06
6月
Market ended up to be net bought. Demand was mainly attracted by Financials, IT, and Consumer Staples whilst selling activity was absorbed the most by Utilities and Consumer Discretionary. With ETF flow, money inflow across Vietnam remained at high level. Net inflow was USD85mn. The positive flow of money was mainly driven by the massive demand on VFMVN Diamond.
31
5月
Market ended up to be net sold. Selling activity was absorbed the most by Financials, Real Estate, and Consumer Staples whilst demand focused Consumer Discretionary. With ETF flow, money inflow across Vietnam remained. Net inflow was USD32mn. The positive flow of money was mainly absorbed by VFMVN Diamond and Fubon FTSE Vietnam.
25
5月
Market ended up to be net sold but selling pressure was not strong. Selling activity has turned around to be absorbed the most by Financials, Real Estate, and Materials whilst demand kept focusing on Consumer Staples. With ETF flow, money inflow across Vietnam reached the all-time high. Net inflow was USD115mn. The positive flow of money was mainly absorbed by VFMVN Diamond and Fubon FTSE Vietnam.
10
5月
Foreign supply outweighed but selling pressure is not strong. Buying activity focused on Real Estate, Materials, and Financials whilst large sell orders were placed on IT. With ETF flow, the flow of money is not significant, money inflow focused on VFMVN30 and VFMVN Diamond.
04
5月
Foreign demand kept outweighting. Buying activity focused on Consumer Staples, Financials, and Industrials whilst large sell orders were placed on Real Estate. With ETF flow, money inflow reamained at high level across Vietnam, driven by the solid demand on VFMVN30 and Fubon FTSE.
26
4月
Foreign demand kept outweighting. Buying activity focused on Real Estate, Industrials, and Consumer Staples whilst large sell orders were placed on Consumer Discretionary. With ETF flow, money inflow surged across Vietnam, driven by the solid demand on VFMVN30 and Fubon FTSE.
19
4月
Foreign demand ticked up. Buying activity focused on Consumer Discretionary and Industrials whilst large sell orders were placed on Financials and Materials. With ETF flow, money inflow has come back to Vietnam, driven by the stable demand on domestic ETFs (VFMVN Diamond and VNFIN Lead ETF).
13
4月
Foreign supply ticked up. Selling activity focused on Real Estate and Materials whilst demand focused on Consumer Staples. With ETF flow, outflow surged, driven by the divestment on FTSE Vietnam and VFMVN30 ETF.
05
4月
Foreign demand kept overwhelming. Demand focused on Consumer Staples and Financials whilst Materials was divested the most. With ETF flow, outflow has come back, driven by the divestment on VanEck and SSIAM VNFIN Lead.
29
3月
Foreign demand surged. Demand focused on Real Estate, Industrials, and Consumer Staples. With ETF flow, inflow ticked up, driven by the strong demand on VFMVN Diamond and Fubon FTSE.
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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