FIDES (VIETNAM) Market Statistics 6/2 – 10/2/2023

FIDES (VIETNAM) Market Statistics 6/2 – 10/2/2023

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

Bond market

  • Ministry of Finance (MoF) will submit to Government a draft amendments to Decree 65 on private corporate bond placement to the government early next week.
  • According to the Vietnam Bond Market Association, in 2022, there were 420 private corporate bond placements worth approximately $10.43 bn, accounting for 96% of the total issuance value and down 66% yoy
  • There have been no corporate bond issuances as of 31 Jan 2023, while over$1.23 bn were issued in the same period of 2022, including seven public offerings and 16 private offerings.
  • The volume of corporate bonds maturing in 2023 is estimated at $12 bn. In January alone, the total volume of corporate bonds maturing was over $720 mn, primarily in real estate and construction. (Source: VBMA- Vietnam Bond Market Association)

Company- Sectors

MSCI  Frontier Markets Index

  •  In the Feb 2023 review, MSCI decided to add 5 stocks to the MSCI Frontier Markets Index portfolio, including 2 Vietnamese stocks, SSB and EIB. Meanwhile, MSCI also excluded 5 other stocks from the marginal portfolio, including 3 Vietnamese stocks, namely DGC, KDH and PDR.
  • As of 31 Jan 2023, Vietnam accounted for the highest proportion in the MSCI Frontier Markets Index with 29.24%, slightly down from 30.3% at the end of Oct 2022.


  • New electricity retail price: The Prime Minister signed new electricity retail price valid from Feb 3rd, 2023 in which min retail price is 1,826.22 VND/kWh (+13.7% vs previous price) and max retail price 2,444.09 VND/kWh (+28.23% vs previous price). The significant increase will directly impact Vietnam’s CPI (electricity accounts for roughly 3.3-3.5% CPI basket) and manufacturing, retail sector.
  • Son My 2 LNG -to-power plant: AES (US) officially received in-principle approval for its 2.25 GW Son My 2 LNG – to – power plant in Binh Thuan province, with an investment of $1.8 bn. Plant’s electricity sales contract with the Vietnamese government has a duration of 20 years.

Insurance sector

  • 2022 direct written premium reached $10.65 bn (+15.14% yoy) while claims and benefit payouts reached 2.71 bn (+23.26% yoy).
  • Regarding non-life segment, direct written premium reaches $2.89 bn (+15.5% yoy) with the market leader BVH ($412 mn, +8.7% yoy), followed by PVI ($394 mn, +12.2% yoy), PTI ($268 mn, +8.3% yoy), BMI ($231 mn, +20.8% yoy), MIG ($212 mn, +27.2% yoy).
  • Life insurance direct written premium reaches $7.76 bn (+15% yoy). Market leaders are BVH (18.2% M/s), Prudential (17.7%), Manulife (17%), Dai-ichi (12.7%).


  • There were 35,813 retail accounts opened in Jan 2023 (-81.6% yoy and -63.8% mom). (Source: VSD)
Broker Result 2022

Banking sector

Banking Result 2022
Mil.$PBT Q4/2022yoyPBT 2022yoyTotal AssetCredit growthDeposit growthNPLCASA

Textile sector

   Textile Result 2022     
TickerNameRevenue (mil.$)  PAT (mil.$)  
MSHSong Hong Garment JSC48.57-12.2%234.9316.3%2.33-48.9%15.95-15.3%
TCMThanh Cong Textile Garment Investment Trading JSC39.8913.1%184.5722.7%2.53144.3%11.8996.0%
VGTVietnam National Textile & Garment Group176.88-15.0%781.4614.8%-0.13-101.3%27.61-19.2%
VGGViet Tien Garment Corp.112.6263.5%360.2040.9%1.60-10.3%7.36115.6%
GMCGarmex Saigon Corp.0.72-93.6%12.43-72.6%-2.51-268.6%-2.80-251.0%
PPHPhong Phu Corp.18.24-10.7%74.195.5%4.18128.1%20.4741.1%
TNGTNG Investment and Trading JSC64.5011.2%288.4324.5%2.57-5.0%12.4425.5%
STKCentury Synthetic Fiber Corp.18.29-13.5%89.983.5%1.83-40.6%10.23-13.7%
GILBinh Thanh Import – Export Production & Trade JSC11.15-81.3%134.75-23.7%0.43-91.9%15.399.5%

Tourism sector

  • China has allowed Chinese tourism companies to resume group inclusive tour to 20 countries, including 11 SEA countries, but not Vietnam.

