FIDES(VIETNAM) Market Statistics  22/04 – 26/04/2024 

FIDES(VIETNAM) Market Statistics 22/04 – 26/04/2024 

Market Summary 
 Change Trading Volume Trading Value Foreign net buy/sell 
(%) Average daily trading volume  (Mil. shares) Average daily trading value  (Mil.USD) Net trading value  (Mil.USD) 
HSX 2.95% 639.37 656.49 -44.32 
VN30 3.89% 236.09 293.06 25.05 
HNX 2.73% 73.87 56.06 13.34 
Upcom 1.84% 30.37 17.46 -2.07 

Source: Fiinpro 

Sector Performance (HOSE + HNX, %) 

Source: Fiinpro 

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

Source: Fiinpro 


Economy – Society 


  • Standard Chartered Bank lowered its forecast for Vietnam’s GDP growth to 6% in 2024, down from its previous forecast of 6.7%. This is due to lower-than-expected growth in the first quarter and challenges in global trade. Standard Chartered also lowered its inflation forecast for 2024 from 5.5% to 4.3%, due to lower-than-expected inflation in the first quarter. The bank forecasts interest rates to be held at 4.5% until the end of the third quarter and could raise them by 50 basis points in the fourth quarter due to the potential for inflation to push up growth. (Source: Standard Chartered Bank) 

Monetary market  

  • The SBV raised its OMO rate from 4% to 4.25%, raising concerns about a 25bps rate hike in the policy rate. (Source: SBV) 


  • 1Q2024, remittances to HCMC reached 2.8trn USD (+3.5% qoq and +35.4% yoy). The remittances mostly came from Asia (+7.5% qoq, +86.1% yoy and accounted 59.1% total) while remittances from EU and Oceania decreased. (Source: State Committee) 

Draft VAT Law  

  • Exclude 12 types of commodities, including fertilizers, machinery, margin Service, market organization services of stock exchanges or securities trading centres.  
  • Further Information, proposal to levy VAT on small value goods imported via TikTok and Shopee which is below VND1 mn. 
  • According to data from the Posts and Telecommunications Corporation, as of Mar-2023, there was an average of about 4-5 million orders/day shipped from China to Vietnam. Leading to the average trading value of $1.3 – 1.9bn worth of goods are circulated through Shopee, Lazada, Tiki, TikTok… (Source: National Assembly) 

Company – Sectors 

Rice Sector:   

  • 1Q2024, Vietnam exported 2.18 million tonnes of rice, earning $1.43bn, an increase of 17.6% in volume and 45.5% in value yoy. Meanwhile, the average export rice price also increased by 23.6% to $654/tonne. 
  • Vietnam’s 3 largest rice export markets in the first 3 months respectively: Philippines, Indonesia, Malaysia. (Source: General Department of Customs) 

Steel sector  

  • NKG announced to increase their selling price on steel sheet and steel pipe products by VND200/kg, up around 1%, effective from 26/04/2024. Meanwhile, HSG will lift the ASPs by VND100/kg on 27/04 and another VND100/kg on 04/05 for all steel sheet and steel pipe products. (Source: NKG and HSG) 

Fertilizers Sector  

  • In 3M2024, the country imported over 1.12 mn tons of fertilizers, valued at nearly $352 mn, with an average price of over $314/tons. China remained the main importing market, accounting for approximately 42% of the total volume and over 29% of the total import value. (Source: General Department of Customs) 


  • The outstanding margin lending at securities companies at the end of 1Q2024 are estimated to reaching $7.8bn (+13.4% YTD). This is a record high in the history of Vietnamese stocks, exceeding the period in 1Q2022 when the VN-Index was at the historical peak of 1,500 points.  
  • However, equity of securities companies also increased sharply in 1Q2024 thanks to strong increases in profits and capital raising activities. As of 31/03/2024, the total equity of the securities company group is about $9.4bn (+7.3% ytd). Thus, the Margin/Equity ratio at 1Q2024 is estimated to reach approximately 83%, the highest within 6 quarters. 
  • The SSC has just sent document to stock exchanges to postpone the implementation of KRX system. 
  • Responding to HSX’s proposal to go live KRX on 02/05/2024 in an official document the day before, SSC noted insufficient basis to approve the launch as per targeted date given inadequate documentation (including Minutes of Acceptance and official reports from securities companies on readiness to connect with KRX) and reporting to relevant bodies. As such, the launch of KRX is to be postponed until further notice. The news is likely to weigh down market sentiment. (Source: SSC) 

