Sector and company
21
October
PVB – Brief – [NONRATED] – 3Q25: Beating annual plan
PVB’s revenue stood at VND269bn in 3Q25 (+1,144% yoy, +16% qoq), as PVB is operating at full capacity. Thus, 9M25 revenue reached VND609bn (+192% yoy) fulfilled 113% of BOD’s annual...
16
October
Aviation – In-depth – [NEUTRAL] – Hold altitude
From 2026F onward, Vietnam’s aviation industry will enter a new growth cycle. In the long term, the industry’s outlook will be heavily influenced by the development of the high-speed railway,...
14
October
Banking – Preview – [NEUTRAL] – 3Q25F Preview: Credit acceleration
Combined NP in 3Q25F could grow 15%yoy, based on our coverage. The results could be driven by both net interest incomes with high credit growth and non-interest incomes. 3Q25F Net...
14
October
Banking – Note – [NEUTRAL] – Circular 14 on capital adequacy ratio
The State Bank of Vietnam (SBV) has issued Circular 14/2025, which takes effect on September 15, 2025, and will officially replace Circular 41/2016 on January 1, 2030, though banks that...
10
September
BSR – Brief – [NONRATED] – Reactivating the ethanol plant and finding strategic investors for divesting
We believe that BSR-BF has strong potential to quickly maximize its capacity after the official policy about E10 gasoline is implemented thanks to exponential growth in ethanol demand, yet we...
22
August
Seafood – Note – [NEUTRAL] – A clearer picture emerges
Pangasius: Exports in 2Q25 rose 11.5% yoy to USD559mn, led by the US (+12.5%) and Brazil (+10%), while China (-0.5%) and EU (-3%) weakened. Industry profits improved, with VHC's NPAT-MI...
22
August
Retail – Notes – [NON-RATED] – Minimarts drive the growth
In 2Q25, we see the consumer demand generally stayed flat compared to 1Q25. In 2H25F, we think minimarts would continue to be the spotlight that drive the growth of the...
20
August
BID – Earnings review – [BUY] – Enhancing bad debt recovery
2Q25 profit before tax rose by +5.7%yoy to VND8,626bn mainly thanks to other incomes (+181%yoy) from bad debt collection. Accumulated 1H25 PBT rose by +3.1%yoy to VND16,039bn, completing 50% of...
15
August
VCB – Earnings review – [BUY] – Gradual improvement
2Q25 PBT rose by +9.1%yoy to VND11.03tn due to lower risk provision expenses (-46.5%yoy) and higher other incomes. Accumulated 1H25 PBT climbed by +5.1%yoy to VND21.9tn, completing 50% of the...
Featured Analysis
Market commentary: Green return
REE – Earnings review – [HOLD] – 3Q25: M&E segment drives solid profit expansion
Derivatives: Bullish Engulfing pattern
Market commentary: Market recovery
HAH – Brief – [NONRATED] – Strong 3Q25, growth to moderate in 4Q25F
Banking – Note – [NEUTRAL] – Right on track
Strategic Insight: Awaiting an upward trend
