FIDES (VIETNAM) Market Statistics  20/11 – 24/11/2023   

FIDES (VIETNAM) Market Statistics 20/11 – 24/11/2023 20/11 – 24/11/2023 

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)
 
HSX-0.51%837.05752.18-36.95
VN30-1.47%215.44237.78-60.18
HNX-0.19%112.6391.470.19
Upcom-1.20%39.2924.47-2.02

Source: Fiinpro

Sector Performance (HOSE + HNX, %) 

Source: Fiinpro

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

Source: Fiinpro

News 

Economy – Society 

Trade Balance 

  • Released preliminary 1H Nov-23 trade activities: Exports reached USD14.7bn (+6.4% y/y) while imports were USD14.8bn (-1.5% y/y), translating to a trade deficit of USD0.1bn. YTD exports reached USD306.1bn (-6.4% y/y) and imports amounted USD281.6bn (-11.7% y/y). Accumulated, Vietnam reported a trade surplus of USD24.5bn. 

Public Investment 

  • On 22/11/2023, Hung Yen province held a groundbreaking ceremony for package 1: Construction of project component 2.2 – Construction of parallel roads (urban roads), part of the Ring Road 4 project with total Investment of $3.5 bn. The investment project for the construction of Ring Road 4 in the Hanoi has a total length of approximately 112.8 km, spanning through Hanoi City, Hung Yen province, and Bac Ninh province. 

Company – Sectors 

Banking  

  • Truong My Lan, chairwoman of Van Thinh Phat Group, has been accused of controlling operations at Saigon Commercial Bank (SCB) to appropriate over $12.53 bn. As of Oct-2022, Truong My Lan owned and controlled 1.3 billion shares of SCB, accounting for 91.5% of the charter capital, facilitated by 27 legal entities and individuals acting as nominees. In addition, Do Thi Nhan, former Director of the Banking Supervision, and Inspection Agency II, is proposed for prosecution, with allegations of receiving a sum of $5.2mn from SCB. 
  • The Law of Credit Institutions (amended) is not approved by the National Assembly. The latest Draft adjusts the limitation ownership ratio for individual shareholders to 5% (instead of 3% as in the previous draft) and sets a roadmap of 5 years to gradually reduce the credit limit to 10% charter capital for one customer and 15% of charter capital for customers and related parties. However, the National Assembly still needs more time to study and is scheduled to consider and pass it at the next meeting. 

Oil & Gas  

  • Russia lifted the ban on gasoline exports from 17/11/2023. Previously, Russia issued a temporary ban on gasoline exports on 21/09/2023, to solve the domestic shortage that caused prices to rise. The ban helped secure domestic supplies and reduce wholesale prices, increasing the country’s reserves, which have increased to about 2 million tons. 

Steel  

  • HPG announced to increase wire-rod price by 100VND/kg (+0.71% compared to previous price). Effective from 17/11/2023. The increase caused by the increase in coking coal and iron ore prices. Currently, the iron ore and coking coal prices are remaining at high level so it is expected that upstream steel makers’ margins (HPG, POM,) will be hit in 1Q24F. On the other hand, downstream steel makers like HSG NKG also increased prices of coated steel and steel pipes as the recent increase in HRC price thanks to new China measures, which improved steel market sentiment. In addition, the regional price gaps (Vietnam vs Us/EU) are also widening. Therefore, downstream steel makers like HSG NKG may benefit in short term amid current input price trend of global steel industry. (Source: Media) 

Agricultural  

  • According to the Vietnam Fruit and Vegetable Association (Vinafruit), fruit and vegetable exports have surpassed $5.2bn year-to-date (+70% yoy). Durian has emerged as the leading export earner, accounting for 40% of the overall export revenue. Other fruits such as jackfruit, watermelon, pomelo, and longan have also registered substantial export growth, ranging from 50% to 200%. 

Securities  

  • On 25/11/2023, HoSE and securities companies will re-test the trading system. The re-testing is to prepare for KRX system application. 

