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FIDES (VIETNAM) Market Statistics 3/7 – 7/7/2023

FIDES (VIETNAM) Market Statistics 3/7 – 7/7/2023

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)
HSX1.6%733.56651.21(75.52)
VN300.56%208.81246.62(37.39)
HNX-0.56%102.4167.63(0.46)
Upcom-1.56%58.4232.64(3.21)

Source: Fiinpro

Sector Performance (HOSE + HNX, %)

Source: Fiinpro

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

Source: Fiinpro

News

Economy- Society

Vietnam’s GDP 2023

  • Singapore’s The United Overseas Bank (UOB) has lowered its 2023 economic growth forecast for Vietnam from 6% to 5.2% and forecast that Vietnam will continue to cut regulatory interest rates in Q3/2023 to stimulate its economy.
  • The International Monetary Fund (IMF) lowered its 2023 GDP forecast for Vietnam from 5.8% to 4.7%. IMF forecast that Vietnam’s economic growth will recover in 2H2023 thanks to the rebound of exports and easing domestic policies. Inflation is expected to be controlled below the State Bank of Vietnam’s 4.5% target.

PMI Vietnam

  • S&P Global announced Vietnam PMI in Jun 2023 is at 46.2 (compared to 45.3 in May 2023). However, this index is still below the threshold of 50, signaling Vietnam manufacturing industry’s health continues to decline.

Public investment

  • According to the Ministry of Finance (MoF), in 6 months of 2023, public investment is estimated at $9.1 bn, completed 28.63% target year and 30.49% of the Prime Minister (PM) ’s plan.

FDI

  • Foxconn (Singapore) will invest $246 mn in two new projects in Vietnam, namely the Foxconn Quang Ninh FMMV factory and the FECV Foxconn Quang Ninh factory. Both factories will be located in the Song Khoai Industrial Park (Quang Ninh province).
    • The Foxconn Quang Ninh FECV factory project will cost around $200 mn. The factory will manufacture and assemble electronic components, chargers, and charger controllers for electric vehicles.
    • The Foxconn Quang Ninh FMMV factory, costing $46 mn, will manufacture components for communications and IT products. It is slated to be put into operation in Oct 2024.
  • Pegavision, a Taiwan-based company specializing in soft contact lenses and medical optical devices, decided to invest a $200 mn factory in Thai Binh province.

ODA (Official Development Assistance)

  • The Japan International Cooperation Agency (JICA) has committed to provide an ODA loan of nearly $460 mn for Vietnam’s economic recovery and improvement of transportation infrastructure and agricultural development projects.  

Company- Sectors

Corporate bonds

  • In Jul 2023, the total value of bonds maturing was $818.6 mn.
  • If there is no significant redemption, in 2H2023, the maturity pressure will land in Sep 2023 with the highest value reaching $1.38 bn and Dec 2023 with $1.03 bn. In which, 2 noted institutions are NVL ($384 mn) and Van Thinh Phat ($1.07 bn).

Gasoline

  • The Ministry of Finance (MoF) announced to lower the gasoline import tax in the base price formula from 10% to 5.62% for RON92 and RON95 and increase the nominal cost of gasoline and diesel by 30VND/liter to 1,080VND/liter.

Banking sector

  • As of 27 Jun 2023, credit growth is 4.03% ytd. The PM required the SBV to continue quantitative easing by increasing money supply, pushing credit growth and reducing interest rate, especially lending rate.

Brokerage market share

  • The HOSE announces the securities brokerage market share of 5 leading securities companies in Q2/2023 as follows: VPS (19.01%), SSI (10.22%), VNDS (7.27%), TCBS (5.47%) and MAS (5.16%).
  • In 1H2023, the securities brokerage market share of 5 leading securities companies: VPS (17.65%), SSI (10.76%), VNDS (7.08%), HSC (5.53%), MAS (5.46%). 

VNM (Viet Nam Dairy Products JSC)

  • 1H2023 preliminary result: revenue of $1.24 bn (+1.2% yoy) and PAT of $174.46 mn (-5.9% yoy).
  • Q2/2023, revenue of $646.8 mn (+1.6% yoy, +8.9% qoq) and PAT of $93.6 mn (+5.6% yoy, +16.5% qoq). GPM improved in Q2/2023 due to lower input milk prices.
  • VNM will launch their rebranding campaign. The biggest marketing campaign in 17 years with significant changes in brand identity. (Source: VNM)

GAS (PetroVietnam Gas Joint Stock Corporation)

  • 1H2023 preliminary result: revenue of $1.93 bn (-15.8% yoy, completed 60% target year) and PAT of $254.6 mn (-29.1% yoy, completed 93% target year).
  • Q2/2023, revenue of $1.04 bn (-11% yoy) and PAT of $111.4 mn (-49% yoy).  
  • GAS will receive the first LNG train to Vietnam on 10 Jul 2023 to test run the Thi Vai LNG Terminal – Phase 1 (1 mn tons/year).  

OIL (PetroVietnam Oil Corporation)

  • 1H2023 preliminary result: revenue of $1.85 bn (-19% yoy, completed 87% target year) and PBT of $20 mn (-52.4% yoy, completed 78.3% target year).
  • Q2/2023, revenue of $976.2 mn (-24.5% yoy) and PBT of $7.87 mn (-70.84% yoy). (Source: OIL)

BVH (Bao Viet Holdings)

  • 1H2023 preliminary result: consolidated revenue and PAT of $1.2 bn (+8% yoy) and $36.78 mn (+3% yoy) of which parent revenue of $33.26 mn (+1.52% yoy) and PAT of $23.36 mn (+4.6% yoy). In April and May, new business premium of the whole sector declined by 50% yoy while BVH newly exploit premium decreased by only 25% yoy.

