Week 20/01 – 24/01

Company kbc.vn, ssi.vn, szc.vn, vhc.vn

KBC VN: has received investment certificates for two major projects in Hai Phong province: the Trang Cat Urban and Service Area and the Trang Due 3 Industrial Park. The Trang Cat project, led by its subsidiary, will increase its investment capital to VND69,087 bn.

KBC VN: Deputy Prime Minister approved the investment for Kim Thanh 2 Industrial Park – Phase 1 in Hai Duong province. The project, led by Hung Yen Investment and Development Group JSC, has a total investment of VND3,403 bn, with VND513.85 bn in equity.

Comment: I was told over the weekend that Amata Vietnam has a 2-year waiting list.

SSI VN: SSI Asset Management Co., Ltd. (SSIAM) announced the establishment of SSI Digital Ventures. This platform commits to investing up to $200 mn and aims for a $500 mn co-investment in digital technology and Blockchain in Southeast Asia.

Comment: Hmmm…with what money? They don’t have the capital for this on their b/s – this means that they’re going to be raising capital from 3rd parties. And that would only come from players that believe SSI has the inside game…

SZC VN: approved the formation of BOT 768 LLC with VND152 bn capital to execute a road project in Dong Nai.

VHC VN: has been exempted from U.S. anti-dumping duties for its exports of pangasius and basa fish.

Comment: Tariffs are only going to be an issue for the Chinese that re-exporting from VN.

Country

• Foreign banks and investors are projected to deepen their foothold in Vietnam’s consumer credit market, driven by low penetration rates compared to the region, favorable policies, and the evolving attitudes of a new generation of borrowers.
• The price of Vietnamese pepper is expected to continue increasing in 2025 due to a global supply decline, while demand in major markets such as the US and Europe remains stable, and China may start purchasing pepper from Việt Nam after the Lunar New Year.
• Vietnam will need an estimated VND351.5 tn to upgrade its port system by 2030, including VND72,800 bn for maritime infrastructure and VND278,700 bn for port terminals.
• Vietnam exported nearly 1.73 mn tons of fertilizers of all kinds in 2024 (equivalent to over $709.91 mn), with an average price of $411.1/ton. This represents an 11.7% increase in volume, a 9.4% rise in export value, but a slight 2% decrease in price YoY.
• Binh Duong Province plans to mobilize VND100 tn, or nearly US$4 bn, to develop infrastructure as part of its 2021-2030 development plan, reported the local media.
• According to a Ministry of Industry and Trade report, Việt Nam has established trade relations with over 200 countries and territories. In 2024, the ten largest export markets for Việt Nam were led by the US, with an export turnover of USD119.6 bn, followed by China (USD50.8 bn), the EU (USD42.3 bn), South Korea (USD21 bn), and Japan (USD20.1 bn).
• The Vietnamese car market has crossed a significant milestone in 2024, with estimated total sales exceeding 510,000 vehicles, approaching the record 520,000 vehicles sold in 2022. This growth highlights a pivotal shift, with VinFast leading the transition to electrification and contributing significantly to these figures.
• Vietnam and the U.S. have successfully reached a bilateral agreement to resolve the long-standing anti-dumping duty dispute concerning Vietnam’s export of pangasius and basa fish to the U.S. market, according to the Vietnamese Ministry of industry and Trade.
• The Government’s focus on achieving a GDP growth rate between 6.5 % and 7.5 % in 2025 underscores the critical role of electricity in sustaining industrial and economic activities.
• The woodworking industry will strive to achieve the export target of USD18 bn for this year, the Handicraft and Wood Industry Association of HCM City has said.
• Domestic consumption has rebounded positively, contributing to the 7.09 per cent economic growth recorded last year.
• Experts project that the average CPI increase in 2025 will remain between 4 and 4.5 per cent, aligning with the National Assembly’s socio-economic development goals.
• Margin loans at the top 10 securities companies grew 7% in Q42024, reaching VND147.5 tn. For 2024, these loans rose by 37%, adding nearly VND39.9 tn.
• The State Bank of Vietnam injected VND42.9 tn into the market over two days (January 20 – 21). As of January VND21, 51.95 tn in treasury bills and VND69.255 bn in OMO were circulating.
• Vietnam’s rice exports to Singapore grew 28.45% to S$128.9 mn (US$95.2 mn) in 2024, making it the city-state’s third largest rice supplier, according to the Vietnam Trade Office in Singapore.
• Việt Nam is forecast to achieve a growth rate of 6.5 % in 2025, maintaining its position among the fastest-growing economies in the ASEAN+3 region, according to the ASEAN+3 Macroeconomic Research Office (AMRO)’s report on the regional economic outlook on Tuesday.
• In an optimistic turn for the real estate industry, experts are eyeing substantial revenue growth of 25 to 50 per cent for real estate companies in 2025.

