Sector in-depth

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...

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...

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....

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:...

04
July
Oil & Gas – In-depth – [NEUTRAL] – 2H25 Outlook: Tailwinds at home, headwinds abroad
Natural gas: Natural gas (include LNG) is expected to grow by 11% in 2H25F mainly thanks to the commercial operations of Nhon Trach 3 (from Sept) and Nhon Trach 4...

04
July
Retail – In-depth – [NONRATED] – 2H25F Outlook: Better or worsen depends on macro conditions
In 2H25F, we think that the business results of retailers would depend on macro-economic conditions. In which, ICT-CE and Jewelry retail might grow slow compared to 1H25 due to the...

04
July
Aviation – In-depth – [NONRATED] – 2H25 Outlook: Hold Altitude
In 1Q25, domestic passenger volume continues to recover and a significant surge in Chinese visitors. Even though airfares could decline due to increased supply, we anticipate a positive impact on...

19
January
Power – In-depth – [NEUTRAL] – 2025 Outlook: Opportune moment
In 2025, nationwide electricity consumption is expected to maintain an 11% yoy growth, with hydropower and gas-fired power being the highlights of the sector. This is attributed to the anticipated...

12
January
Banking – In-depth – [NEUTRAL] – The bumpy road to recovery
In 2025F, improving business conditions and consumption could continue and drive the credit demand. 2025F credit growth could be higher than the 2024 rate. Other integrated banking services could also...