Week 18/09 – 22/09

acv.vn, bwe.vn, frt.vn, gas.vn, mwg.vn, nlg.vn, nvl.vn, pnj.vn, stb.vn, vhm.vn, vic.vn.


ACV VN: recorded, in 8M2023, PBT of VND6,534 bn, achieved 77% of the goal.

BWE VN: recorded, in August, revenue of VND329 and PAT of VND66 bn.  BWE recorded, in 8M223, revenue of VND2,321 bn (-8% YoY) and PAT of VND453 bn, completing 58% of the revenue plan and 63% of the profit target.

Comment: That’s rather disappointing, if one of the best water co’s has a weak year what does this imply about the economy? It’s shyte.

FRT VN: Dragon Capital has increased its ownership in FPT Digital Retail Joint Stock Company, whose FRT shares are listed on the HCM exchange, from 7.91% to 8.04%.

Comment: It’s a bet on the pharmacy business.

GAS VN: announced a block auction to transfer capital at PV Pipe. The expected number of shares offered is 55 mn shares, equivalent to 29.917% of PV Pipe’s charter capital, divided into 55 share lots, the starting price for each share lot is VND8.169 bn/share lot.

MWG VN: Erablue, the electronics retail chain of The Gioi Di Dong (Mobile World) in Indonesia, has increased its monthly sales to VND30 bn from VND17.5 bn (US$0.7 mn) in the latter part of 2022.

Comment: Eraa is a decent operator in Indo, MWG management seems rather convinced that they can improve the service quality, it’ll be interesting to follow.

NLG VN: approved a plan to issue a maximum of VND500 bn in bonds with a term of 5 years, the nominal interest rate for the first 6 months is 9.6%/year. These bonds offered to professional institutional securities investors.

Comment: Would comfortably take this if I was investing in FI in VN.

NVL VN: guarantees a maximum loan of VND1,200 bn at MBB for its subsidiary to work on the NovaWorld Ho Tram project.

NVL VN: two batches of overdue bonds (NVLH2123009 and NVLH2123014) worth VND2,000 bn were accepted for partial payment with real estate.

PNJ VN: recorded, in August, net revenue of VND2,303 bn and PAT of VND76 bn (-1.1% and -3.7% respectively YoY). For 8M2023, PNJ recorded net revenue of VND21,126 bn (-8.3% YoY) and PAT of VND1,247 bn, achieving 59% of the revenue plan and 64% of the target profit.

Comment: And this drop despite store expansion…watch they have to announce next year that they’ll need to reduce the footprint…

STB VN: is seeking approval from economic regulators to invest in Bamboo Airways.

Comment: What???? Jebus…so a bank is going to run an airline? That’s going to end very well…

VHM VN: the Vietnam Investment Group, which is owned by Mr. Pham Nhat Vuong, has just registered to purchase 16 mn VHM shares.

VHM VN: the housing project Vinhomes Happy Home was approved by the People’s Committee of Khanh Hoa with total investment of VND3,756 bn.

Comment: Social communist housing projects. Is there really going to be a return to shareholders on this?

VIC VN: VinFast recorded total revenue of up to $334.1 mn in Q22023 (+303% QoQ and +131% YoY). Net loss was at VND12,535 bn ($526.7 mn) (-11% QoQ and -8% YoY). VinFast is about to export 3,000 cars to Germany, France and the Netherlands.

Comment: Ah so it’s still losing money and yet they are talking about investing all over the world to set up plants for EVs? Pigs don’t fly, even in commi dreamland.


  • In 8M2023, the export turnover of goods is estimated to reach $227.71 bn (-10% YoY). Of which, the domestic economic sector reached $59.92 bn (-9.2% YoY), accounting for 26.3% of total export turnover; The foreign invested sector (including crude oil) reached $167.79 bn (-10.3% YoY), accounting for 73.7%.
  • Lego Manufacturing Vietnam said its $1 bn plant in southern Binh Duong Province will churn out its first toys in the second half of 2024.
  • Individual investor stock net purchase surged to VND5.08 tn ($208.33 mn) last week, the highest since mid-May, showing a recovery in investment confidence as the market rises.
  • The Ministry of Industry and Trade had given the nod to the provisional electricity tariffs for 60 wind and solar power plants in the transitional phase, with a collective capacity exceeding 3,331MW.
  • According to SBV, people’s demand for home loans and home repairs decreased by 1.12% in 1H, while the loans increased by up to 31% last year.
  • Exports of computers and components in August reached nearly $5.3 bn (+4% MoM). Similarly, exports of phones and components in August reached $5.2 bn (+16% MoM). For 8M2023, exports of computer products and components reached $35.9 bn (-2% YoY). Meanwhile, exports of phones and components reached $33.9 bn (-15.5% YoY).
  • VIS Rating was granted a certificate of eligibility to provide credit rating services by the Ministry of Finance with charter capital of VND103 bn. VIS Rating is a joint venture between Moody’s (49% ownership) and a number of other domestic founding shareholders including ACBS, Dragon Capital, VND, VPS and NAB.
  • OECD forecasts that Vietnam’s economic growth this year will face difficulties and should be lowered to 4.9% and 5.9% in 2024.
  • In August, Việt Nam imported more than 472,283 tonnes of fertiliser worth US$159 mn, up 54 per cent over July in volume and 85% in value. This was the highest import volume since July 2021. The fertiliser prices reached $338 a tonne last month, up 19 per cent on-month, but down 26 % YoY.

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