HVN (Vietnam Airlines JSC)

  • HVN announced to invite consulting agencies to set up and implement its capital transfer at Vietnam Air Petrol Company Limited (Skypec). Skypec is a fully owned subsidiary of HVN and currently accounts for 30% HVN’s revenue.
  • Currently, Skypec and Petrolimex Aviation are currently the two main suppliers of aviation fuel in the domestic market. In which, Skypec mainly serves Vietnam Airlines and dozens of international airlines.
  • The transfer of Skypec is to help HVN erase accumulated losses and restructure the group in the context of delisting.
  • HVN announced the resumption of 5 routes between Vietnam and China from March and April 2023, thereby restoring a total of 9 out of 10 routes to China compared to the previous period of Covid-19 pandemic. (Source: HVN)

HPG (Hoa Phat Group JSC)

  • In Jan 2023, construction steel sales volume reached 304,000 tons (-20.4% yoy) and HRC volume reached 186,000 tons (-62.3% yoy)  due to weak demand and early Tet holiday. Steel sheet and steel pipe volume reached 21,000 tonnes (-50.7% yoy) and 53,000 tonnes (+5% yoy), respectively.
  • HPG continues to increased its ASPs on construction steel products by 7%. Effective from 6 Feb 2023. This is the 3rd consecutive price increase since 2023. (Source: HPG)

MSN (Masan Group Corp.)

  • MSN received the Prime Minister’s approval for the plan to invest $105mn in AI firm namely Trust IQ Pte (Singapore). Investment includes $94.5mn from MSN and remaining from The Sherpa (MSN’s subsidiary hold 99.9%).
  • MSN aimed to acquire 25% stake in Trust IQ as company wants to develop AI in retail and consumer sector. (Source: MSN)

VCS (Vicostone JSC)

  • VSC is not approved to buy back 4.8 million treasury shares for not meeting legal requirements, specified as follows:
    • VSC’s funding for the buy-back is based on the audited consolidated financial statements of 2021, which does not conform to the regulations (SSC requires funding sources to be calculated from parent company’s financial statements instead of consolidated ones).
    • VCS has not included the specific information on the expected value of each funding source for the shares repurchase, and there is no document proving that VCS has sufficient resources to buy back shares as stated. (Source: VCS)

SSB (Southeast Asia Commercial Joint Stock Bank)

  • IFC (International Finance Corp.) has invested $100 mn in SSB which aims to boost access to housing loans.
  • IFC will also advise the bank to develop dedicated housing finance products to better serve lower and middle-income people, a key priority for the government of Vietnam. (Source: SSB)

ACB (Asia Commercial Joint Stock Bank)

  • Ms. Nguyen Thi Hai Tam (related to deputy CEO) bought 1.2 million ACB shares out of 1.3 million shares registered via put through on 1 Feb 2023, increasing her ownership to 0.042% (1,408,762 shares). (Source: HSX)

REE (Refrigeration Electrical Engineering Corp.)

  • REE registered to buy 1.5 million VSH (Vinh Son – Song Hinh Hydropower JSC) shares via order matching or put through from 7 Feb to 6 Mar 2023, increasing its ownership from 52.15% to 52.78% (124,695,478 shares). (Source: HSX)

MWG (Mobile World Investment Corp.)

  • Dragon Capital sold 5.34 million MWG shares on 3 Feb 2023, decreasing their ownership from 9.33% to 8.96% (131,131,333 shares).
  •  Arisaig Partners (Asia) Pte., Ltd (Singapore) bought 4 million MWG on 3 Feb 2023, increasing their ownership from 7.85% to 8.12% (118,874,784 shares). (Source: HSX)

NVL (No Va Land Investment Group Corp.)

  • Mr. Bui Xuan Huy (NVL’s ex-chairman) registered to sell 14.8 million NVL shares via put through from 10 Feb to 10 Mar 2023, decreasing his ownership from 3.723% to 2.964% (57.8 million shares).
  • Ms. Bui Cao Ngoc Quynh (chairman’s daughter) also registered to buy 44.5 million NVL shares via order matching or put through from 10 Feb to 10 Mar 2023, increasing her ownership from 0.117% to 2.399% (46,785,900 shares).
  • Diamond Properties JSC (related to chairman) registered to sell 1 million NVL shares via order matching or put through from 15 Feb to 12 Mar 2023, decreasing its ownership from 10.415% to 10.364% (202,102,259 shares).
  • This may be the act of restructuring the Nova Group recently.