Sector report

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11

May

Banking – Note – [NEUTRAL] – Resilient growth amid volatility

Aggregated 1Q26 PBT (27 listed banks) surged +14.2% yoy and -3.1% qoq. This strong performance was driven by 1) robust credit growth, 2) recovery of service activities, 3) strong growth...

Report (2)

06

March

Power – In-depth – [NEUTRAL] – 2026 Outlook: Thermal power cycle returns

In 2026, nationwide power demand is projected to grow by 8.5% yoy under EVN’s base-case scenario, with thermal power emerging as a key bright spot for the sector. The main...

Report (42)

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 (1)

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 (9)

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 (27)

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 (10)