Ore and Minerals  

  • According to General Department of Customs, within 3M2024, export ore and minerals have reached more than 740,908 tons, (aprx. $61mn, Volume: + 5.4% yoy and turnover: +71% yoy). In addition, top 3 export markets are Malaysia, Taiwan, and Korea (replace China). (Source: General Department of Customs) 

VCI (Vietcap Securities Joint Stock Company) 

  • Announced 1Q2024 revenue of $32.24mn (+60% yoy) and PBT of $9.1mn (x2.8 yoy). VCI’s total outstanding loans reached $342.9mn (+7.1% yoy). Of which, outstanding margin loans reached $336.76mn. 
  • VCI’s largest investments currently include IDP ($89.4mn), KDH ($45.2mn), FPT ($19.2mn), MBB, TDM… (Source: VCI) 

DHG (DHG Pharmaceutical Joint Stock Company) 

  • 1Q2024 revenue reached $47mn (+2.4% yoy) and NPAT reached $8.7mn (-38% yoy) due to operating costs for the new Betalactam factory. (Source: DHG) 

VHC (Vinh Hoan Corporation) 

  • In Mar-2024, revenue reached $43mn (+5% yoy). In which, pangasius products accounted for 54% (equivalent to $24mn). In 1Q2024, accumulated revenue increased by 25% yoy to $110mn. 
  • Vinh Hoan asked to extend the deadline for submitting and publishing 1Q2024 financial statements no later than 15/05/2024 instead of the current regulation of 30/04/2024 at the latest. 
  • The reason is that VHC is in the process of providing documents to the US Department of Commerce for the 20th administrative review of frozen Vietnamese pangasius fillets. (Source: VHC) 

MSN (Masan Group Corporation) 

  •  Has completed the mobilization of Bain Capital on 22/04/2024. After the transaction, BCC Meerkat LLC (belonging to Bain Capital) holds 74.57 million shares (4.954% OS).  
  • With a selling price of VND85,000/share, Masan earned $250mn. The estimated total cost is $4.4mn, resulting in total net cash from this investment of $245.6mn, which will significantly improve the group’s balance sheet. 
  • In 4Q2023, Masan successfully hedged 100% of the risk of long-term debt in USD by Interest rate swaps combined with FX futures. Therefore, the recent increase in USD value does not have a big impact on the Group’s profits. (Source: MSN) 

PTB (Phu Tai Joint Stock Company) 

  • In 1Q2024, revenue reached $57mn (+2% yoy, completed 24% year plan) and PBT reached $4.2mn (+42% yoy, completed 23% year plan).The revenue of wood segment +22% yoy, while stone saw modest growth of 1%. Revenue of RE and auto both declined 50% yoy. 
  • For the RE segment, the remaining units at Phu Tai Residence projects is expected to be delivered, thus recognizing $9.4mn in revenue. The Phu Tai Central Life project is expected to complete construction by around Oct-25. Delivery could be started by then.  
  • FY23 dividend in cash at a rate of 25%, the first tranche of VND1,500 has been paid on Jan-24. The remaining tranche of VND1,000 will be paid in 2Q/3Q24. PTB plans to pay FY24 dividend at a rate of 25% at least, paying in either cash or stock. (Source: PTB) 
  • Dragon Capital bought 548,000 shares, raise their ownership to 5,49%. (Source: HSX) 

POW (PetroVietnam Power Corporation) 

  • 2024 Guidance Sales targets of $1,249bn (+12% yoy), NPAT of $32bn (-36% yoy), also no dividend plan for FY2024.  
  • Preliminary 1Q2024 results with revenue of $248bn (-15% yoy) and PBT of $2bn (-93% yoy).  
  • The yoy decline in 1Q2024 revenue can be attributed to an 11% yoy decrease in total sales volume, primarily due to substantial plunges in volume from NT1 and NT2 by 99% and 86% yoy, followed by the decreases of 40%/ 34% yoy in hydropower volume at Hua Na and Dakdrinh. (Source: POW) 

QTP (Quang Ninh Thermal Power Joint Stock Company) 

