FIDES (VIETNAM) Market Statistics 3/1 – 6/1/2023

FIDES (VIETNAM) Market Statistics 3/1 – 6/1/2023

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

PMI Vietnam in Dec 2022

  • PMI Vietnam dropped to 46.4 in Dec 2022 from 47.4 in Nov 2022, posting below the 50.0 no-change mark for the second month running and thereby signalling a further deterioration in business conditions in the manufacturing sector.
  • The latest decline was the most marked since the pandemic-related downturn seen in Q3/2021.

Vietnam GDP 2023

  • UOB forecasts Vietnam 2023 GDP growth to reach 6.62% and USD/VND to reach 25,800 in Q4/2023.
  • Standard Chartered Bank forecasts Vietnam 2023 GDP growth to reach 7.2% and USD/VND exchange rate to reach 23,400 at end 2023.
  • They both expect SBV to hike rate by 100bps in the beginning of 2023.

Company- Sectors

Brokerage market share 2022

  • The HNX announces the securities brokerage market share of 5 leading securities companies in Q4/2022 as follows: VPS (22.2%), VNDS (9.84%), SSI (7.1%), MBS (4.98%), TCBS (4.51%)
  • In 2022, the securities brokerage market share of 5 leading securities companies: VPS (21.16%), VNDS (10%), SSI (6.89%), TCBS (5.98%), MBS (4.45%).  
  • On the Upcom, top 5 leading securities companies in 2022: VPS (23.22%), VNDS (9.65%), SSI (6.55%), TCBS (5.24%), MBS (4.84%). (Source: HNX)

Gasoline sector

  • National Assembly approved the imposition of 2,000 VND/liter environmental tax on gasoline from 1 Jan 2023 till the end of 2023.
  • From 2024, environmental taxation on gasoline will be back to its ceiling of 4,000 VND/liter. Previously, the Government applied environmental tax on gasoline at its floor of 1,000 VND/liter from Jul 2022 until the end of 2022.

Aviation sector

  • Bamboo Airways, a private airline founded by FLC Group, established subsidiary Bamboo Airways Cargo JSC (BAC) on 3 Jan 2023 in an effort to create a full-service airline eco-system.
  • None of Vietnamese airlines has provided cargo-only service yet, they all combine passenger and cargo transportation.
  • In Oct 2022, IPP Air Cargo asked for authorities’ suspension of licensing their cargo airline business, citing negative impacts of the Russia-Ukraine conflict and global recession.

Tourism sector

  • In 2023, “Vietnam tourism” targets to welcome 110 million tourists (+5% yoy) including: 8 million international visitors (+132.6% yoy) and 102 million domestic travelers (+0.7% yoy). Total revenue from tourism is expected to reach about $27.7 bn (+31.3% yoy).
  • In the period 2015-2019, Chinese visitors to Vietnam surged by 3.3 times at a compounded annual growth rate of 34.4%/year. In 2019, China possesses the largest tourist influx with 5.8 million arrivals. With the reopening of China, Vietnamese tourism’s goal 2023 is achievable.

Banking sector

  • 2022 credit growth is estimated at 14.5%.

Logistics sector

  • According to the Vietnam Maritime Administration, in 2022, total volume of goods through Vietnam’s seaports is estimated at 733.18 million tons (+4% yoy). Of which: exports reached ~ 179.07 million tons (- 3% yoy) and imports reached 209.26 million tons (-2% yoy); domestic goods reached 342.79 million tons (+12% yoy). Volumes of container cargo through the seaport in 2022 is estimated at 25.09 million TEUs (+5% yoy). (Source: Vietnam Maritime Administration)
  • According to Vietnam Logistics Business Association (VLA), during the peak of the COVID-19 pandemic, freight rates rose to an all-time high but have now dropped to near normal levels. Specifically, the global freight rate index has dropped 80% from its peak in September 2021. However, it is still 49% higher than the 2019 average and is continuing to decline. Due to the decrease in global supply and inflation, it is forecasted that in the period of 2023 – 2025, freight rates will continue to decrease. (Source: VLA)

HPG (Hoa Phat Group JSC)

  • In Dec 2022, construction steel sales volume reached 358,000 tons (+42% mom and +1.4% yoy) and HRC volume reached 144,000 tons (-20% mom and -33.6% yoy). Steel pipe and steel sheet volume reached 61,000 tonnes (+12.2% yoy) and 40,000 tonnes (-15.5% yoy), respectively.
  • In 2022: construction steel sales volume reached 4.2 mn tons (+10% yoy) and HRC reached 2.6 million tons.
  • HPG will increase its ASP of wire-rod products by 200 VND/kg, equivalent to 1.3% increase, effective from 6 Jan 2023. (Source: HPG)

CTG (Vietnam Joint Stock Commercial Bank for Industry and Trade)

  • Preliminary 2022 result: PBT of $827.7 mn (+15% yoy) and NPL <1.8%.

