Sector report

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13

February

Banking – Note – [NEUTRAL] – On target

Aggregated 4Q25 PBT (27 listed banks) surged +19.2% yoy and +11.3% qoq. This strong performance was driven by 1) robust credit growth, 2) recovery of service activities, 3) strong growth...

Report (0)

10

February

Banking – In-depth – [NEUTRAL] – The Growth Story Continues

Banking profits could be poised for double-digit growth in 2026F, driven by remaining robust credit growth and a rebound in fee-based services, such as payments and bancassurance. Despite potential NIM...

Report (7)

11

November

Banking – Note – [NEUTRAL] – Right on track

Aggregated 3Q25 PBT (27 listed banks) surged +24.6%yoy from a low base in 3Q24 and -1.8%qoq. The business results resulted from 1) robust credit growth, 2) a strong growth in...

Report (7)

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,...

Report (26)

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...

Report (1)

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...

Report (0)

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 (9)

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 (20)

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 (14)