Others

• TCB VN: recorded, in 2024, PBT of VND27,500 bn (+20.3% YoY), completing 100% of the year plan and total assets of VND978,800 bn (+15.2% YoY).
• SSB VN: recorded, in 2024, PBT of VND6,039 bn (+31% YoY), exceeding 3% of the PBT plan and total assets of VND325,699 bn (+22% YoY).
• CII VN: recorded, in Q42024, revenue of VND756.6 bn (-1% YoY) and PAT of VND99.8 bn (-36% YoY). For 2024, CII recorded revenue of VND3,040.6 bn (-2% YoY) and PAT of VND638 bn (+73% YoY).
• SSI VN: recorded, in Q42024, revenue of VND2,061 bn (+3% YoY) and PBT of VND475 bn. For 2024, SSI recorded revenue of VND8,201 bn (+19% YoY) and PBT of VND3,353 bn (+24% YoY).
• VND VN:  recorded, in Q42024, revenue of VND1,212 bn (-37% YoY) and PAT of VND251 bn (-69% YoY).  For 2024, VND recorded revenue of VND5,324 bn (-19% YoY) and PAT of VND1,718 bn (-15% YoY), completing 83% of the year plan.
• CII VN: recorded, in Q42024, revenue of VND757 bn (-1% YoY) and PAT of VND100 bn (+136% YoY). For 2024, CII recorded revenue of VND3,041 bn (-2% YoY) and VND361 bn (+88% YoY), completing 64% of the year plan.
• VGC VN: recorded, in Q42024, revenue of VND3,641 bn (+29% YoY) and PBT of VND716 bn. For 2024, VGC recorded VND1,625 bn (+1.4% YoY) and PBT of VND1,475 bn, exceeding 34% of the year plan.
• BSR VN: estimated, in Q42024, revenue of VND38,000 bn (-9% YoY) and loss after tax of VND378 bn. For 2024, BSR recorded revenue of VND125,000 bn (-15% YoY) and PAT of VND369 bn (-96% YoY). Also, BSR was officially listed in HOSE on January 17th.
• TPB VN: recorded, in 2024, PBT of VND7,600 bn (+36% YoY), exceeding 1.3% of the PBT target and total assets of VND418,000 bn (+17% YoY), exceeding 7% of the year plan.  
• LPB VN: recorded, in Q42024, net revenue of VND3,903 bn (-20.3% YoY) and PAT of VND2,670 bn (+1.6% YoY). For 2024, LPB recorded net revenue of VND15,394 bn (+37.4% YoY) and PAT of VND9,721 bn (+74.5% YoY).
• VCI VN:  recorded, in Q42024, revenue of VND999 bn (+24% YoY) and PAT of VND218 bn (+78% YoY).  For 2024, VCI recorded revenue of VND3,696 bn (+49% YoY) and PAT of VND911 bn (+85% YoY).
• DHG VN: recorded, in Q42024, revenue of VND1,459 bn (-5% YoY) and PAT of VND208 bn (-20% YoY).  For 2024, DHG recorded revenue of VND4,885 bn (-3% YoY) and PAT of VND779 bn (-26% YoY), completing 84% of the year plan.
• VIX VN:  recorded, in Q42024, revenue of VND545 bn (+60% YoY) and PAT of VND112 bn (-41% YoY).  For 2024, VIX recorded revenue of VND1,838 bn (+13% YoY) and PAT of VND663 bn (-31% YoY).
• HCM VN: recorded, in Q42024, revenue of VND1,182 bn (+37% YoY) and PAT of VND227 bn (+27% YoY).  For 2024, HCM recorded revenue of VND4,276 bn (+47% YoY) and PAT of VND1,040 bn (+54% YoY).
• PAN VN: recorded, in Q42024, revenue of VND4,267 bn (+2% YoY) and PAT of VND427 bn (+18% YoY). For 2024, PAN recorded revenue of VND16,184 bn (+23% YoY) and PAT of VND1,148 bn (+40.5% YoY).
• PNJ VN: recorded, in Q42024, revenue of VND8,581 bn (-12% YoY) and PAT of VND733 bn (+16% YoY). For 2024, PNJ recorded revenue of VND37,823 bn (+14% YoY) and PAT of VND2,115 bn (+7% YoY), exceeding 1.8% of the revenue plan and 1.2% of the PAT target.
• DIG VN: estimated, in Q42024, revenue of VND2,700 bn and PBT of VND245.7 bn. DIG estimated revenue of VND3,573 bn and PBT of VND287.7 bn, exceeding 55% of the revenue plan and completing 29% of PBT target.
• ACB VN: recorded, in Q42024, revenue of VND7,080 bn (+13% YoY) and PAT of VND4,545 bn (+13% YoY). For 2024, ACB recorded revenue of VND27,795 bn (+11% YoY) and PAT of VND16,790 bn (+5% YoY).
• VPB VN: recorded, in Q42024, revenue of VND13,193 bn (+19% YoY) and PAT of VND4,617 bn (+137% YoY). For 2024, VPB recorded revenue of VND49,080 bn (+11% YoY) and PAT of VND15,779 bn (+58% YoY).
• DGC VN: recorded, in Q42024, revenue of VND2,418 bn (+1.2% YoY) and PAT of VND787 bn (+5% YoY). For 2024, DGC recorded revenue of VND9,865 bn (+1% YoY) and PAT of VND3,110 bn (-4% YoY), completing 97% of revenue plan and 100% of PAT target.
• QNS VN: recorded, in Q42024, revenue of VND2,174 bn (-4% YoY) and PAT of VND623 bn (-4% YoY). For 2024, QNS recorded revenue of VND10,243 bn (+2% YoY) and PAT of VND2,377 bn (+9% YoY).
• VRE VN: recorded, in Q42024, revenue of VND2,128.16 bn (-9% YoY) and PAT of VND1,085.33 bn (+2% YoY). For 2024, VRE recorded revenue of VND8,939.12 bn (-9% YoY) and PAT of VND4,095.78 bn (-7% YoY), completing 94% of revenue plan and 93% of PAT target.
• FRT VN: recorded, in 2024, revenue of VND40,104 bn (+26% YoY) and PBT of VND527 bn, completing 100% of the year plan.