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In Jul, the total fertilizer export volume was 112,705 tonnes (-55% mom and +30% yoy), equivalent to nearly USD75mn (-53% mom and +121 yoy). Although the export volume shrunk in Jul, the export prices were still higher than the Jun level (USD665/tonne vs USD644/tonne). In 7M22, Vietnam exported more than 1.1mn tonnes (+42% yoy) of fertilizer with USD722mn (+174% yoy). In which, Cambodia was the largest export market with 298 thousand tonnes (-13% yoy) and more than USD160mn (+33% yoy).

MWG’s net revenue and net profit of 1H22 were VND70.8tn and VND2.6tn, increased by +16% yoy and +1% yoy respectively. The slower growth of net profit was mainly driven by higher expenses for renovations of BHX stores. In July, MWG’s revenue was VND11tn (+16% yoy), in which: revenue of TGDD&DMX: VND8.4 tn (+63% yoy); BHX: VND2.35tn (-14% yoy). MWG is expected to meet the revenue target, however, it seems to be highly challenging to reach the net profit growth target of 34% as guided.

TCM posted impressive business results in July with revenue of USD17.1mn (+118% yoy) and NPAT of USD1.5mn (+224% yoy) thanks to a low base of the same period last year as the Southern region was in lockdown due to Covid tension. Overall, in 7M22, the company achieved USD108.3mn (+13% yoy) in revenue and USD6.7mn in NPAT (+17% yoy), fulfilling 61% and 62% of its 2022F guidance, respectively.

The July performance witnessed a slight increase in total sales volume thanks to the great performance of steel pipes and construction steel export. HPG is expected to continue seeing weak domestic market demand amid high inflation concerns and the rainy season.

We witnessed the slump in performance of FY10M2022 on year-on-year basis caused by weak sales volume in first 7 months of 2022, which showed a significant drop in demand from both domestic and export channels.

The July performance witnessed the significant decline in export volume, however, export still remains as the key growth driver in 7M22. Weak demand dragged overall performance. In which, domestic sales volume dropped significantly by 13.8% yoy.

This monthly report on Vietnam steel production is intended to track the developments in the steel market. During July 22, it’s no surprised that we observed the weak demand in both domestic and export markets. We expect the trend to continue in next months.

In 2Q22, hydropower volume soared up 51% yoy thanks to high rainfall levels and rising global coal & fuel oil prices which made coal thermal and gas-fired power output plunged 26% yoy and 7% yoy. Despite that, some thermal makers namely HND, QTP, NT2 profit still have positive profit growth thanks to rising selling price. We expect the favorable weather condition in 3Q22 will be beneficial to hydropower generators in the North and central region.

On Aug 16th, The Insurance Association of Viet Nam (IAV) announced 1H22 market figures. Total insurance premium in 1H22 was VND118,252bn (+15.2% yoy). In which, life insurance premium increased by 15.7% to VND84,467bn; non-life insurance premium also surged by 14.1% to VND33,785bn. Non-life insurance growth slightly increased to 14.1% in 1H22, still on the rise with double-digit figures. Whilst, life insurance market recorded a 15.7% growth in insurance premium which is lower than the growth over 20% of last year.

In 2Q22, 24 listed seafood exporters recorded a VND18,728bn revenue (+33.3% yoy) and VND1,770bn NPAT (+138.3% yoy). 2Q22 GPM expanded to 19.6%, +6.8%p yoy and net margin widened to 9.5%, +4.2%p yoy, while SG&A/revenue ratio edged up 2.0%p yoy to 8.3%. Chiefly, large pangasius exporters reached new peaks or revenue and NPAT this quarter.