  • Released robust 1Q2024 results with revenue of $118bn (flat yoy) and reported bottom line of $9bn (+57% yoy). The strong performance is mainly due to (1) an 8% yoy increase in sales volume, coupled with (2) a 10% yoy decrease in the average material cost, and (3) a 33% yoy decrease in depreciation expenses. (Source: QTP) 

VNM (Viet Nam Dairy Products Joint Stock Company) 

  • F&N Dairy Investments PTE.LTD, a related party to BOD members, registered to buy 20.9 million shares via order matching and put through from 24/04/2024 to 23/05/2024. 
  • Post transactions, the company holds 390.7 million shares (18.69% OS). (Source: HSX) 

VJC (Vietjet Aviation Joint Stock Company) 

  • CEO Dinh Viet Phuong registered to sell 100,000 shares via order matching or put through from 23/04/2024 to 22/05/2024. Post transactions, he holds 557,000 shares (0.1% OS). 
  • VietJet Air has just increased the frequency of flights between Phu Quoc and Seoul (South Korea), Taipei (Taiwan, China), to meet the high demand for travel of both residents and tourists during the summer season. (Source: VJC) 

PNJ (Phu Nhuan Jewelry Joint Stock Company) 

  • As per AGM Resolution of PNJ, the 1.8mn ESOP issuance plan to 3 member of BoD are still pending and they will ask for decision of higher authorities. (Source: PNJ) 

STK (Century Synthetic Fiber Corporation) 

  • 1Q2024, revenues of $10.45mn (-7.7% yoy) and NPAT of $27.91K (-56.3% yoy). STK explained that the weak business result is attributable to the high base of financial income (-40% yoy) but it is likely that this is due to an increase in selling expense of 72% yoy, bringing the SGA/Net sales from 6% to 7.4%. (Source: STK) 

ANV (Nam Viet Corporation) 

  • Announced 1Q2024 results with net sales of $40mn (-12% yoy, completed 20.3%-year plan) while net profit came to $0.7mn (-81.7% yoy, completed 5.5%-year plan). The drop in sales was mostly due to a decline in export revenue of 33% yoy and a decrease in average selling price of 28% yoy. (Source: ANV) 

MCH (Masan Consumer Corporation) 

  • Sets 2024 target revenue of $1.24-$1.35bn (increase 12%-22% yoy) and NPAT of $287-$294mn (increase 1%-4% yoy). MCH will pay cash dividend FY23 at a rate of 100%, of which 45% was paid in August 2023 and 55% will be paid within 6 months if approved. 
  • MCH submits to shareholders at the 2024 AGM to approve the listing of all outstanding shares on HOSE, and The Sherpa Company Limited to purchase up to 5% of MCH’s total voting shares without a public offer. 
  • The company plans to issue ESOP maximum 1% OS, at a price of VND10,000/share. Lock-up 1 year. Expected execution time is in 2024 or the first 4 months of 2025. (Source: MCH) 

DGC (Duc Giang Chemicals Group JSC) 

  • Published 1Q2024 results with sales reached $93mn (-3.9% yoy), NPAT-MI reached $26.5mn (-14.4% yoy). Fertilizer revenue of all kinds increased by 24%, DAP increased by 99%, Washing powder and detergents increased by 21%. P4 and H3PO4 decreased by 7%; as low ASP due to the decline in the domestic and world markets. (Source: DGC) 

PAC (Dry Cell And Storage Battery Joint Stock Company) 

  • 2024 Guidance, Sale targets to reach $150mn (+19.3% yoy) and net profit to reach $6mn (+38.9% yoy). Striving for 15% dividend FY2024. (Source: PAC) 

PAT (Vietnam Apatite – Phosphorus Joint Stock Company) 

  • 1Q2024 results, sales reached $17.2mn (+1% yoy) but PBT only reached $2.3mn (-15.2% yoy) due to higher financial expenses (+88% yoy). (Source: PAT) 

FPT (FPT Corporation) 

