FIDES (VIETNAM) Market Statistics 27/3 – 31/3/2023

FIDES (VIETNAM) Market Statistics 27/3 – 31/3/2023

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)

Source: Fiinpro

Sector Performance (HOSE + HNX, %)

Source: Fiinpro

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

Source: Fiinpro


Economy- Society

Vietnam Macro in Q1/2023

  • GDP: GDP growth reached 3.32% yoy in Q1/2023 (lower than expectation of 3.7% yoy)
  • CPI: The Consumer Price Index (CPI) in Mar 2023 increased by 3.35% yoy and -0.23% mom. On average, Q1/2023, the CPI increased by 4.18% yoy and core inflation increased by 5.01% yoy.
  • Export – Import: Mar 2023, exports of $29.57 bn (-14.81% yoy) and imports of $28.92 bn (-11.46% yoy) resulted in a trade surplus of $650 mn. In Q1/2023, exports of $79.17 bn (-11.15% yoy) and imports of $75.1 bn (-14.31% yoy) resulted in a trade surplus of $4.07 bn.
  • Retail sales: In Mar 2023, retail sales ($21.33 bn) increased by 13.4% yoy, driven by retail sales of goods (+11.3% yoy), accommodation, food & beverage (+25.5% yoy) and tourism services (+113.91% yoy). In Q1/2023, retail sales ($64.05 bn) increased by 13.9% yoy. (Source: GSO)
  • FDI: Q1/2023, total registered foreign direct investment (FDI) reached $5.45 bn (-38.85% yoy). In which: newly registered capital reached $3.02 bn (-5.91% yoy), additionally registered capital reached $1.21 bn (-70.27% yoy) and share contribution and acquisition reached $1.22 bn (-25.48% yoy). Singapore is the largest investor with a total investment of $1.69 bn (accounting for 31% total registered capital), followed by China (10%, $552 mn) and Taiwan (8.8%, $477 mn). FDI disbursement decreased by 2.17% yoy to $4.32 bn. (Source: Ministry of Planning & Investment)

Public Investment

  • The Ministry of Finance (MoF) estimated that disbursement for public investment reached $3.11 bn in Q1/2023, completing 9.69% target year and 10.35% of the PM’s plan (compared to 11.88% in Q1/2022).

Company- Sectors

Banking sector

  •  SBV is proposing the government that credit institutions receiving 0-dong banks, excluding those the State is holding more than 50% OS, will have their max FOL at 49% rather than 30% as commonly applied for the industry. Accordingly, MBB, VPB and HDB benefit from the regulation. SBV shared that 2 of the above mentioned banks have already proposed raising their FOL to 49%. Based on the clue given by the SBV, these 02 banks are MBB and HDB.
  • The Vice Governor of the SBV shared that there will be 01 more policy rate cut soon so that commercial banks can reduce lending rates subject to their financial capability. In addition, loan rescheduling for corporate customers is necessary and will be implemented soon. However, the rescheduling should be subject to industry to avoid bad debts and credit system instability.

Aviation sector

  • In the context of raising input cost, MoT considers increasing the price cap on air ticket by 3.75% on average from Q2-Q3/2023. The air ticket price cap was last increased in 2015.

F&B sector

  • The Ministry of Finance is studying to propose a raise in special consumption tax on alcohol drinks. The current tax rate is 65% (on pre-tax price) and the new rate is not finalized yet.
  • Previously, special consumption tax increased from 50% to 55% from Jul 2015, to 60% from Jan 2017 and to 65% from Jan 2018.

MWG (Mobile World Investment Corp.)

  • In 2M2023, revenue of $809.9 mn (-25% yoy), of which: revenue of TGDD and DMX decreased by 32% yoy from a very high base last year (the period of pent-up demand for technology products and electronics after Covid).
  • In addition, MWG also completed the recovery of 100% of principal and interest on bond investments. Currently, MWG does not issue any bonds and no longer has any investments in bonds.

PET (Petrovietnam General Services JSC Corporation)

  • In Feb 2023: revenue of $66.55 mn (+25.9% yoy) driven by a 64.1% growth in mobile phone revenue ($30.4 mn), resulting in a PBT of $1.49 mn (-146% yoy).
  • 2M2023: revenue of $118 mn (-3.6% yoy) and PBT of $1.57 mn (-50% yoy). (Source: PET)

FRT (FPT Digital Retail JSC)

  • 2023 target: revenue of $1.45 bn (+13% yoy) and PBT of $10.2 mn (-51% yoy).
  • 2022 dividend: 15% stock and 5% cash, to be implemented in Q3/2023.
  • 2023 dividend: 10% cash. (Source: FRT)

