Week 24/02 – 28/02

Company baf.vn, ctd.vn, dbd.vn, dpm.vn, gex.vn, gvr.vn, hdg.vn, shb.vn, tms.vn, vcb.vn, vic.vn, vrg.vn,

BAF VN: plans to establish three wholly owned subsidiaries in Tay Ninh with a total investment of VND760 bn, including BAF Tay Ninh 1, BAF Tay Ninh 2 (with capital of VND340 bn in each) and BAF Tay Ninh 1 Animal Feed Production (with capital of VND80 bn).

Comment: I do like the idea of this company – never met them though…

CTD VN: ACV has awarded Package No. 11.5 for the Long Thanh Airport project to a consortium of CC1, CTD, and FCN, with a contract value of nearly VND3,144 bn. The project will be completed within 16 months, including holidays and weekends.

Comment: Well that explains why the stock has gone up 50% this year…

DBD VN: signed an MoU with Canada’s Gene Bio Media to develop a high-quality diagnostic test kit production facility in Binh Dinh, Vietnam. The project, utilizing Canadian technology, has an estimated investment of $10-20 mn.

DPM VN: signed an MoU with Hanwa to strengthen long-term cooperation. Accordingly, DPM will supply Hanwa with 20,000 tons of urea annually for the Japanese market.

DPM VN: signed a Cooperation Agreement with Stavian Group to enhance investment and business expansion in chemicals and plastic resin products.

GEX VN: PXL completed a private share offering, selling 93.4 mn shares to Gelex Infrastructure at VND10,000/ share, with a three-year transfer restriction. Gelex Infrastructure increased its stake from 25.52% to 65%, becoming the parent company.

GVR VN: MH3 (a subsidiary of GVR) was approved for the investment plan of Minh Hung III Industrial Park (Phase 2, Sub-phase 1) in Binh Phuoc Province, covering 483.4 hectares with a total investment of VND2,282 bn.

Comment: There are so many IE players in Vietnam it’s beautifully ridiculous, and friends are telling me that there are 2 year queues to buy land at Amata Vietnam atm…

HDG VN: Pyn Elite Fund acquired 1 mn HDG shares on February 19th, increasing its stake from 16.15 mn shares (4.8% stake) to 17.15 mn shares (5.1% stake).

SHB VN: will distribute its second 2023 dividend in shares at 11%, issuing 402.8 mn new shares, raising capital to VND40,660 bn. The record date is February 27th, and the ex-dividend date is February 26th.

Comment: Again dividend shares???? FFFFFFFSSSSS Vietnam….

TMS VN: plans to buy 1 mn additional VNF shares from February 27th to March 28th, aiming to increase its stake from 58.5% to 61.7% if successful.

VCB VN: approved the record date of March 13th, to issue over 2.76 bn dividend shares at a 49.5% ratio. After the issuance, VCB’s charter capital will increase from VND55,890 bn to VND83,557 bn, making it the largest bank in Vietnam by charter capital.

Comment: Again dividend shares??!?!?!?!?! FFFFFFFSSSSSSSSSS Vietnam………

VIC VN: approved the establishment of a new subsidiary, VinSC, focused on smart city research and development. The company will be headquartered in Hanoi and have a charter capital of VND300 bn, with VIC holding a 99% stake.

VRG VN: Reporting to Prime Minister Sonexay Siphandone, Mr. Tran Cong Kha, Chairman of the Board of Directors of VRG, said that the Group’s investment in rubber plantation development in Laos has so far achieved many positive results with a total investment capital of more than USD 164 mn, an area of more than 26,600 hectares in 5 provinces through 6 member companies.

Comment: The relationship between Vietnam and Laos goes back decades. And its primarily in agri and several VN companies have land/projects in Laos that they say they’re looking to exit – I have yet to see one in the past 15 years of looking at Vietnam….

Financials

FRT VN: The consolidated revenue target is VND48,100 bn (USD1.9 bn), + 20% yoy. The consolidated PBT target is VND900 bn, 71% higher than the results achieved in 2024. If achieved, these are all the highest figures in the history.

HVN VN: sets, in 2025, revenue target of VND95,600 bn and PBT target of VND2,176 bn (+14.2% YoY).

HAH VN: sets, in 2025, revenue target of VND4,243 bn (+5% YoY) and PAT target of VND702 bn (+8% YoY).

BWE VN: recorded, in January, revenue of VND228 bn (+5% YoY) and PAT of VND60 bn (-10% YoY), completing 8% of the revenue plan and 11.5% of the PAT target.

