Sector and company
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...
02
June
HDG – Note – [NONRATED] – Earnings boosted by power segment
In 2Q25F, we assess that HDG's outlook could remain positive, supported by the power segment, which is expected to maintain its growth momentum, partially offsetting the decline in profit from...
02
June
Aviation – Note – [NONRATED] – Sweet spot
Vietnam's air travel sector saw a 6%YoY increase in both passengers and traffic in 1Q25, driven by a strong rebound in domestic travel and continued international growth, especially from China....
Featured Analysis
Market commentary: Selling pressure persists
Market traders: The proprietary trading desk reversed to net buying
Derivatives: Sell signal?
Market commentary: Heavy selling pressure
SBV withdraws liquidity amid diverging interbank rates
Covered warrant: Liquidity increased again
Market commentary: Divergent movements
