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Average daily trading value (ADTV) kept dropping to VND11,332bn (-18.3% qoq, -63.7% yoy) in 1Q23. The quarterly number of new accounts in 1Q23 marked the lowest since 1Q21 with 140,024 new accounts opening (-50.7% qoq, -79.3% yoy). VPS ranked 1st position in the HSX’s brokerage with 15.67% market share, +0.86%p qoq in 1Q23. This was also the highest market share in company history. The runner up was SSI with 11.53%, +1.57%p qoq.

On Mar 30, Hoa Phat Group (HPG) held the Annual General Meeting. The company targets a VND150,000bn revenue and a VND8,000bn NPAT amid weak demand. The company has been approved to not pay dividends for 2022.

Rice export volume rocketed by 109% mom and 80% yoy to 900,000 tonnes. Meanwhile, rice exporting value surged by 108% mom and 95% yoy to USD480mn in Mar-23.

Total Feb steel sales volume posted 67,738 tonnes, increasing by 56.2% mom and 9.7% yoy. The 2M23 total sales volume came in at 111,108 tonnes, -28.6% yoy. In which, the steel coat volume declined 33.7% yoy to 85,285 tonnes and the steel pipes volume was down by 4.2% yoy to 25,823 tonnes.

Total Feb steel sales volume posted 549,767 tonnes, decreasing by 30.6% yoy but increasing by 18.5% mom. The 2M23 total finished-product sale volume dropped significantly to 1,013,881 tonnes, -32.2% yoy. Of which, all products sale volumes declined due to high base in 2022.

Total Feb steel sales volume posted 102,259 tonnes, dropping by 35.0% yoy but increasing 20.0% mom. The FY5M23 (Oct 2023-Feb 2023) total sale decreased 41.2% yoy to 527,462 tonnes as steel pipes volume declined 22.8% yoy to 121,279 tonnes and steel coat fell 45.2% yoy to 406,183 tonnes.

This monthly report on Vietnam steel production is intended to track the developments in the steel market. During Feb 23, we observed an improvement in total sales volume on m-o-m basis.

Vinh Hoan delivered a preliminary VND758bn revenue, decreasing 29.5% yoy since the pangasius export shrunk by 46.9% yoy in Feb. The pangasius export volume decreased sharply by 26.4% yoy due to the lessened import of US and China markets.

Domestic production capacity has exceeded current domestic demand by at least 40%. Due to the falling price of fertilizer, farmers are postponing purchasing fertilizer, that led to a very high inventory and low sales of fertilizer in 1Q23.

On Mar 10, Hoa Sen Group (HSG) held the Annual General Meeting. The company sets conservative FY2023 guidance with 2 scenario due to the uncertainty from geopolitical conflicts and global high borrowing-rate environment.