TCM VN: recorded, in January, revenue of VND346.3 bn (+3% YoY) and PAT of VND26 bn (+13% YoY). The company has secured fully orders for Q12025, is processing orders Q2, and has begun receiving orders Q3.

PHR VN: sets, in 2025, revenue target of VND1,480 bn (-4% YoY) and PAT target of VND242 bn (-23% YoY).

NVL VN: sets, in 2025, revenue target of VND21,000 bn (+153% YoY) and PAT target of VND1,400 bn.

HSG VN: The 2025 AGM FY2024 – FY2025 is scheduled to be held on March 18 in HCMC. There are two business scenarios for 2025. In the first scenario, the target output is VND1.8 mn tons; net revenue is VND35,000 bn and consolidated PAT is VND400 bn. In the second scenario, the target output is VND1.95 mn tons; net revenue is VND38,000 bn and consolidated PAT is VND500 bn.

Country

Vietnam’s wood and wood product exports in January 2025 totaled USD1.42 bn (-9.7% MoM and +3.7% YoY). Key markets included the U.S. (USD780 mn, -4.8% YoY), Japan (USD166 mn, +2.8% YoY), and China (USD139 mn, -17.5% YoY).

Vietnam’s total import-export value in the first half of February 2025 reached USD31.49 bn (+9% MoM). Specifically, export dropped to USD14.15 bn (-16.1% MoM) and imports surged to USD17.34 bn (+44.1% MoM). As a result, Vietnam recorded a trade deficit of USD3.19 bn. By February 15, total trade value reached USD94.78 bn (+11.5% YoY).

Vietnam’s auto market is catching up in size with that of Thailand, with the gap narrowing by almost 80% last year. Thai auto sales exceeded Vietnam’s by 370,000 units in 2023, but the figure shrank to just 78,000 last year.

Several banks have set higher profit targets for this year, expecting more positive credit growth amid improved capital absorption capacity and an acceleration of public investment.

The Hanoi People’s Council has ratified the revised socio-economic development plan for 2025, including a gross regional domestic product (GRDP) growth target of 8%.

The industry is one of Vietnam’s key exporters, accounting for 12-16 % of the country’s total export turnover, adding that last year, textile and garment export value reached nearly USD44 bn, + 11.3 % compared to 2023.

Vietnam’s semiconductor industry witnessed remarkable growth in 2024, generating an impressive USD18.7 bn in revenue, mostly fueled by foreign direct Investment (FDI) enterprises which have invested approximately USD11.6 bn in the sector.

HCMC is fast-tracking its transit-oriented development (TOD) plan, aiming for full integration by 2050. The city is prioritizing public transport and designing walkable, high-density urban areas around transit hubs to enhance mobility and drive sustainable growth.

Consumer credit in HCMC expanded by 10.4% in 2024 to over VND1.11 quadrillion, according to the State Bank of Vietnam’s HCMC branch.

HCMC’s tourism revenue has surged 30.2% yoy in 2M2025 to VND37.4 tn, according to the HCMC Party Committee portal.

Exports of fruits and vegetables fell 17% yoy in 2M2025 to USD677 mn as durian exports plummeted amid stricter safety regulations in several markets.

Vietnam posted USD3.19 bn in textiles and garments industry exports in January – a 1.8 per cent increase from the same period last year – driven by robust demand from major markets such as the United States, EU, and Japan.

After five years of implementation, the EU-Vietnam Free Trade Agreement (EVFTA) has delivered many positive outcomes, including a robust growth of Vietnamese exports to the EU, particularly in key sectors such as textiles, footwear, and agro-fishery products.

Many social housing projects opened for sale and are handed over this year, along with big capital flows at preferential interest rate for this segment, which may cool down the real estate market in the two biggest cities, especially the condominium segment.

A surge of foreign inflows into Vietnam so far in 2025 is highlighting the country’s increasing role as a China+1 destination.

Vietnam targets raising the export value of wood and timber products to $18 bn in 2025 from $16.25 bn last year, according to the Ministry of Agriculture and Rural Development (MARD). The target was set with markets like the US, China, Japan, South Korea, and the European Union all recovering, thereby boosting purchasing power.

South Korean conglomerate Samsung Electronics’ profit generated from its four factories in Vietnam reached over US$3.2 bn in 2024, a decrease compared to 2023.

The Ministry of Finance has proposed extending a 30% reduction in land rent for 2025 to support economic growth, curb inflation, and maintain fiscal stability.

Bac Ninh province now has 2,459 valid FDI projects with a total registered capital of nearly USD31.3 bn.

Around VND60.4 tn in public investment capital has been disbursed so far this year, accounting for 6.9% of the annual plan and 7.32% of the target set by the prime minister.