Country

• Vietnam’s GDP growth in Q1-2025 is estimated at 6.93% year-on-year, marking the highest Q1 growth rate in the 2020–2025 period. The services sector led the way with a 7.7% increase, acting as the main driver of GDP growth. The agriculture, forestry, and fisheries sectors posted growth of 3.74%, contributing 6.09% to GDP growth.
• In the first quarter of this year, Việt Nam’s total rice export volume reached around 2.3 mn tons, with a total export value of nearly $1.21 bn.
• In the first quarter of 2025, remittances to Ho Chi Minh City reached USD 2.41 bn, accounting for 25.3% of the total for the entire year of 2024.
• Total export turnover of agricultural, forestry and fishery products in Q1 reached US$15.7 bn, up 13.1 % YOY.
• In 1Q 2025, Ho Chi Minh City became the runner-up in attracting foreign-invested capital across the country with a total registered amount of USD1.4 bn, representing 13 % of the national total, a 58.3 % increase on-year. Meanwhile, between January and March, Ba Ria-Vung Tau acquired $863.8 mn, and Binh Duong $287.75 mn.
• According to the General Statistics Office, total retail sales of goods and services in the first quarter of 2025 reached VNĐ1.7 quadrillion, marking a 9.9 % increase compared to the same period in 2024. The domestic goods market continues to recover in line with the broader economic rebound.
• The Vietnamese government proposed extending the 2% VAT reduction (from 10% to 8%) for more goods and services—including petroleum, IT services, chemicals, metals, and coal—until the end of 2026. This is part of a broader tax relief plan to support production, tourism, and consumption.
• Vietnam’s pangasius exports grew strongly, with March alone bringing in $182 mn (+16% YoY). Total exports for Q12025 reached over $465 mn (+13% YoY), despite global economic challenges.
• Swedish textile firm SYRE said that it plans to invest US$1 bn in building a recycled fabric manufacturing complex in Binh Dinh Province, aiming to make Vietnam the world’s first global hub for high-tech, circular textile production.
• The Hochiminh Stock Exchange (HoSE) has announced it will officially launch its new trading system KRX on May 5.

Company/Financials

hvn.vn, kbc.vn, mbb.vn, nkg.vn, vpb.vn,
HVN VN: plans to invest nearly VND93,000 bn to buy 50 narrow-body aircraft, with VCB signing an MOU to arrange financing from 2026 to 2032.

Comment: Boeing!

KBC VN: announces investment in Phu Binh Industrial Park (675 ha, Thai Nguyen) with updated capital of over VND11,492 bn (+VND2,534 bn from the earlier figure). The project will run for 50 years, with funding aligned to development progress.

Comment: Well…let’s hope they actually counted the amount of land the company has…

MBB VN: plans to buy back 100 mn shares (about 1.6% of charter capital) to protect shareholder interests and company value amid market fluctuations. The proposal will be presented at the AGM on April 26th, 2025.

Comment: Share buybacks are also becoming the norm in VN.

NKG VN: approved a VND150 bn investment for a new steel pipe factory in Chu Lai, Quang Nam, through its subsidiary. The plant will have a capacity of 150,000 tons/year and aims to enhance distribution across Central and Northern Vietnam.

VPB VN: Moody’s has rated VPB with a stable outlook, maintaining the Ba3 rating for both the bank’s issuer rating and its long-term local and foreign currency deposit ratings. The BCA is also maintained at Ba3, highlighting the bank’s solid financial foundation.

Comment: Should VPB #’s continue to improve then you know that the VN economy is back to “normal”

PDR VN: recorded, in Q12025, revenue of VND438 bn (+2 times higher YoY) and PAT of VND50.6 bn (+3.8% YoY).
MSN VN: reported flat Q12025 revenue at VND18,897 bn, but PAT jumped to VND394 bn (+279% YoY), driven by consumer-retail growth and gains from divesting HCS.
HDB VN: sets, in Q12025, PAT target of VND17,035 bn (+29% YoY) and total asset target of VND890,442 bn (+28% YoY). Also, HDB plans to pay 2024 stock dividends at the rate of 28%.
MBB VN: recorded, in Q12025, PBT of VND8,386 bn (+1.4 times higher YoY) and total assets of VND1.15 mn bn (+2.5% YoY).
HSG VN: recorded, Q22025 (1/1 – 31/3/2025), revenue of VND8,452 bn (-9% YoY) and PAT of VND205 bn (-36% YoY). For 2Q2025 (1/10/2024 – 31/3/2025), HSG recorded revenue of 19,674 bn (+2% YoY) and PAT of VND371 bn (-12% YoY).
PAN VN: recorded, Q12025, revenue of VND4,119 bn (+19% YoY) and PAT of VND194 bn (+15.2% YoY), completing 24% of the revenue plan and 29% of PAT target.
VPB VN: recorded, in Q12025, revenue of VND15,566 bn (+16.1% YoY) and PAT of VND3,935 bn (+25.2% YoY).
DXG VN: recorded, Q12025, revenue of VND4,119 bn (+19% YoY) and PAT of VND194 bn (+15.2% YoY), completing 24% of the revenue plan and 29% of PAT target.
HCM VN: recorded, in Q12025, revenue of VND1,000 bn (+16% YoY) and PAT of VND226.7 bn (-18% YoY), completing 19.4% of the revenue plan and 17.7% of the PAT target.
VCI VN: recorded, in Q12025, revenue of VND851 bn (+6% YoY) and PAT of VND295 bn (+49% YoY).
VIX VN: recorded, in Q12025, revenue of VND983 bn (+172% YoY) and PAT of VND372 bn (+130% YoY).
SHB VN: recorded, in Q12025, total assets of VND790,742 bn (+6% YoY) and PBT of VND4,400 bn, completing 30% of PBT target.
PNJ VN: recorded, in Q12025, revenue of VND9,635 bn (-23.5% YoY) and PAT of VND678 bn (-8.1% YoY).
FPT VN: recorded, in Q12025, revenue of VND16,058 bn (+14% YoY) and PAT of VND2,596 bn (+20% YoY), completing 22.5% of the year plan. FPT forms a strategic AI partnership with Sumitomo and SBI Holdings, who will jointly invest 40% in FPT Smart Cloud Japan.
TCB VN: recorded, in Q12025, revenue of VND8,305 bn (-2% YoY) and PAT of VND5,948 bn (-4% YoY).
DGC VN: recorded, in Q12025, revenue of VND2,810 bn (+18% YoY) and PAT of VND809 bn (+20% YoY).
BMP VN: recorded, in Q12025, revenue of VND1,383 bn (+38% YoY) and PAT of VND287 bn (+51% YoY).
GEX VN: recorded, in Q12025, revenue of VND7,916 bn (+18.9% YoY) and PBT of VND646 bn (+67.8% YoY), completing 21.1% of the revenue plan and 21.2% of the PBT target.