Week 04/09 – 06/09

Company

BMC VN: successfully mobilized VND1,000 bn through the bond channel in August, bringing the total outstanding bond debt to more than VND13,200 bn.

BCM VN: continues to successfully issue bond batch code BCMH2427003 with issuance value of VND500 bn, 3-year term.

GEG VN: successfully issued 2,000 bonds with a total issuance value of VND200 bn on August 26th.

Comment: Seeing three successful bond issuances is a positive sign for the VN mkt.

FMC VN: recorded, in August, revenue of $30.38 mn (+36% YoY). For 8M2024, FMC recorded in revenue of $156.6 mn, completing 75% of revenue target.

HSG VN: Dragon Capital sold 3.5 mn HSG shares on August 28th, reducing ownership to more than 29.95 mn shares, a ratio of 4.86%.

MSN VN: agreed with SK Group to extend the time to exercise the sell option between the two parties for a maximum of 5 years on September 04th. Also, SK Group will transfer 7.1% of WinCommerce (WCM) shares to MSN for $200 mn.

Comment: SK is trying to get their $ out. Now they’re out of the illiquid entity and can dump the more liquid parent shares.

PNJ VN: approved the plan to issue more than 3.34 mn ESOP shares in 2024, at a price of VND20,000 /share. Time to receive money to buy shares is from September 12th to September 23rd, 2024.

Comment: They’re just punting their own shares. NO ONE in the market has been able to publicly say that they can figure out the cashflows of PNJ

VCI VN: approved the plan to issue more than 132.5 mn shares to increase capital at the ratio of 30%. The last registration date is September 13th, 2024.

Comment: I don’t know what groups are willing to lock up capital for that long in VCI. It’s a decent franchise, but why…

Country

• The Vietnam Association of Seafood Exporters and Producers (VASEP) cited data from the International Trade Center (ITC) which showed Vietnamese white fish export turnover to the US in 1H 2024 reaching US$184 mn, accounting for 21 % of the total.
• The agro-forestry-fishery sector ran a trade surplus of US$11.8 bn in 8M, representing a rise of 68.4 % yoy, according to statistics from the Ministry of Agriculture and Rural Development.
• The Ministry of Agriculture and Rural Development (MARD) said that Viet Nam exported 6.16 mn tonnes of rice in 8M, +5.9 % yoy.
• HCMC’s budget revenue had amounted to over VND344.8 tn by the end of August, equivalent to 71% of the full-year estimate and +15% versus the year-ago period, according to the HCMC Statistical Office.
• From January to July, Vietnam’s textile export turnover totaled approximately $20.3 bn, up 6.3% year-on-year, according to Vietnam Customs data.
• According to the Foreign Investment Agency, as of July 20, registered foreign investment in Viet Nam reached over $18 bn, +11% YOY. Meanwhile, disbursed capital reached over $12.5 bn, +8.4% YOY.
• More than 10 banks have increased their deposit interest rates by 0.1-0.9 %age points in the last month, with the highest now for a 12-month period being 6.2%.
• In 1H 2024, Vietnam’s fruit and vegetable exports reached US$3.33 bn, +24% from the previous year. Exports to China accounted for US$2.1 bn, representing 64% of the total.
• Over 34,600 companies were established in HCMC in 8M, +6.5% iyoy, according to the city’s Statistics Office.
• Figures from the Vietnam General Department of Customs show that as of August 15, Vietnam earned $9.5 bn from the export of wood and wooden items, reaching 67 % of the full-year plan.
• In August, seafood exports continued to recover with a growth rate of 20% reaching nearly $953 mn. For 8M2024, seafood exports reached nearly $6.3 bn (+9% YoY).