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Market Traders 2026/08/18: Proprietary trading returned to strong net buying
By investor group, trading activity among both domestic retail and institutional investors declined, falling 1.2% and 11.4%, respectively, from the previous week.August 18, 2026
Covered warrant 2026/08/18: Cautious sentiment
During the week, covered warrant market liquidity improved in terms of trading volume, mainly driven by an increase in the number of outstanding warrants following new issuances. However, trading value declined slightly, while the number of declining warrants outnumbered gainers, reflecting relatively weak market performance. Meanwhile, the underlying market also came under strong correction pressure, with the index falling 2.2% for the week, which partly weighed on the performance of the covered warrant market.August 18, 2026
![PVS – Earnings Review – [HOLD] – 2Q26: One-off gain boosted earnings](/_next/image?url=https%3A%2F%2Fdms2stj3pztto.cloudfront.net%2Fh0cldqq4%2Fpvs.png%3Fformat%3Dwebp%26height%3D608%26mode%3Dcrop%26quality%3D80%26width%3D1080&w=3840&q=75)
PVS – Earnings Review – [HOLD] – 2Q26: One-off gain boosted earnings
In 2Q26, PVS recorded revenue and NPAT respectively at VND8.6tn (+17% yoy, ~88% KIS forecast) and VND563bn (+78% yoy, ~118% KIS forecast). Robust NPAT growth is mainly driven by a VND460bn one-off gain from compensation related to the termination fee of an offshore wind power project.August 18, 2026
Derivatives 2026/08/17: A sell signal?
The signals remain inconsistent now that a sell signal has appeared. Traders should therefore stay cautious and wait for additional confirmation signals in the next session before opening new positions.August 17, 2026
Chart of the day 2026/08/17: A negative signal?
Although a negative signal has appeared, confirmation signals still warrant close attention given the market's sharp volatility last week. Investors should therefore observe carefully before making new decisions.August 17, 2026
Market commentary 2026/08/17: Stepping back
The market recorded a sharp decline alongside higher liquidity, indicating that selling pressure remains dominant. In addition, the index's break below the 10- and 20-period moving averages has weakened the short-term trend, signaling an increasing risk of further correction.August 17, 2026
![VSC – Brief – [NONRATED] – Gains from HAH Propel 2Q26 NPAT Surge](/_next/image?url=https%3A%2F%2Fdms2stj3pztto.cloudfront.net%2Fnwnocnbt%2Fvsc.jpg%3Fformat%3Dwebp%26height%3D608%26mode%3Dcrop%26quality%3D80%26width%3D1080&w=3840&q=75)
VSC – Brief – [NONRATED] – Gains from HAH Propel 2Q26 NPAT Surge
In 2Q26, VSC reported net revenue of VND861bn (+7% yoy), mainly driven by a 9% yoy increase in throughput volume at key downstream ports. Gains from associates reached VND112bn (vs. -VND1bn in 2Q25) driven by HAH, providing strong leverage to lift EBT to VND287bn (+62.4% yoy). NPAT came in at VND244bn (+64.0% yoy).August 17, 2026
Market commentary 2026/08/14: Selling pressure returns
The market experienced strong volatility as selling pressure intensified while testing the 1,800-point threshold. The index's failure to break above this level, coupled with higher liquidity and a sharp decline at the close, indicates that selling pressure is currently dominant. However, the index remains above the 20-period moving average, suggesting that the short-term uptrend has not yet been broken, while this support level should be closely monitored in the coming sessions.August 14, 2026
Derivatives 2026/08/14: Profit-taking pressure
The signals lack consistency amid declining liquidity. Traders should therefore remain cautious and wait for further confirmation signals in the next session before opening new positions.August 14, 2026
![IDC – Brief – [NONRATED] – Accelerated IP Handovers Drive 2Q26 Surge](/_next/image?url=https%3A%2F%2Fdms2stj3pztto.cloudfront.net%2Ffszjksuc%2Fidc.jpg%3Fformat%3Dwebp%26height%3D608%26mode%3Dcrop%26quality%3D80%26width%3D1080&w=3840&q=75)