HPG (Hoa Phat Group JSC)

  • In Jun 2023, construction steel sales volume reached 286,000 tons (+0.7% mom and -18% yoy) and HRC volume reached 251,000 tons (+3.3% mom and +24% yoy). Steel pipe and steel sheet volume reached 57,000 tons (-10.9% yoy) and 34,000 tons (+25.9% yoy), respectively.
  • 1H2023: construction steel sales volume reached 1.65 mn tons (-30% yoy) and HRC reached 1.22 mn tons (-15% yoy). In addition, HPG sold 325,000 tons of steel pipes (-14% yoy) and 175,000 tons of steel sheet (-3% yoy). (Source: HPG).
  • HPG plans to reopen the last blast furnace at Dung Quat Complex and operate all 7 blast furnaces by the end of Jul 2023.

VGC (Viglacera Corporation – JSC)

  • 1H2023: revenue of $295.4 mn (-14% yoy, completed 75% target year) and PBT of $38.5 mn (-48% yoy, completed 48% target year).
  • Q2/2023: revenue of $178.3 mn (-1% yoy) and PBT of $29.2 mn (+18% yoy).
  • According to the announced plan, VGC will increase the total number of industrial parks to 20, add up over 10 new industrial parks with a total area of about 2,000-3,000 ha. (Source:VGC)

TNG (TNG Investment and Trading JSC)

  • In Jun 2023, revenue of $29.8 mn (-8% yoy). 1H2023, revenue of $141.74 mn (+3% yoy), of which: export revenue accounted for 97%, mainly attributing to the US (46%), France (15%), Canada (10%) and Russia (7%). (Source: TNG)

ACV (Airports Corporation Of VietNam)

  • The People’s Committee of Dong Nai province had a meeting with ACV on site clearance for the Long Thanh International Airport Project. ACV representative said that the bidding package for construction, construction and installation of equipment for the Long Thanh airport passenger terminal phase 1 (Bidding package 5.10) completed selection of contractors in Jul 2023 and started construction in Aug 2023.
  • In Aug and Sep 2023, the construction of runway items, landing lines, aircraft aprons will also be commenced at the same time.

VND (VNDirect Securities Corporation)

  • TCBS (Techcom Securities JSC) announced to adjust the ceiling price to calculating VND’s margin lending at 15,000 VND (applied from 10 Jul 2023).
  • RTT (Round Trip Time) ratio for margin account will be decreased from 7 Jul 2023.

VIC (Vingroup JSC) Tập đoàn VINGROUP – CTCP

  • VIC signed an MoU with Korea Trade Insurance Corporation (K-Sure) on the sidelines of the Vietnam-Korea Economic Forum 2023, to enhance economic growth, foster trade cooperation, and boost the export competitiveness of both nations.
  • K-Sure will provide guarantee programs and support Korean suppliers and construction and engineering firms to facilitate the smooth provision of products and services to VIC and its subsidiaries. Such products and services include electric vehicle components, energy storage systems such as batteries and other parts, construction equipment, construction management services, and the supply of components and parts.

PLX (Viet Nam National Petroleum Group)

  • PLX will adjust the plan to divest in Dong Nai Fuel and Building Materials JSC (BMF), according to order matching method on UPCoM stock exchange. Accordingly, PLX will divest all 443,500 BMF shares (accounting for 10.66% OS). The order matching price is not lower than the value determined by an independent price appraisal organization. The implementation: 2023. (Source: PLX)
  • Previously, PLX announced that it will offer all 443,500 BMF shares in a public auction on 8 Mar 2023 at a starting price of 40,900 VND/ share. However, HNX announced that it would not perform an auction due to no investors registered to participate in the auction.

SSB (Southeast Asia Commercial Joint Stock Bank)

  • SSB will issue 95 mn shares (equivalent to 3.7% OS post-money) via private placement to Norwegian Investment Fund (Norfund). Price will be between 12,861 VND and 37,032 VND/share. (Source: SSB)

TCM (Thanh Cong Textile Garment Investment Trading JSC)

  • E-land Asia Holdings Pte. Ltd (major shareholder) registered to buy 1.38 mn TCM shares via put-through from 5 Jul to 3 Aug 2023, increasing their ownership from 44.96% to 46.64% (38,268,675 shares).
  • Savimex Corporation (related to BoD members) registered to buy 2.46 mn TCM shares via order matching or put through from 5 Jul to 3 Aug 2023. Post transactions, it will hold 2.46 million shares (3% OS). (Source: HSX)

SBT (Thanh Thanh Cong – Bien Hoa JSC)

  • Thanh Thanh Cong Investment JSC registered to sell 31.19 mn SBT shares via put through from 11 Jul to 9 Aug 2023, decreasing their ownership from 25.95% to 21.86% (166,570,976 shares). (Source: HSX).

NLG (Nam Long Investment Corporation)

  • Ms. Nguyen Thi Bich Ngoc (Chairman’s wife) registered to sell 2.5 mn NLG shares via order matching/put through from 6 Jul to 4 Aug 2023, decreasing her ownership from 4.25% to 3.6% (13,840,867 shares). (Source: HSX)