HVN (Vietnam Airlines JSC)

  • HVN estimated 2022 revenue of $3.08 bn (completed 121% target year) and HVN also reduced net loss by $3 mn compared to 2022 business plan.
  • In 2023, recession risks, inflation, the Russia-Ukraine conflict, rising fuel prices, etc., are expected to hit travel demand and recovery pace of aviation.

VTP (Viettel Post JSC)

  • Preliminary 2022 results: revenue of $903.6 mn (-1% yoy) and PBT of $16.55 mn (+5% yoy, completed 97% target year).
  • Q4/2022: revenue of $206.38 mn (-19% yoy) and PBT of $2.89 mn (+8% yoy). PBT margin reached 1.4% in Q4/2022, stable to Q3/2022’s level but significantly lower than the 2.2% of 1H2022. (Source: VTP)

PET (Petrovietnam General Services JSC Corporation)

  • Preliminary 2022 results: revenue of $766 mn (+2% yoy, completed 90% target year) and PBT of $12.8 mn (-28% yoy, completed 71% target year). The unfavorable business result caused by weak demand compared to the high base in pandemic period and large financial expense in 2022. (Source: PET)

GMD (Gemadept Corp.)

  • GMD released its BOD resolution to divest its entire stake (85%) in Nam Hai Dinh Vu (capacity: 500,000 TEUs/year) port located in Hai Phong City (Northern). The transaction value was not disclosed.
  • Key targets are (1) supporting throughput volumes of its new port project (Nam Dinh Vu phase 2: increasing from 500,000 TEUs/year to 1 million TEUs/year) as GMD will move most of its Nam Hai Dinh Vu customers to the new port and (2) generating strong cash flows for future investment.

DXG (Dat Xanh Group JSC)

  • DXG wants to borrow $46 mn from its subsidiary Ha An Real Estate JSC (DXG holds 99% OS) for 1 year in order to supplement working capital  with interest rate of 8%/year.
  • Notably, in Aug 2022, DXG approved a corporate bond issuance plan of $300mn to the international market to buy 800 million newly issued shares of Ha An Real Estate right upon the receipt of proceeds from the issuance. The acquisition was expected to take place in 2022. However, DXG has not yet announced the above issuance results.

KBC (Kinh Bac City Development Holding Corporation)

  • KBC sold 70 ha industrial land (150$/sqm) to Foxconn at the Quang Chau expansion project (Bac Giang), KBC collected 40% proceeds, remaining 60% to be collected in the next several months when KBC completes delivering land to Foxconn.
  • KBC announced the plan to repurchase 50 million treasury shares in 1H2023. Previously, the 2nd EGM approved the buyback of 100 million treasury shares at no more than 34,000 VND/share.

GEG (Gia Lai Electricity JSC)

  • The SSC has approved the private placement of 64.2 million convertible dividend preferred stock to the Deutsche Investitions- und Entwicklungsgesellschaft mbH (DEG) – a financial institution under the German Bank for Reconstruction. Term: 6 years, conversion time: 24 months from the issuance date at the conversion price of 32,000 VND/share. Preferred dividend rate is fixed at 6%/year in cash. Post transaction, charter capital of GEG increased from $137 mn to $164.3 mn.

MIG (Military Insurance Company)

  • MoF approved the charter capital raising plan of MIG from $70 mn to $82.1 mn, including:
    • Issuance of 25.74 mn shares to existing shareholders at par VND 10,000/share, ratio: 115:18, no lock-up.
    • Issuance of 2.86 mn ESOP shares at par VND 10,000/share. Lock-up: 02 years
  • Both plans have to be executed within 6 months. Proceeds of $12.1 mn shall be invested in IT infrastructure ($4.3mn) and deposits, CDs with expected return of 7%/year. ($7.9 mn). (Source: MIG)

MWG (Mobile World Investment Corp.)  

  • Dragon Capital sold 6.65 mn MWG shares on 26 Dec 2022, decreasing their ownership from 10.12% to 9.67% (141,452,433 shares). (Source: HSX)

STB (Sai Gon Thuong Tin Commercial Joint Stock Bank)

  • Dragon Capital bought 1.54 STB shares from 30 Dec 2022 to 3 Jan 2023, increasing their ownership from 5.78% to 5.87% (110,627,800 shares). (Source: HSX)

PVS (PetroVietnam Technical Services Corp.)

  • Dragon Capital bought 750,000 PVS shares on 27 Dec 2022, increasing their ownership from 5.99% to 6.15% (29,377,500 shares). (Source: HSX)

MSB (Vietnam Maritime Commercial Join Stock Bank)

  • Ms. Dinh Thi To Uyen (Deputy CEO) bought 1.57 million MSB shares out of 2 million shares registered from 1 Dec to 28 Dec 2022, increasing her ownership from 0.006% to 0.084% (1,679,700 shares). (Source: HSX)