IDC – Brief – [NONRATED] – Accelerated IP Handovers Drive 2Q26 Surge
In 2Q26, IDC reported VND2,270bn revenue (+29% yoy) with a GP landing at VND848bn (+56% yoy). IP revenue surged to VND1,079bn (+166% qoq, +118% yoy) as one-time revenue recognition jumped to VND762bn. - Net profit came in at VND663bn (+96% qoq, +60% yoy).August 14, 2026
![MBB - Earnings review - [BUY] - Resilient growth](/_next/image?url=https%3A%2F%2Fdms2stj3pztto.cloudfront.net%2Fshtl2uue%2Fmbb.jpg%3Fformat%3Dwebp%26height%3D608%26mode%3Dcrop%26quality%3D80%26width%3D1080&w=3840&q=75)
MBB - Earnings review - [BUY] - Resilient growth
2Q26 PAT surged +40.6% YoY to VND 8,445bn, driven by robust top-line interest income together with well-controlled operating and provision expenses. This result reached 104% of KIS's forecast, bringing 1H26 earnings to VND 16,148bn (+27% YoY) and completing 51% of full-year 2026 guidance.August 14, 2026
Market commentary 2026/08/13: Low liquidity
The market recorded a strong gain amid low liquidity, indicating that the upward momentum has yet to receive strong confirmation from trading liquidity. In addition, the index is approaching the 1,800-point threshold; therefore, price action around this level will play an important role in assessing the sustainability of the current uptrend and accumulation phase.August 13, 2026
Derivatives 2026/08/13: Pressure around the June bottom
The uptrend has been reconfirmed by the breakout signal in the previous session. Investors may therefore consider reopening Long positions.August 13, 2026
![MWG - Brief - [NONRATED] - 2Q26: Bach Hoa Xanh expands aggressively](/_next/image?url=https%3A%2F%2Fdms2stj3pztto.cloudfront.net%2F4zmj1tsu%2Fmwg.jpg%3Fformat%3Dwebp%26height%3D608%26mode%3Dcrop%26quality%3D80%26width%3D1080&w=3840&q=75)
MWG - Brief - [NONRATED] - 2Q26: Bach Hoa Xanh expands aggressively
In 2Q26, MWG posted revenue of VND48,751bn, +29.6% yoy. The three core chains, Thegioididong (TGDD), Dien May Xanh (DMX) and Bach Hoa Xanh (BHX), delivered another quarter of strong yoy growth; however, only the BHX chain recorded qoq growth in 2Q26.August 13, 2026
Market commentary 2026/08/12: Divergence market
The market showed signs of entering an accumulation phase, as alternating gains and losses reflected the ongoing tug-of-war between supply and demand. Nevertheless, the index remained in positive territory by holding above its short-term moving averages, indicating that the short-term uptrend remains intact.August 12, 2026
Derivatives 2026/08/12: Wait for a breakout signal
The uptrend is confirmed by the increase in volume. Therefore, traders may consider reopening Long positions.August 12, 2026
![GEG - Earnings Review - [HOLD] - 2Q26: Finance costs pressured earnings](/_next/image?url=https%3A%2F%2Fdms2stj3pztto.cloudfront.net%2F4affnuxz%2Fgeg.png%3Fformat%3Dwebp%26height%3D608%26mode%3Dcrop%26quality%3D80%26width%3D1080&w=3840&q=75)
GEG - Earnings Review - [HOLD] - 2Q26: Finance costs pressured earnings
Revenue and gross profit reached VND580bn (-7% yoy) and VND237bn (-13% yoy), respectively, mainly supported by the solar power segment. As a result, NPAT came in at VND8bn (-95% yoy), mainly due to (i) weaker earnings from the hydropower and wind power segments; (ii) a contraction in gross margin to 40.9% (-2.8%p yoy) from 43.7% in 2Q26August 12, 2026
July 2026: Bond issuance and repurchase value in July fell
Vietnam’s corporate bond market weakened in July 2026. Total issuance fell 80% MoM and 42% YoY to VND26.3tn, with banks accounting for 78%, led by HDBank and Sacombank. Real estate contributed 11.4%, mainly from Vinhomes. The average coupon rate remained at 5.3%, while real estate and banking rates rose to 12.5% and 9.0%, respectively. Bond repurchases declined to VND15.4tn, down 78.2% MoM and 42.8% YoY, with banks contributing 85.5%, mainly OCB and VPBank. Meanwhile, late payments surged to nearly VND8.0tn, indicating rising maturity pressure. August maturities are estimated at VND10.1tn, concentrated in real estate and banking. Secondary market trading remained relatively stable at VND153.3tn, down 2.2% MoM but up 22.6% YoY, while average YTM edged up to 8.26%.August 11, 2026
