership to 2.0488% (equivalent to 72,061,148 shares). (Source: TCB)

HDB (Ho Chi Minh City Development Joint Stock Commercial Bank)

  • Mr. Pham Quoc Thanh, CEO, bought 1.98mn shares via matching from 23/11/2023 to 22/12/2023, raising his ownership to 0.16% (equivalent to 4,626,725 shares). (Source: HDB)

MBS (MB Securities JSC)

  • MBS announced the successful issuance of bond batch MBSH2327002 on 22/12/2023, with a value of $10.3mn, bond-term: 4 years. The maturity date:  22/12/2027. (Source: MBS)

HVN (Vietnam Airlines JSC)

  • On 26/12/2023, HVN was officially removed from the warning list for successfully organized the 2023 Annual General Meeting of Shareholders (16/12/2023). (Source: HVN)

KDC (KIDO Group Corporation)

  • KIDO has entered the fish sauce and seasoning market with the brands Tuong An and Tuong An Unicook. These products have officially been “on the shelves” at Tuong An’s distribution systems since 25/12/2023. (Source: KDC)

HAG (Hoang Anh Gia Lai JSC)

  • Will transfer all 9.9mn shares at University of Medicine and Pharmacy Hospital JSC., – Hoang Anh Gia Lai to repay the 2016 bond principal, at price VND10,000/share. (Source: HAG)

ASM (Sao Mai Group Corporation)

  • On 28/12/2023, ASM held a groundbreaking ceremony to successfully construct the Sao Mai New Urban Area project (Thanh Hoa province). The project has a total investment of more than $41.2mn, on an area of nearly 50 hectares. Of which, there are 1,313 townhouse plots, nearly 30 villa plots, more than 41 commercial town plots combined with housing, with a population of over 10,000 people. (Source: ASM)

TNG (TNG Investment and Trading JSC)

  • TNG announced to decrease its ownership in TNG Land from 56.84% to 51.7% as TNG Land has just completed the capital raise from $10.16mn to $11.17mn. TNG Land currently owns the TNG Village and will develop the social housing Dai Thang project. (Source: TNG)