Week 26/09 – 30/09


  • The Ministry of Finance (MOF) on September 23 proposed cutting special consumption tax and value added tax on fuels by up to 50%. If the proposal is approved, bio-fuel E5 RON 92 gasoline will decline by VND1,700 to VND20,531/ liter, RON95-III gasoline by VND1,921 to VND21,294/ liter and diesel oil by VND1,099 to VND23,081/ liter.
  • Vietnamese electric vehicle maker VinFast cooperates with delivery firm Ahamove to launch electric bike-based goods delivery service AhaFast in Vietnam*, VinFast says on its website. Under the newly-signed deal, VinFast will provide electric motorcycles for Ahamove to deploy its delivery service via AhaFast. Service to roll out first in Da Nang with 100 e-bikes and then expand to other major cities. Ahamove aims to use 10,000 e-bikes in its fleet by 2025.
  • Vietnam exported 514,000 tons of steel in August, with a total value of around $458 mn (-16.3% in volume and 29% in revenue MoM). The country’s steel exports reached 5.9 mn tons and brought $6.08 bn (-30.3% in quantity and 13.4% in earnings YoY). Steel exports to China plunged in 8M22 (-95% in volume and turnover YoY with 93,400 tons and $55 mn), eliminating it from the 10 largest export markets for Vietnamese steel.
  • In August the whole country exported nearly 718,100 tons of rice ($339.6 mn), the average price was $472.9/ton (+23.3% in volume and +19% of turnover), but prices decreased slightly by 3.4% MoM. This result increased sharply by 44.4% in volume, increased by 40% in turnover but decreased by 3% in price YoY.
  • As of September 20, FDI registered in Vietnam reached $18.7 bn (-15.3% YoY). Real estate sector continued to rank 2nd in the list of industries attracting FDI in 8M22 with more than $3.5 bn (accounting for nearly 19%), increased sharply YoY (nearly $1.8 bn).
  • The SBV withdrew a net amount of VND57.6 tn from the market to keep liquidity in the banking system scantly sufficient, which is an apparent move to buoy interest rates. Specifically, the SBV made net withdrawals of VND34.6 tn via open market operations and VND23 tn via forex interventions.
  • Pangasius exports in 8M22 reached $1.8 bn. In August, pangasius exports were $195 mn (+5% MoM). Pangasius exports to many markets had positive signals, of which to China increased by more than 37% with nearly $61 mn, double sales to the US market and will continue to be better in the coming months.


BSI VN: South Korea’s Hana Securities has recently poured close to VND2,700 bn into BIDV Securities Company, which raises the latter’s equity to VND4,500 bn and makes Hana Securities a strategic shareholder of the Vietnamese stock brokerage. Under the deal inked yesterday, Hana Securities acquires over 65.7 million shares for VND41,000 each.

Comment: It is fascinating to see the Koreans so active in VN.


According to the documents prepared for the upcoming EGM, BoD has revised the plan of issuing 100mn shares (equivalent to 16.397% of total outstanding shares) at the ratio 1,000:163.97 at the price of VND15,000/share via executing purchase rights (vs. previous plan was 150mn shares at the ratio 1,000:245.96 at the price of VND20,000/share). Expected time is 4Q22 – 1Q23.

Comment: Shares issuance….

GAS VN: is expected to achieve VND76,500 bn in revenue (+30% YoY) and VND14,000 bn in PBT (+61.8% YoY) in 3Q22. For the whole year of 2022, GAS’s management estimates that revenue and PBT will reach VND100,000 bn (+26.6% YoY) and VND15,500 bn (+38.4% YoY) respectively.

Comment: Not a pure O&g play as they are more of a distributor throughout the country and it’s a question of whether the government allows this SOE to up the prices.


BoD has revised the plan of issuing 100.46mn shares at the ratio 90:30 at the price of VND20,000/share via executing purchase rights. Expected time is within 2022 after getting approval from SSC.

Comment: We’re all waiting to see a “partner” show up in Gemalink and hopefully they’ll finally sell that rubber farm……..but I’ve been hearing about this for years from the management team. And look, bonus shares…more dilution…

GMD VN: for 7M22, revenue reached VND2,166 bn (+27.6% YoY) and PAT reached VND667 bn (double YoY). In July, the business achieved VND308 bn in revenue and VND105 bn in net profit (+29% and +148%, respectively, YoY).

Comment: It’s the easiest play in VN IMO.

MWG VN: for 8M22, revenue and PAT reached VND92,283 bn and VND3,176 bn (+17% and +6% respectively YoY)., fulfilled 66% of revenue and 50% of profit target.

Comment: The market has question marks over BHX still.

PAN VN: In 4Q22, the group plans to increase charter capital to VND4,102 bn through bonus shares and offering to existing shareholders.

Comment: Bonus shares…


For August 2022, TCM achieved revenue of USD19.4mn (+85% YoY) and PAT of USD1.4mn (vs. net loss of US$282k). For 8M22, co. estimated  revenue of USD127.7mn (+20% YoY, completing 72% of FY target) and PAT of USD8.1mn (+48% YoY, fulfilling 75% of FY plan).

Comment: If you’re wondering where the textile manufacturing is being done in the region, here you go, there’s a small amount in Cambodia/Laos as well, but VN has taken the market for the region.

VIC VN: A Vingroup subsidiary will invest over VND6 tn ($255.3 mn) in a lithium battery plant with an annual 5-Gigawatt hours (GWh) capacity in central Ha Tinh Province.

Comment: Well ok they could leverage up their balance sheet for this, it’s currently at 0.6x or so.

VIC VN: issued a notice on payment guarantee for bonds issued in 2022 for its subsidiary VinFast with a maximum amount of VND13,000 bn. Bond payment guarantee is a method by which the parent company or the government commits to pay on behalf of the bond issuer when it fails to pay.

VPB VN Sep 28 is the ex-date for issuing bonus shares at the ratio of 2:1.

Comment: Yay more bonus shares.

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