Analysis Center

08
August
PVD – Earnings Review – [BUY] – 2Q25: Recovery comes early
2Q25 revenue upped 8% yoy to VND2.4tn, with gross profit (GP) growing 11% yoy to VND520bn. Gross margin (GPM) saw a solid recovery to 21.4% (+3.4%p qoq, +0.2%p yoy). 2Q25...

08
August
Derivatives: Uptrend maintained
Given the current signals, the contract remains in an uptrend. Therefore, traders may consider reopening long positions.

08
August
Market commentary: Diverging movements
The market continued its upward momentum with the fourth consecutive gaining session, reflecting ongoing proactive buying demand. Furthermore, the consistent formation of higher price bases by the index further reinforces...

07
August
Securities – Note – [NONRATED] – Strong 2Q25 earnings driven by a robust market
2Q25 total operating income increased 23.3% yoy, +34.7% qoq driven by rising investment income (+39.9% yoy, +42.9% qoq) and lending income (+24.3% yoy, +12.1% qoq). Margin loan balance hit the...

07
August
Jul 2025: Lower issuances, higher maturity pressure
In Jul 2025 the total bond issuance dropped to VND43,303bn (Fig. 1), +6% yoy and -65% mom Corporate bond maturities in August are projected to reach VND35,752bn, +433% yoy

07
August
PLX – Earnings review – [BUY] – 2Q25: Foreign trading saved the day
PLX’s 2Q25 consolidated revenue grew 5% yoy to VND77.1tn (119% of our forecast). Gross profit surprisingly grew 11% yoy to VND5.1tn (156% of our forecast), with gross margin expanding to...

07
August
Derivatives: New high formed
Given the current signals, the contract continues to maintain its upward trend. Therefore, traders may consider reopening long positions.

07
August
Market commentary: Forming a new peak
The market continued to form new peaks, signaling a sustained uptrend. However, liquidity showed signs of cooling, indicating that caution remained in investor sentiment. In this context, investors may consider...

06
August
Stable domestic growth amid early signs of export deceleration
Vietnam’s July economic report paints a mixed but overall encouraging picture. Export growth, particularly for sea-shipped goods, showed slowdown, and FDI inflows reflected increased investor caution amid ongoing tariff uncertainty....