Research Center

Mar export value of Vietnam’s T&G improved on a monthly basis largely based on the recovery in US market. Nonetheless, the Mar and Feb decent performance could not enlighten the 1Q23 tepid outcome with USD7.2bn, -17.4% yoy. Vietnam’s fiber and yarn (F&Y) export value remarkably slid 29.0% yoy but rose 11.0% mom to USD376mn in Mar. Following Feb’s solid industry growth, the Feb export revenue of most listed companies was favorable.

Long VN30F2304 after ATO session and stop the loss when there is the closing price below 1,050 pts level. (Hourly chart)

Based on the third losing session, the VNIndex shows downside risks. Notably, the index closes below the 10-period moving average. That means the signals lose consensus. Hence, traders should be careful if the market still shows negative signals.

TNG posted a positive Mar performance with revenue of VND561bn (+35.8% yoy, +50% mom). Nonetheless, the rosy Mar could not save 1Q23. Specifically, 1Q23 revenue came in at VND1,333bn (+6% yoy but -12% qoq). Therefore, the company fulfilled 18% of its 2023F planned revenue in 1Q23. The 1Q23 revenue growth is largely attributable to the US market.

Last week, trading volume remained near the previous week, recording at 57mn shares. However, trading value remained at high level, recording at VND54bn due to the active rebound phase across the major market. By underlying asset, covered warrants which have HPG as the underlying asset continued to attract the most of trading interest from both domestic and foreign investors.

Foreign demand slowed down whilst selling pressure stayed at high level, pushing the market to ended up to be net sold. Net sell value was USD33mn. With ETF flow, outflow was active across Vietnam, ending the 4 consecutive weeks of inflow. Outflow was USD2mn. Notably, outflow has spread among major ETFs and demand on Fubon ETF was paused. There is still not a good sign for the stable inflow and outflow could be active in upcoming weeks.

Long VN30F2304 after ATO session and stop the loss when there is the closing price below 1,050 pts level. (Hourly chart)

Based on the second losing session, the VNIndex shows downside risks in the short term. The signals lose consensus. Hence, traders should be careful if the market still shows negative signals.

The VNIndex needs more bullish signals to confirm the uptrend because the signals lose consensus.

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.