Market commentary 2026/08/11: Maintaining the uptrend
The market posted gains alongside improving liquidity, indicating that buying demand is strengthening and capital flows are gradually returning. In addition, the index continued to hold above its 10- and 20-period moving averages, suggesting that the short-term recovery trend remains intact, while these moving averages continue to serve as support levels for the index.August 11, 2026
Derivatives 2026/08/11: Uptrend confirmed
The uptrend is confirmed by a breakout session on rising volume. Investors may therefore consider reopening Long positions.August 11, 2026
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Market Traders 2026/08/18: Proprietary trading returned to strong net buying
By investor group, trading activity among both domestic retail and institutional investors declined, falling 1.2% and 11.4%, respectively, from the previous week.August 18, 2026
Covered warrant 2026/08/18: Cautious sentiment
During the week, covered warrant market liquidity improved in terms of trading volume, mainly driven by an increase in the number of outstanding warrants following new issuances. However, trading value declined slightly, while the number of declining warrants outnumbered gainers, reflecting relatively weak market performance. Meanwhile, the underlying market also came under strong correction pressure, with the index falling 2.2% for the week, which partly weighed on the performance of the covered warrant market.August 18, 2026
PVS – Earnings Review – [HOLD] – 2Q26: One-off gain boosted earnings
In 2Q26, PVS recorded revenue and NPAT respectively at VND8.6tn (+17% yoy, ~88% KIS forecast) and VND563bn (+78% yoy, ~118% KIS forecast). Robust NPAT growth is mainly driven by a VND460bn one-off gain from compensation related to the termination fee of an offshore wind power project.August 18, 2026
Derivatives 2026/08/17: A sell signal?
The signals remain inconsistent now that a sell signal has appeared. Traders should therefore stay cautious and wait for additional confirmation signals in the next session before opening new positions.August 17, 2026
Chart of the day 2026/08/17: A negative signal?
Although a negative signal has appeared, confirmation signals still warrant close attention given the market's sharp volatility last week. Investors should therefore observe carefully before making new decisions.August 17, 2026
Market commentary 2026/08/17: Stepping back
The market recorded a sharp decline alongside higher liquidity, indicating that selling pressure remains dominant. In addition, the index's break below the 10- and 20-period moving averages has weakened the short-term trend, signaling an increasing risk of further correction.August 17, 2026
VSC – Brief – [NONRATED] – Gains from HAH Propel 2Q26 NPAT Surge
In 2Q26, VSC reported net revenue of VND861bn (+7% yoy), mainly driven by a 9% yoy increase in throughput volume at key downstream ports. Gains from associates reached VND112bn (vs. -VND1bn in 2Q25) driven by HAH, providing strong leverage to lift EBT to VND287bn (+62.4% yoy). NPAT came in at VND244bn (+64.0% yoy).August 17, 2026
Market commentary 2026/08/14: Selling pressure returns
The market experienced strong volatility as selling pressure intensified while testing the 1,800-point threshold. The index's failure to break above this level, coupled with higher liquidity and a sharp decline at the close, indicates that selling pressure is currently dominant. However, the index remains above the 20-period moving average, suggesting that the short-term uptrend has not yet been broken, while this support level should be closely monitored in the coming sessions.August 14, 2026
Derivatives 2026/08/14: Profit-taking pressure
The signals lack consistency amid declining liquidity. Traders should therefore remain cautious and wait for further confirmation signals in the next session before opening new positions.August 14, 2026
IDC – Brief – [NONRATED] – Accelerated IP Handovers Drive 2Q26 Surge