Automobile 

  • The Vietnamese Ministry of Finance (MoF) does not support the proposals of Toyota and Ford to reduce the production requirements of the tax incentive program for automobile production and assembly. According to the MOF, Ford’s proposal to adjust the production volume requirements is contrary to the goal of encouraging production expansion and localization rates increase. Regarding Toyota’s proposal to apply the MFN tariff of 0% to some spare parts and components, the MOF explained that some HS codes proposed by Toyota have been produced domestically so they are not added to the tax incentive program. (Source: MoF) 

Fishery  

  • According to VASEP, in 10M2023, Export turnover reached $7.4 bn (-21% yoy). Of which: Breakdown export value by products:  
  • Shrimp $2.8 bn (-24% yoy), Pangasius $1.5bn (-29% yoy), Tuna: $693 mn (-22% yoy), Squid + octopus $537mn (-15% yoy) … 
  • Top 5 market export value: America $1.3 bn (-32% yoy), China & Hongkong $1.3bn (-15% yoy), Japan $1.2 bn (-14% yoy), Korea $636 mn (-21% yoy), Australia $254mn (-17% yoy) … 

Energy 

  • It is expected that waste electricity and biomass must negotiate prices with EVN, instead of enjoying the 20-year FIT preferential price policy. Because there are many new types of technology being developed other than those covered by the Government’s preferential policies, the preferential price mechanism for waste power and biomass power will not continue. (Source: MoIT) 
  • China agreed to sell electricity to Vietnam through Lao Cai with total output in Nov and Dec-2023 of 90 and 93mn kWh, respectively (about 3mn kWh/day, lower than previously 1mn kwh/day) and no confirmed plan to sell electricity through Ha Giang in 2023. (Source: Media) 

Aviation  

  • The Vietnam Aviation Administration proposes to operate Dien Bien Airport from 02/12/2023. The Dien Bien Airport (expanded) has been approved since 2021. The expansion in operating capacity will push the existing passenger terminal from 300,000 passengers/year to 500,000 passengers/year. (Source: VAA) 

Real-estate  

  • HoREA asked the MoC to propose the credit package of $4.56bn with interest rate of 4.8 – 5% for social housing development. (Source: HoREA) 
  • On 22/11/2023, The Government held a meeting to (1) remove difficulties related to Novaland’s projects and other enterprises in Dong Nai. The meeting also discussed about (2) the General Planning of Nhon Trach new urban area until 2045 and (3) the report on the construction situation of the new political and administrative center of Dong Nai. 

Rice  

  • India may maintain their rice export bans into 2024 to control the domestic price, which could directly impact to Vietnam CPI in case the global rice price hold at high level in long period. (Source: Bloomberg) 

CMG (CMC Corporation) (Updated) 

  • Approved the divestment of its entire stake in CMC Production and Services Co., Ltd. (CMS) at the selling price of at least net assets of $1.36 mn. CMS is currently a wholly owned subsidiary of CMG. CMS is currently engaged in manufacturing electronic components, computers and computer peripherals as well as repairing other equipment. (Source: CMC) 

KDC (KIDO Group Corporation) 

  • On 18/11/2023, Kido Group has just announced the E2E project (short for Entertainment & Ecommerce) on the TikTok platform in the purpose of activating consumption. (Source: KDC) 

PNJ (Phu Nhuan Jewerly Joint Stock Company) 

  • Oct-2023 sales of $124.4mn (+1.6% yoy, +33.6% mom) and NPAT of $8mn (+31.6% yoy, +107.5% mom), marking the first month sale growth yoy since Feb. Retail sales are the main driver of $82.3mn (+3.7% yoy, +51.7% mom) thanks to the wedding season at year end and the Vietnamese Women’s Day. Wholesale and Gold bar sales accounted for $9.1mn (-34.2% yoy, +7.8% mom) and $32.6mn (+23.9% yoy, +14.4% mom), respectively (+23.9% yoy, +14.4% mom). 10M23, sales of $1.09bn (-7.5% yoy) and NPAT of $63.4mn (+3.1% yoy). (Source: PNJ) 

