Week 02/01 – 05/01

acv.vn, bsr.vn, dbc.vn, fmc.vn, gvr.vn, tng.vn, vhm.vn,

Side note: It’s just amusing that companies in Vietnam will openly state their targets for the FY during their AGM’s and then the market used to price this all in immediately. Let’s see if there is a change in investor behaviour for 2024.


ACV VN: estimated, in 2023, revenue of VND20,034 bn and PBT of VND8,646 bn, exceeding 3% and 2% respectively of the year’s plan.

BSR VN: announced the business plan for 2023. In the financial plan, total consolidated revenue was adjusted to increase by 52%, from VND 95,645 bn to VND 145,102 bn. The target PAT is also 3 times higher, from more than VND 1,600 bn to nearly VND 4,900 bn.

DBC VN: has just announced its production and business plan for 2024 with a total revenue target of VND 25,380 bn (more than USD 1 bn). PBT target is at VND 804 bn and PAT is nearly VND 730 bn.

FMC VN: recorded, in December, sales of $14.35 mn (+29% YoY). FMC recorded sales of $200.6 mn (-11% YoY), completing 100% of the year’s plan.

Comment: Congratulations to this *amazing* management team and board that were able to complete *exactly* 100% of their FY23 targets…

GVR VN: estimated, in Q42023, revenue of VND18,632 bn and PBT of VND2,835 bn (+6% and +71%, respectively YoY). In 2023, GVR estimated revenue of VND24,485 bn and PBT of VND4,015 bn (-4% and -30% respectively YoY), achieving 89% of revenue targets and exceeding 1% of the year’s profit plan.

TNG VN: just announced the results of 2023 sales revenue reaching VND 7,085 bn, completing 104% of the year’s plan, + 5% yoy. This is also the company’s highest result since it was listed on the stock exchange (2007).

VHM VN: plans to build new urban area project with total investment of VND56,000 bn in Hai Phong, building 6,300 townhouses and villas.

Comment: If this entity was no longer under Vin Group – it would be worth 2x-3x more than where it is today.


  • The market capitalization of Vietnam’s stock market approximated 6 quadrillion VND (246.7 bn USD) in 2023, rising 9.5% from and equivalent to about 62% of gross domestic product (GDP) in 2022.
  • Total export-import turnover in 2023 was estimated to have reached US$683 bn, of which exports hit roughly US$354.5 bn and imports stood at around US$328.5 bn. The trade balance continued to enjoy a trade surplus for the eighth consecutive year with an estimated surplus of nearly US$30 bn, a three-fold increase over 2022.
  • S&P Global’s Manufacturing Purchasing Managers’ Index (PMI) for Vietnam’s manufacturing industry reached 48.9 points in December, which is still below the 50-point threshold and shows that business conditions in the industry are weakening.
  • Vietnam disbursed VND580 tn ($23.78 bn) in public investment last year, 82% of the set goal by Prime Minister Pham Minh Chinh. High disbursement rates of 85-95% were recorded among the State Bank of Vietnam, Ministry of Transport, and Ministry of Defense. Localities that posted a 90% or higher rate included Long An, Dong Thap and Ca Mau in southern Vietnam and Quang Ngai in the central region.
  • The number of accounts of domestic individuals increased by 39,240 units in December 2023. The number of foreign investor accounts in 2023 reached 45,384 units. For 2023, the number of individual investor accounts increased by 391,109 units (-85% YoY) to 7.23 mn units.

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