Sector report

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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...

Report (4)

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...

Report (18)

13

August

Banking – Note – [NEUTRAL] – Moving towards sustainable growth

Aggregated 2Q25 PBT (27 listed banks) surged +17.6%yoy. The business results resulted from 1) robust credit growth, 2) a surge in investment activities, 3) higher other incomes, and 4) controllable...

Report (5)

13

August

Aviation – Note – [NONRATED] – Airlines took spotlight

Vietnam’s aviation sector saw strong 2Q25 growth across airports, airlines, and aviation services, driven by domestic recovery, surging China-related travel, and lower fuel costs. With expanded visa exemptions, government events,...

Report (3)

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...

Report (21)

14

July

Banking – In-depth – [NEUTRAL] – 2H25 Outlook: Pragmatic progressive enhancement

In 2H25, the banking industry could grow robust, driven by 1) accelerated credit expansion (16% in 2025 vs 15% in 2024), 2) disciplined operating expense management, and 3) controlled non-performing...

Report (5)

07

July

Textile & Garment – In-depth – [NEUTRAL] – 2H25 Outlook: “Tariffs” pose major headwinds

The prospects of T&G sector become more uncertain in 2H25F onwards. As we observe the US market (the largest markets of Vietnamese T&G exports) which will likely face to notable...

Report (9)

07

July

Seafood – In-depth – [NEUTRAL] – 2H25 Outlook: Turning cautious amid reciprocal tariffs

Pangasius export - 2H25F outlook: In the US market, the demand for pangasius could be dampened by (1) More competitive environment, (2) Potential facing to weaker consumption as macroeconomic headwinds....

Report (5)

04

July

Power – In-depth – [NEUTRAL] – 2H25 Outlook: The dawn of green energy

Based on the growth rates in 1Q25 and 2024, we estimate national power consumption in 2H25F under two scenarios: Scenario 1 (+3.9% yoy) & Scenario 2 (+8% yoy). Hydropower: 2H25F:...

Report (21)