22
August
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.
22
August
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.
22
August
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.
22
August
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.
19
August
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.
17
August
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.
17
August
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.
16
August
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.
12
August
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.
15
March
Regarding the impact of the global commodity price surge on Vietnam CPI, we estimate that the current value of Brent price could push 2022 inflation to exceed the government target of 4%, mainly through the consumption channel. However, implementing well-established tools allows the Vietnam government to mitigate external shocks proactively. To sum up, we forecast that the global commodity surge would create temporary pressure on Vietnam inflation.
27
December
Key factors that drive the stock market to rise in 2022 include: (1) the Vietnam economy recovering and strong growth in 2022 and (2) new money will continue to flow into the stock market as new cash flows into stock markets and new money comes from capital flows of securities companies to margin.
09
November
A record plunge in Vietnam’s economy in 3Q21 has threatened economic prospects in the medium and long term growth. The government is standing in a right place to mitigate the lingering impact of the current outbreak and the next ones if they take appropriate actions in an appropriate timing and appropriate way. Recent macro and policy developments are signaling that the ongoing economic recovery would be smooth and sound, but it needs a booster shot, a sufficiently large fiscal relief package, to accelerate recovery momentum and help economic growth back on track. From our view, the “Economic Recovery and Development” fiscal support package, if successfully passed, would be a key to unlocking the full potential of the economic recovery.
26
July
Amid a widespread COVID-19 delta attack in the Southeast Asia region, Vietnam is stepping into the worst outbreak in both its health and economic impacts. Although the government actively deployed various solutions to follow the twin target that effectively controls the pandemic and promotes socio-economic development, the negative impact of economic recovery is inevitable. We predict that the COVID-19 economic impacts on domestic consumption and production levels would be partly reflected in oncoming macroeconomic updates under strict lockdowns nationwide.
18
June
Surging commodity prices and increasing inflation recently pose a considerable risk to global economic stability. However, the majority of global economists and monetary policymakers just saw this phenomenon as a transitory factor, and this trend would eventually reverse to a normal track in the medium- and long- term. Regarding Vietnam's situation, we saw a stable demand-supply balance in major commodities and well-controlled price conditions. The inflation shock in the near term, if it happens, would be expected to be transient and bear a little risk to the economic stability.
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