  • FPT and NVIDIA signed a MOU for an ambitious comprehensive strategic partnership. FPT aims an investment of USD200 mn to construct an AI factory featuring NVIDIA’s latest technologies. Moreover, FPT intends to incorporate NVIDIA’s training programs into its curriculum, training programs and other related activities/facilities at both university and high school levels, with a guidance of reaching at least 30,000 students over the next five years. 
  • 1Q2024 sales of $563.7mn (+20.6% yoy), NPAT of $86.4mn (+19.4% yoy). 
  • Technology: Both the Japan market and APAC (excluding Japan) market continued to be leading growth drivers of global IT subsegment’s sales growth, at 34% yoy (JPY-based/organic growth of 44% yoy) and 33% yoy respectively. Digital transformation (DX) revenue accounted for 42% of global IT revenue (vs 40% in 1Q2023). 
  • Telecom: Segment revenue performed at single-digit growth (+6% Yoy) but amassed a double-digit growth in terms of PBT (+14% yoy) in 1Q2024. 
  • Education segment revenue grew by 26% yoy.   In early April 2024, FPT successfully reached the topping off milestone for its education complex in Thanh Hoa and was also approved to invest another education complex in Hue. (Source: FPT) 

ANV (Nam Viet Corporation) 

  • Announced 1Q2024 results with net sales of $40mn (-12% yoy, completed 20.3%-year plan) while net profit came to $0.7mn (-81.7% yoy, completed 5.5%-year plan). The drop in sales was mostly due to a decline in export revenue of 33% yoy and a decrease in average selling price of 28% yoy. (Source: ANV) 

VSH (Vinh Son – Song Hinh Hydropower Joint Stock Company) 

  • Announced 1Q2024 sales volume dropped to 44.45mn kWh (-32.12% yoy) this leads to sales from selling generating electric only reached $14mn (-60.82% yoy), the drawdown of financial income -11.48% also drag NPAT decline -99.66% yoy. This poor sales volume is due to lower than expect water in the lake. (Source: VSH) 

CSV (South Basic Chemicals JSC) 

  • 2024 guidance similar with 2023 business results as BOD are being conservative, ASP of all basis chemicals are reduced, affecting the business. The 150% stock dividend used to raise charter capital to finance the allocation to Nhon Trach Industrial Park which is part-to-part allocation. Although the People Committee agreed to compensate but only $7.8mn, while the allocation plan costs are $78.7mn (E:30%, D:70%). The allocation plan is expected to finish at the end of 2029. (Source: CSV) 

PHR (Phuoc Hoa Rubber Joint Stock Company) 

  • Published 1Q2024 revenue of $12.7mn (flat yoy), NPAT reached $2.87mn (-68% yoy). The drop was mainly from the compensation income of $8mn from VSIP 3 IP (1,000ha in Binh Duong) in 1Q2023, If excluded non-recurring items, PHR recorded bottom line up 7.4% yoy. (Source:PHR) 

VIC (Vingroup Joint Stock Company) 

  • On 24/04/2024, VinFast Auto announced that 12 new VinFast dealerships are expected to open from Apr-2024. With these agreements, as of now, VinFast has collaborated with a total of 18 dealerships (each dealership opening a VinFast store) in 7 states in the US, including North Carolina, New York, Texas, Florida, Kansas, Connecticut, and Kentucky. (Source: VIC) 

TCB (Vietnam Technological and Commercial Joint Stock Bank) 

  • 1Q2024, credit growth of 6.4% ytd and deposit growth of 0.7% ytd. The robust credit growth was driven by retail customers (+5.3% ytd) and margin lending of TCBS (+19.4% ytd).  PBT of $306.6mn (+38.7% yoy) is mostly driven by the increase of 30.2% yoy in the NII thanks to the calming of COF from 4.3% (at end 4Q23) to 3.4% (at end 1Q2024). (Source: TCB) 

VPB (Vietnam Prosperity Joint Stock Commercial Bank) 

  • 1Q2024, credit growth of 2.1% ytd, mostly attributed to the SME segment with credit growth of 14% ytd, and deposit growth of 2.4% ytd. PBT of $164.35mn (+64% yoy), of which the parent bank contributed $193.36mn (+19.5% yoy). The robust PBT growth was attributed to the growth of 25% in NII thanks to the calming of COF from 6% at 4Q23 to 5% at 1Q2024.  
  • VPBank will seek shareholders’ approval to acquire a weak bank which should have a charter capital less than $200mn while its total assets as well as owner’s equity should not surpass 5% of VPB’s corresponding figures. 
  • Moody’s Ratings affirms VPB’s Ba3 ratings and a stable outlook. (Source: VPB) 

HDG (Ha Do Group JSC) 

  • Signed MOU with Lang Son Province to invest in a wind power plant worth $118mn. As planned, the project will have a total capacity of 80MW. Project proposal research time is in the period 2024 – 2025. (Source: HDG) 