HBC (Hoa Binh Construction Group Joint Stock Company)  

  • Approved to issue 252.48 million shares out of which 220 million shares are private placement and 32.48 million shares are used to swap debt. Private placement of 220 million shares: price range VND12,000 – VND14,500 per share. Execution period: 4Q23 – 1Q24; lock up period: 1 year. Two investors subscribe for the private placement: Tumaz & Tumaz Enterprises Ltd (100mn shares) and Primetech VN Development and Investment JSC (120mn shares) (Source: HBC) 

TNG (TNG Investment and Trading JSC)  

  • Oct-2023, revenues of $23.54 mn (flat yoy) and NPAT of $762K (-29% yoy). 10M2023, revenues of $248.9mn (+3% yoy) and NPAT of $7.54mn (-29% yoy). GPM was improved slightly to 17.6% (last year: 15.5%) but cannot outweigh the increase in the financial expense (+36.1% yoy), deteriorating NPM from 4.6% to 3.2%. (Source: TNG) 

VCI (Vietcap Securities Joint Stock Company) 

  • Announced to receive credit loans from foreign banks with a total value of $75mn along with the right to increase the loan limit up to $50mn (Source: VCI). 

VJC (Vietjet Aviation Join Stock Company) 

  • On 22/11/2023, VJC launched flights from Ho Chi Minh City to Perth, Adelaide (Australia) for the first time (5 weekly round trip flights between the two cities). With new routes to Perth and Adelaide, VJC has operated 5 routes connecting Vietnam with the 5 largest cities in Australia, including: Melbourne, Sydney, Brisbane, Perth and Adelaide, with a total of 58 flights per week from Dec-2023. (Source Vietjet) 

MPC (Minh Phu Seafood Corporation) 

  • Otanics Technology JSC (MPC’s subsidiary) is negotiating with investors to raise $10mn for expanding globally. (Source: MPC) 

MIG (Military Insurance Company) 

  • Pyn Elite bought 2.554mn shares on Nov 13, raising their ownership from 6.61% to 8.08% (equivalent to 13,960,425 shares). (Source: Media) 

HAG (Hoang Anh Gia Lai Joint Stock Company) 

  • Approved the private issuance of 130 million shares, offer price of 10,000 VND/share, equivalent to 14.02%. Lock-up: 1 year. HAG is expected to mobilize $53.5mn to repay debt and inject capital into its subsidiaries. In which: Viet Cat Fund Management JSC will buy 60 million shares (5.67% OS), LPBank Securities JSC will buy 50 million shares (4.73% OS) and Mr. Nguyen Duc Quan Tung will buy 20 million shares (1.89% OS). Expected offering time: 2024 after being approved by the SSC. 

GEX (Gelex Group JSC) 

  • Announced details of its early bond repurchase of GEXH2124002. The GEXH2124002 bonds were issued on 23/12/2021, with a maturity of 3 years, expiring on 23/11/2024, and a face value issuance of $41.3mn. GEX plans to repurchase 2,000 bonds with total value of $8.2mn. The last registration date for this repurchase is 14/12/2023, and the repurchase will take place on 25/12/2023. 

TPB (Tien Phong Commercial Joint Stock Bank) 

  • The SBV approved TPB to acquire the Viet Cat Fund Management JSC at maximum of $5.15mn. Implementation time: within 1 year since the approval. 

SSB (Southeast Asia Commercial Joint Stock Bank) 

  • Approved the issuance of 42mn ESOP shares at VND12.000/share. On the other hand, Ms. Nguyen Thi Nga, vice chairman, bought 2mn share via matching and put-through, raising her ownership to 3.62% (equivalent to 88.72mn shares). 

MSR (Massan High-Tech Materials Corporation) 

  • Announced the issuance of $62.12mn of bonds, tenor of 05 years, fixed coupon 10.8%/year. The depository organization is TCBS. (Source: MSR)