GAS (PetroVietnam Gas Joint Stock Corporation) Tổng Công ty Khí Việt Nam – CTCP

  • 2023 target: revenue of $3.25 bn (-24% yoy) and PAT of $278.3 mn (-57% yoy).
  • Sales volume: dry gas:7.7 billion m3 (-1.3% yoy); LPG: 1.76 million tons (-12% yoy) and condensate: 84,000 tons (-16.8% yoy). (Source: GAS)

SSI (SSI Securities Corporation)

  • 2023 target: revenue of $294.3 mn (+9% yoy) and PBT of $108 mn (+20% yoy). (Source: SSI)

VCI (Viet Capital Securities Joint Stock Company) CTCP Chứng khoán Bản Việt

  • 2023 target: revenue of $138.13 mn (-12% yoy) and PBT of $0.04 mn (-6% yoy).
  • 2022 dividend: 12% cash and 30% stock.
  • 2023 dividend: 10-20%.
  • Issuance of 2 million ESOP shares (0.45% OS) at no lower than 12,000 VND/share. (Source: VCI)

CTR (Viettel Construction Joint Stock Corporation)

  • 2023 target: revenue of $440 mn (+10% yoy), of which: Telecom infrastructure operation ($227.8 mn, +9% yoy), towerco ($20 mn, +50%), construction ($131 mn, +29% yoy) and system integration (minimum of $44.5 mn). PAT of $20.7 mn (+9.96% yoy).
  • 2022 dividend: 10% cash (to be implemented in Jun 2023) and 23.1% stock (to be implemented in Q3/2023). (Source: CTR)

TCB (Vietnam Technological and Commercial Joint Stock Bank)

  • 2023 target: PBT of $936 mn (-14% yoy), credit growth of 15% and deposit growth of 15%.
  • Plan to pay no dividend in 2022.
  • Plan to issue 5.3 million ESOP shares (0.15% OS) at 10,000 VND/share.
  • Propose to buy TCBS’s private placement shares in 2023 (TCBS plan to issue 105 mn shares via private placement at price of 97,542 VND/share). (Source: TCB)

VPB (Vietnam Prosperity Joint Stock Commercial Bank)

  • 2023 target: PBT of $1.02 bn (+13% yoy), credit growth of 33% and deposit growth of 41%. 2022 dividend: 10% cash (to be implemented in Q2-Q3/2023). Issuance of 30.2 million ESOP shares (0.45% OS) at 10,000 VND/share.
  • VPBank signed a deal to sell a 15% stake to Japan’s Sumitomo Mitsui Banking Corp. (SMBC) for about $1.5 billion through a private placement at an average price of VND 30,159/share. Implementation: Q2-Q3/2023, after SBV’s approval.  (Source: VPB)

ACV (Airports Corporation of VietNam)

  • In Apr 2023, ACV will hold the second bidding package for the construction of the Long Thanh Airport passenger terminal, with a value of $1.49 bn.

MSN (Masan Group Corporation)

  • MSN announced the successful disbursement of its USD375mn syndicated loan underwritten by BNP Paribas, Credit Suisse, HSBC, Standard Chartered Bank, and United Overseas Bank. The loan is priced at SOFR+3.5% (approximately 8% per annum) with five-year maturity. (Source: MSN)

KBC (Kinh Bac City Development Holding Corp.)

  • KBC announced a plan to redeem KBCH2123003 bond (fair value of $42.55 mn) before maturity. This bond will come due on 11 Nov 2024.
  • Previously, on 3 Mar 2023, KBC announced a plan to redeem KBCH2123002 bond (fair value of $42.55 mn) before maturity. This bond was issued on 03 Jun 2021 and will come due on 02 Jun 2023. Expected execution date is on 05 Apr 2023. (Source: KBC)

VRE (Vincom Retail Joint Stock Company)

  • According to Reuters, Vingroup (VIC) is in discussion to sell a stake in its shopping mall to bring in strategic investors. VRE is biggest shopping mall operator, owning 83 shopping malls in Vietnam.
  • Some investors are in negotiations to buy a stake in VRE. (Source: Reuters)

NKG (Nam Kim Steel Joint Stock Company)

  • NKG released the 2022 audited consolidated financial statements, adjusting its net loss from $2.84mn to $5.3mn. NKG’s loss nearly doubled, mainly related to inventory provision. (Source: NKG)
  • NovaGroup (related to chairman) registered to sell 38 million NVL shares via order matching/put

NVL (No Va Land Investment Group Corporation)

  • through from 30 Mar to 28 Apr 2023, decreasing its ownership from 29.38% to 27.43% (534,929,330 shares). (Source: HSX)