In 2Q26, IDC reported VND2,270bn revenue (+29% yoy) with a GP landing at VND848bn (+56% yoy). IP revenue surged to VND1,079bn (+166% qoq, +118% yoy) as one-time revenue recognition jumped to VND762bn. - Net profit came in at VND663bn (+96% qoq, +60% yoy).August 14, 2026
MBB - Earnings review - [BUY] - Resilient growth
2Q26 PAT surged +40.6% YoY to VND 8,445bn, driven by robust top-line interest income together with well-controlled operating and provision expenses. This result reached 104% of KIS's forecast, bringing 1H26 earnings to VND 16,148bn (+27% YoY) and completing 51% of full-year 2026 guidance.August 14, 2026
Market commentary 2026/08/13: Low liquidity
The market recorded a strong gain amid low liquidity, indicating that the upward momentum has yet to receive strong confirmation from trading liquidity. In addition, the index is approaching the 1,800-point threshold; therefore, price action around this level will play an important role in assessing the sustainability of the current uptrend and accumulation phase.August 13, 2026
Derivatives 2026/08/13: Pressure around the June bottom
The uptrend has been reconfirmed by the breakout signal in the previous session. Investors may therefore consider reopening Long positions.August 13, 2026
MWG - Brief - [NONRATED] - 2Q26: Bach Hoa Xanh expands aggressively
In 2Q26, MWG posted revenue of VND48,751bn, +29.6% yoy. The three core chains, Thegioididong (TGDD), Dien May Xanh (DMX) and Bach Hoa Xanh (BHX), delivered another quarter of strong yoy growth; however, only the BHX chain recorded qoq growth in 2Q26.August 13, 2026
Market commentary 2026/08/12: Divergence market
The market showed signs of entering an accumulation phase, as alternating gains and losses reflected the ongoing tug-of-war between supply and demand. Nevertheless, the index remained in positive territory by holding above its short-term moving averages, indicating that the short-term uptrend remains intact.August 12, 2026
Derivatives 2026/08/12: Wait for a breakout signal
The uptrend is confirmed by the increase in volume. Therefore, traders may consider reopening Long positions.August 12, 2026
GEG - Earnings Review - [HOLD] - 2Q26: Finance costs pressured earnings
Revenue and gross profit reached VND580bn (-7% yoy) and VND237bn (-13% yoy), respectively, mainly supported by the solar power segment. As a result, NPAT came in at VND8bn (-95% yoy), mainly due to (i) weaker earnings from the hydropower and wind power segments; (ii) a contraction in gross margin to 40.9% (-2.8%p yoy) from 43.7% in 2Q26August 12, 2026
July 2026: Bond issuance and repurchase value in July fell
Vietnam’s corporate bond market weakened in July 2026. Total issuance fell 80% MoM and 42% YoY to VND26.3tn, with banks accounting for 78%, led by HDBank and Sacombank. Real estate contributed 11.4%, mainly from Vinhomes. The average coupon rate remained at 5.3%, while real estate and banking rates rose to 12.5% and 9.0%, respectively. Bond repurchases declined to VND15.4tn, down 78.2% MoM and 42.8% YoY, with banks contributing 85.5%, mainly OCB and VPBank. Meanwhile, late payments surged to nearly VND8.0tn, indicating rising maturity pressure. August maturities are estimated at VND10.1tn, concentrated in real estate and banking. Secondary market trading remained relatively stable at VND153.3tn, down 2.2% MoM but up 22.6% YoY, while average YTM edged up to 8.26%.August 11, 2026
Market commentary 2026/08/11: Maintaining the uptrend
The market posted gains alongside improving liquidity, indicating that buying demand is strengthening and capital flows are gradually returning. In addition, the index continued to hold above its 10- and 20-period moving averages, suggesting that the short-term recovery trend remains intact, while these moving averages continue to serve as support levels for the index.August 11, 2026
Derivatives 2026/08/11: Uptrend confirmed
The uptrend is confirmed by a breakout session on rising volume. Investors may therefore consider reopening Long positions.August 11, 2026
