Company/Financials

bid.vn, dig.vn, dpm.vn, kdh.vn, nvl.vn, pdr.vn, pnj.vn, stb.vn,

BID VN: signed with IMG a comprehensive cooperation agreement for 2025–2030. The partnership aims to leverage each side’s strengths to enhance the value of IMG’s real estate and industrial projects, with BID providing banking services and funding support.

DIG VN: Mr. Nguyen Hung Cuong, Chairman of DIG, had over 17.6 mn DIG shares force-sold on April 10–11. His ownership dropped to 10.67%, or more than 65 mn shares.

Comment: Another one bites the dust.

DPM VN: signed with Sumagrow Vietnam a strategic agreement to distribute Sumagrow Inside bio-fertilizers in Vietnam.

KDH VN: VinaCapital’s VESAF and VMEEF funds plan to buy a total of 1.5 mn KDH shares from April 17th to May 16th to restructure their portfolios. VESAF aims to raise its holdings to 2.5 mn shares, while VMEEF targets 2 mn shares.

Comment: There are few very restructurings in VN that make sense. This isn’t one of them…

NVL VN: will hold its 2025 Annual General Meeting on April 24th at NovaWorld Phan Thiet. A key proposal is the private placement of up to 350 mn shares at a minimum price of VND10,000/ share, targeting proceeds of around VND3,500 bn.

Comment: The real estate sector is supposedly picking up again…don’t quite see it in the numbers and given that every private developer is leveraged upon leveraged I don’t know how it plays out.

PDR VN: issued 34.1 mn shares to ACA Vietnam Real Estate III LP at VND20,000/ share as part of a debt-to-equity swap for a $30 mn loan from 2022. The shares are subject to a one-year lock-up.

PNJ VN: plans to buy back up to 8 mn shares (2.5% of outstanding shares) to reduce its charter capital after a sharp stock sell-off triggered by U.S. tax policies. The buyback could cost the company over VND570 bn.

Comment: One day, I swear, one day, this company will blow up due to fraudulent accounting. There is no reason why the company cannot break down it’s margins properly. And the cashflows make zero sense. Or is this a money laundering slush fund for the VN elite.

STB VN: sold the Phong Phu Industrial Park debt for VND7,934 bn after 18 auctions in 2023, exceeding the debtor’s obligations. So far, STB has recovered VND1,587 bn and expects full recovery by 2025.

DGW VN: recorded, in Q12025, revenue of VND5,294 bn (+6% YoY) and PAT of VND105 bn (+14% YoY), completing 20% of the year plan.
CTR VN: recorded, in March, revenue of VND992.9 bn (+8% YoY) and PBT of VND54.3 bn. For 3M2025, CTR recorded revenue of VND2,757 bn (+5% YoY) and PBT of VND154 bn (+7% YoY), completing 20% of the year plan.
NLG VN: sets, in 2025, revenue target of VND6,794 bn (-6% YoY) and PAT target of VND701 bn (+35% YoY).
TPB VN: recorded, in Q12025, revenue of VND4,500 bn and PBT of over VND2,100 bn.
TCB VN: targets, in 2025, PBT of VND31,500 bn (+14.4% YoY), while keeping its NPL ratio below 1.5%. TCB also plans to increase charter capital by issuing nearly 21.4 mn ESOP shares at VND10,000/ share, with a total par value of nearly VND214 bn.
VPB VN: sets, in 2025, total asset target of VND1.12 mn bn (+23% YoY) and PBT target of VND25,270 bn (+26% YoY). VPB plans a 5% cash dividend, totaling nearly VND3,967 bn, with payment expected in Q2–Q3 2025.
HPG VN: recorded, Q12025, revenue of VND37,000 bn (+19% YoY) and PAT of VND3,300 bn (+15% YoY), completing 22% of the year plan.
KBC VN: increased its total land use payment for the Trang Cat project in Hai Phong to nearly VND17,800 bn after an additional payment of VND6,854 bn.
SSB VN: reported, in Q12025, a PBT of VND4,350 bn (+189% YoY) and total operating income of VND5,820 bn (+115% YoY). International funding reached nearly $1.1 bn, boosted by investments from Proparco and FMO.
VIB VN: will pay a 7% cash dividend for 2024, totaling over VND2,085 bn. The ex-dividend date is April 22nd, and payment will be made on May 23rd.
SSI VN: recorded, in Q12025, revenue of VND2,106 bn (+10% YoY) and PBT of VND1,017 bn (+13% YoY).
SZC VN: recorded, in Q12025, revenue of VND414 bn (+94% YoY) and PAT of VND134 bn (+106% YoY), completing 48% of the year plan.
GIL VN: sets, in 2025, revenue target of VND1,200 bn (+69% YoY) and PAT target of VND150 bn (+82% YoY).
VIC VN: sets, in 2025, revenue target of VND300,000 bn and PAT target of VND10,000 bn.
PVT VN: sets, in 2025, revenue target of VND10,300 bn (-12% YoY) and PAT target of VND960 bn (-35% YoY). Also, PVT plans to pay 2024 stock dividends at the rate of 32%, raising chartered capital to VND4,699 bn.

