21
3月
Foreign selling pressure slowed down. Selling activity focused on Real Estate, Materials, and Consumer Staples whilst demand was mainly absorbed by Financials and Industrials. With ETF flow, outflow surged, driven by the strong divestment across on VanEck, VFMVN Diamond, and MAFM VN30.
08
3月
Foreign selling overwhelmed. Selling activity focused on Materials and Real Estate whilst foreign demand was mainly absorbed by Financials and Consumer Staples. With ETF flow, inflow has come back to Vietnam, mainly driven by the solid demand on VFMVN Diamond.
01
3月
Foreign selling overwhelmed. Selling activity focused on Financials and Materials. With ETF flow, Vietnam was divested last week, mainly driven by the outflow on VFMVN30 ETF.
22
2月
Foreign demand ticked up. Buying activity focused on Real Estate and Consumer Staples whilst solid supply was absorbed by Materials. With ETF flow, inflow came back, driven by the strong demand on VFMVN30 ETF and SSIAM VNFIN Lead.
15
2月
Foreign selling ticked up. Sulling activity focused on Real Estate and Materials whilst solid demand was absorbed by Consumer Staples and Financials. With ETF flow, outflow came back, driven by the strong divestment on VFMVN30 ETF.
08
2月
Foreign selling was faded by demand. Buying activity focused on C Financials and Real Estate whilst solid selling pressure was absorbed by Consumer Staples and Materials. With ETF flow, inflow across Vietnam has come back to normal level.
07
1月
Foreign demand overwhelmed. Buying activity focused on Financials and Industrials whilst Consumer Staples and Materials experienced the selling pressure. With ETF flow, Vietnam recorded the inflow. Net inflow was USD2mn, mainly contributed by the demand on VNFIN Lead ETF and VFMVN30 ETF.
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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