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In Aug, the total agriculture export value was USD1,610mn (-4% mom but +15% yoy). In detail, except for cashew/tea/cassava, main export products such as rice and rubber recorded a reduction in export value (-7% mom and -7% mom). The serious drought in China could lead to a food shortage in this country. Therefore, there has a chance for Vietnam to boost the rice export volume into this market. In 7M22, China accounted for about 13% total rice export volume of Vietnam (after the Philippines with 49%).

In 7M22, PET revenue inched by 8% yoy to VND9.6tn (fulfilling 48% of full-year guidance) and GP rose by 32.2% yoy to VND598. GPM in 7M22 was 6.3%, vs 5.1% in 7M21. 7M22 stellar performance was mainly driven higher sales of laptops by 19% yoy to VND2.3tn and smartphones by 6% yoy to VND3.4bn. These two segments could surge in 2H22F thanks to the high demand of students for the new semester and the latest iPhone 14 model coming in September 2022.

In 2Q22, the financials sector index dropped 24.6%, in which securities companies index was down 44.4% amid low trading conditions and VNINDEX’s fall. Sector revenue in 2Q22 stayed flat yoy with 15,878bn (-12.3% qoq, +0.1% yoy) while net profit was unpleasant by a decrease 57% in yoy and 63.4% qoq. There were 7 over 25 securities in our research recording accounting losses. To achieve moderate results in 2H22F, the ADTV should stay at VND25,000bn per day and margin balance should stay above VND90,000bn. Shortened settlement cycle, implementation of new KRX system and the movement of VNINDEX are supporting points for the remaining 2022.

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).

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.

In general, food and beverage consumption recovered differently in 2Q22. The 2Q22 total revenue momentum growth of the 4 listed milk companies decelerated in 2Q22. On the other hand, the total revenue and earnings growth of 14 listed brewery companies continued to recover in 2Q22. We expect the F&B consumption will remain resilient in 3Q22F but it will face the challenge of inflation pressure. We expect gross margins of dairy and brewing listed companies will expand strongly in 3Q22F due to a full benefit from cooling raw material prices and higher selling prices.

The total revenue growth momentum of listed garment companies was sustained in 2Q22. However, 2Q22 revenue growth came in at 25.8% yoy, lower than 1Q21 of 32.6% yoy. The earnings growth pace also slid from 71.7% yoy in 1Q22 to 22.6% yoy in 2Q22. The total revenue growth momentum of listed garment companies was sustained in 2Q22. However, 2Q22 revenue growth came in at 25.8% yoy, lower than 1Q21 of 32.6% yoy. The earnings growth pace also slid from 71.7% yoy in 1Q22 to 22.6% yoy in 2Q22.