Country

• This year, Việt Nam’s shrimp industry aims for 1.3-1.4 mn tons in production and USD4-4.3 bn in export turnover. Encouragingly, shrimp exports peaked at $605 mn in the first two months of this year alone, up 46 per cent year-on-year.
• U.S. telecoms giant Qualcomm wants to build its third largest research and development center in the world in Vietnam, with a focus on AI development.
• The World Bank (WB) and the Asian Development Bank (ADB) have signed agreements to provide nearly USD400 mn in loans and grants for three projects in Vietnam to improve the environment and develop logistics infrastructure.
• Vin Fast, Hyundai, and Toyota were the leading car manufacturers in Vietnam in 2024 with a combined market share of 46 per cent, according to the European Chamber of Commerce.
• According to statistics published by the Foreign Investment Agency under the Ministry of Finance, in the first quarter, Vietnam attracted $10.98 bn in foreign direct investment (FDI), an increase of 34.7 % compared to last year.
• According to data from the Customs Department, rice exports in 1Q continued to grow in volume, but export prices plummeted. In 1Q, Vietnam exported 2.3 million tons of rice, + 5.6% compared to the high base of the same period last year, while the average export price was around USD 492 per ton — a 21% decrease compared to the end of last year and the lowest level since 2023.
• Vietnam and South Korea have agreed to raise bilateral trade to US$150 bn by 2030, up from an estimated US$81.5 bn in 2024.
• Vietnam and China have signed 7 cooperation documents in the railway and road sectors, including two intergovernmental treaties, two official development assistance (ODA) agreements between the two governments, and three ministerial-level accords.
• The State Bank of Vietnam has called on commercial banks to launch a VND100,000 bn credit program to support agriculture, forestry, and fisheries. This expands the previous initiative, which only covered forestry and fisheries, in line with government directives.
• Japanese retailer Aeon Mall reported profits of JPY4.23 bn (USD29.6 mn) from its Vietnamese operations last year, an +8.6% from 2023.
• Việt Nam’s trade performance has remained robust. According to the National Statistics Office under the Ministry of Finance, total import-export turnover in the first quarter of 2025 reached USD202.52 bn, a 13.7 % year-on-year increase. Of that, exports contributed USD102.84 bn, up 10.6 %, while imports stood at USD99.68 bn, +17.0 % compared to the same period last year.
• Vietnam’s fruit and vegetable exports in March reached over USD477 mn (+52.1% MoM). However, in Q12025, the sector only earned over USD1.16 bn (-9.2% YoY). Exports to China reached USD521 mn (-27.4% YoY) due to stricter inspections and higher logistics costs. In contrast, exports to the U.S. rose 66% to USD111 mn.
• The Government of Vietnam has reaffirmed its commitment to achieving a GDP growth rate of 8% or higher in 2025, with a strong focus on macroeconomic stability and restructuring.
• Việt Nam is the world’s third-largest textile and garment exporter, with an export value reaching USD44 bn in 2024, while India is a leading supplier of raw materials, particularly cotton and cotton yarn.
• Vietnam’s automobile market shifted into high gear in March with robust sales of 31,750 units, + 47% from the previous month and 16% yoy.
• Việt Nam’s total export value reached nearly USD103 bn in 1Q and imports neared USD100 bn, signaling rising demand for production inputs.
• According to the Ministry of Agriculture and Environment, Việt Nam’s exports of wood and wood products reached an estimated USD 3.95 bn in 1Q 2025, +11.6 % yoy. The US remained Việt Nam’s largest export market, accounting for 53.1 % of total export value, followed by Japan (13.2 %) and China (10.6 %).
• From April 7–11, the SBV injected a net amount of VND23,921 bn into the market by lending VND74,054 bn through collateralized loans at 4% interest, while VND50,133 bn matured. No transactions occurred on the T-bill channel as issuances have been halted since March 5.