HPG (Hoa Phat Group JSC) 

  • Approved the issuance plan of 582.5 million shares at ratio 10% to increase their charter capital to nearly $2.56bn. Implementation: 2Q2024. After the issuance, HPG’s outstanding shares will reach 6.4 billion shares. (Source: HPG) 

VTP (Viettel Post Joint Stock Corporation) 

  • Recently won contracts to provide supply chain services to AEON in the South for 5 years. No details on contract size but this is VTP’s biggest contract in this field. (Source: VTP) 

TV2 (Power Engineering Consulting JSC 2) 

  • Signed O&M contract for Houay LaNge Hydropower Plant in Laos, scope of 60MW. 
  • On 22/04/2024, TV2’s branch, POM, successfully secured O&M service with a scope of 60MW. This marks TV2’s first international O&M service and paves the way for further opportunities in this segment. (Source: TV2) 

SSI (SSI Securities Corporation) 

  • FY24 guidance: consolidated revenue of $325.3mn (+13% yoy), and PBT of $132.5mn (+19% yoy). The company plans to pay FY2023 cash dividend of VND1,000/s. Meanwhile, the capital raising plan consists of: (1) issuing 302m shares to pay bonus share at 20%, (2) issuing 151m shares to carry out rights issuance at ratio 10%. (Source: SSI) 

BWE (Binh Duong Water – Enviroment Corporation – Joint Stock Company) 

  • Released 1Q2024 results with revenue of $31.7mn (+16% yoy) and reported NPAT-MI of $7.2mn (+27% yoy). 
  • Higher revenue due to (1) a +20.7% yoy in the water segment, which comes from the consolidation of Biwase Long An and an +8.6% yoy in BWE’s water sales volume, and (2) a +32% yoy in the waste treatment segment, which together outweigh a significant slump in the wastewater treatment segment as BWE has not yet recorded enough revenue due to incomplete paperwork. (Source: BWE) 

FRT (FPT Digital Retail Joint Stock Company) 

  • Released 1Q2024 results with revenue of $359mn (+17% yoy) and reported NPAT-MI of $1.5mn. Long Chau recorded $4.33 mn (+61% yoy) 
  • Long Chau accounted for 61% of total revenue, reaching $217mn (+68.5% yoy). Meanwhile, FPT Shop witnessed a 6 continuous decline quarterly in sales reaching $141mn (-20.6% yoy). FRT opened new 141 Long Chau stores (+51 vaccine center) but closed 12 FRT stores due to its inefficiency. (Source: FRT) 


  • In 1Q2024, revenue reached $196mn (+26% yoy) and PAT reached $3.6mn (+16% yoy). 
  • DGW sets plans to execute 02 M&A deals each year and pay FY2023 including cash dividend at 5%, and stock dividend of 30%. (Source: DGW) 

PDR (Phat Dat Real Estate Development JSC) 

  • Received SSC registration certificate for share issuance of 134.3 million shares at a price of VND10,000/share, offering ratio 5.5:1, expected proceeds: more than $53.9mn; expected time: within 90 days from the effective date of this certificate (23/04/2024). (Source: PDR) 

NVL (No Va Land Investment Group Corporation) 

  • Approved the new issuance of 1.1 billion shares at VND10,000/share, ratio of 10:6. Post-issuance, NVL will increase their charter capital from $783.1mn to $1.25bn. Expected implementation: 2Q-4Q2024. 
  • With the expected proceeds from the deal of $469.9mn, NVL plans to use $424.3mn to contribute capital to subsidiaries. In addition, the company will also use more than$34.3mn to pay debt, $5.6mn to pay salaries and $5.57mn to operate the company. (Source: NVL) 

ACB (Asia Commercial Joint Stock Bank) 

  • 1Q2024, credit growth of 3.8% ytd and deposit growth of 2.1% ytd. NPL of 1.45% (excluding CIC is 1.3%). PBT of $193.13mn (-5% yoy) because last year ACB recorded a recovery from bad debt of $15.4mn, excluding this one-off income, ACB recorded an increase of 3% yoy in PBT. (Source: ACB) 

TCM (Thanh Cong Textile Garment Investment Trading Joint Stock Company) 

  • Intends to issue 9.25mn bonus shares at 10% to raise its charter capital to $40.27mn. (Source: TCM)