22
8月
Market ended up to be net bought. Demand was mainly absorbed by Materials, Financials, and Energy whilst supply mainly spread to Real Estate and Industrials. With ETF flow, inflow remained across Vietnam, mainly driven by the solid demand on major ETFs, except VFMVN Diamond and VFMVN30.
15
8月
Market ended up to be net bought but demand has started to drop. Demand was mainly absorbed by Financials and Energy whilst supply mainly spread to Consumer Staples, Materials, and Industrials. With ETF flow, Vietnam experienced the outflow. Net outflow was USD2mn. However, the negative flow of money was only driven by the divestment on VFMVN Diamond. Demand has started to spread to other major ETFs which partially covered the strong outflow on VFMVN Diamond.
08
8月
Market ended up to be net bought. Demand was mainly absorbed by Financials and Real Estate whilst supply mainly spread to Consumer Staples and Industrials. With ETF flow, inflow remained across Vietnam, mainly driven by the solid demand on X FTSE Vietnam.
02
8月
Demand kept overwhelming. Buying activity was absorbed by Consumer Staples, Consumer Discretionary, and Financials whilst supply mainly spread to Materials. With ETF flow, Vietnam attracted the positive flow of money. The positive flow of money was mainly driven by the slowdown of money outflow on VFMVN Diamond and VanEck Vietnam as well as the stable demand on Fubon FTSE and VNFIN Lead.
26
7月
Market ended up to be net bought. Demand was mainly absorbed by Consumer Staples, Consumer Discretionary, and Financials whilst supply mainly spread to Real Estate, Materials, and IT. With ETF flow, outflow remained across Vietnam. The negative flow of money was mainly driven by the divestment on VFMVN Diamond and VanEck Vietnam.
12
7月
Market ended up to be net sold. Selling pressure was mainly absorbed by Real Estate, Materials, and Utilities whilst demand was attracted by Consumer Staples. With ETF flow, money inflow across Vietnam recovered. The positive flow of money was mainly driven by the demand on VFMVN Diamond and Fubon FTSE.
05
7月
Market ended up to be net bought. Demand was mainly attracted by Financials and Industrials whilst selling activity was absorbed the most by Materials, Consumer Staples and Real Estate. With ETF flow, money inflow across Vietnam dropped. Net inflow was USD5mn. The positive flow of money was mainly driven by the demand on VFMVN Diamond and Fubon FTSE.
29
6月
Market ended up to be net bought. Demand was mainly attracted by Consumer Staples, Industrials, and Utilities whilst selling activity was absorbed the most by Materials, Real Estates, and Consumer Discretionary. With ETF flow, money inflow across Vietnam came back to normal level. Net inflow was USD21mn. The positive flow of money was mainly driven by Fubon FTSE Vietnam and VFMVN Diamond.
21
6月
Market ended up to be net bought. Demand was mainly attracted by Financials, Materials, and Industrials whilst selling activity was absorbed the most by RConsumer Staples and Consumer Discretionary. With ETF flow, money inflow across Vietnam continued to slow down. Net inflow was USD13mn. The positive flow of money was mainly driven by Fubon FTSE Vietnam.
13
6月
Market ended up to be net bought. Demand was mainly attracted by Financials, Materials, and Consumer Staples whilst selling activity was absorbed the most by Real Estate, Industrials, and Energy. With ETF flow, money inflow across Vietnam has started to slow down. Net inflow was USD25mn. The positive flow of money was mainly driven by the stable demand on VFMVN Diamond and Fubon FTSE Vietnam.
24
8月
U.S July Retail sales and Vietnam T&G exports According to the latest data from the U.S. Census Bureau, retail sales in the U.S. increased by 0.7% MoM in July of 2023, marking a fourth consecutive rise, and beating market forecasts of a 0.4% increase. In more detail, US clothing store sales grew 1.34% YoY in July, slightly decelerated from 2.69% in June, but remain higher than the one-year slowest growth of 0.32% in April. The potential upturn in US clothing sales, given a relatively strong correlation with Vietnam T&G exports, subsequently benefiting this export sector in the latter half of 2023.
02
8月
July’s data revealed a substantial improvement in economic activities with a softer decline in export turnover, an improving industrial production, and a renewed acceleration in retail sales. On one hand, U.S. consumers tend to regain their confidence during the late phase of the global interest rate hike, fastening the resolution of the overstocking and consequently promoting Vietnam’s export activities. On the other hand, retail sales recorded a higher growth rate than in June coupled with moderate inflation after a series of easing fiscal policies, likely reflecting an expanding demand. We predict economic performance to improve further next month due to softening external headwinds and expanding domestic demand.
28
7月
Although the economic performance picked up in 2Q23 in the late stage of the global interest rate hike, we believe that the acceleration of economic activities will need more time to be material due to the insignificant improvement of external factors and the weakening recovery in domestic consumption. On the upside, public investment will continue to be a spotlight in 3Q23 thanks to the government's effort in realizing the significantly higher workload than last year. In addition, the well-controlled inflation and stable exchange rate provide more space for the monetary authority to follow the easing tendency in the next quarter.
13
7月
Although the economic performance picked up in 2Q23 in the late stage of the global interest rate hike, we believe that the acceleration of economic activities will need more time to be material due to the insignificant improvement of external factors and the weakening recovery in domestic consumption. On the upside, public investment will continue to be a spotlight in 3Q23 thanks to the government's effort in realizing the significantly higher workload than last year. Investment opportunities exist in Power and Agriculture, Seafood industries that backed by El-Nino and China consumption themes. Besides, crushed stone industry also offers a lucrative choice from 3Q23 for those investors seeking for rising public spending theme. We expect the target range for VNIndex in 2H23 to be 1,260-1,340 points.
30
6月
GSO’s June report shows a slight acceleration in economic performance for the second quarter of 2023. Although the economic growth surpassed the downgraded market assessment, it is far from the expected value in the eco-socio tasks. For the latest update in June, export activities deteriorated under the persistent slowdown in the consumption of Vietnam’s major trading partners, showing challenges for the economy to speed up. Regarding domestic factors, the recovery momentum in post-pandemic exhausted with retail sales much lower than the potential level. In the short term, we predict public investment will mainly support economic growth before material improvement in external factors occurs.
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