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8M26: Steady expansion amid external headwinds
Vietnam’s economy maintained firm momentum in August. On the positive front, industrial production expanded vigorously, while retail sales accelerated on surging hospitality demand ahead of the National Day festivities. In terms of improvements, the trade deficit narrowed sharply toward near-balance as import pressures eased, and additional FDI capital rebounded to cushion an overall slowdown in inflows. Conversely, headwinds resurfaced as consumer inflation jumped following higher fuel prices, accompanied by softer export orders amid lingering geopolitical tensions.September 4, 2026
Covered warrant 2026/09/04: Liquidity increased
During the past week, liquidity in the covered warrant market improved. However, declining warrants continued to outnumber gainers, indicating that price performance remained relatively weak. In contrast, the underlying market maintained strong upward momentum, gaining 3.6% for the week, suggesting that the performance of the two markets has yet to show clear alignment.September 4, 2026
Market Traders 2026/09/04: Foreign investors reversed to net buying
By investor group, trading activity among both domestic retail and institutional investors increased, rising 24.5% and 25.2%, respectively, compared with the previous week.September 4, 2026
Derivatives 2026/09/04: Caution after the holiday
The impact of the long holiday has caused the uptrend to stall. Traders should therefore monitor the market cautiously and wait for further technical signals before they open new positions.September 4, 2026
Market commentary 2026/09/04: Absorbing selling pressure
The market closed lower, mainly due to selling pressure on large-cap stocks, which weighed on the overall index. However, the index remained above its key moving averages, suggesting that the short-term uptrend has not been broken and remains intact.September 4, 2026
![KBC – Brief – [NONRATED] – Sluggish IP Segment Drag 2Q26 Earnings](/_next/image?url=https%3A%2F%2Fdms2stj3pztto.cloudfront.net%2Ftbcm5lxq%2Fkbc.jpg%3Fformat%3Dwebp%26height%3D608%26mode%3Dcrop%26quality%3D80%26width%3D1080&w=3840&q=75)
KBC – Brief – [NONRATED] – Sluggish IP Segment Drag 2Q26 Earnings
In 2Q26, KBC reported net revenue of VND589bn (+2% yoy, -56% qoq) with GP landing at VND200bn (-66% yoy, -69% qoq). IP revenue plunged to VND96bn (-87% qoq, 80% yoy). Interest expenses jumped 193% yoy to VND289bn, while corporate income tax expenses surged sharply as interest expenses exceeding 30% of EBITDA were non-tax-deductible under Decree 132/2020. NPAT plunged 91% yoy (-85% qoq) to VND34bn.September 3, 2026
![HDG – Brief – [NONRATED] – 2Q26: Earnings improved on a low base](/_next/image?url=https%3A%2F%2Fdms2stj3pztto.cloudfront.net%2Fhkmm1hvy%2Fhdg.jpg%3Fformat%3Dwebp%26height%3D608%26mode%3Dcrop%26quality%3D80%26width%3D1080&w=3840&q=75)
HDG – Brief – [NONRATED] – 2Q26: Earnings improved on a low base
In 2Q26, revenue reached VND486bn (-17% yoy). The result was mainly supported by the service and property leasing segment. Gross profit reached VND280bn (+10% yoy), with the gross margin improving to 57.6% (+14.1%p yoy). As a result, NPAT reached VND103bn (+206% yoy), exceeding KIS's forecast by VND45bn, mainly driven by (i) the factors discussed above; (ii) the improvement in gross margin.September 3, 2026
![BAF – Brief – [NONRATED] – 2Q26: Operating Pressures Persist](/_next/image?url=https%3A%2F%2Fdms2stj3pztto.cloudfront.net%2Fvgofzwl3%2Fbaf.png%3Fformat%3Dwebp%26height%3D608%26mode%3Dcrop%26quality%3D80%26width%3D1080&w=3840&q=75)
BAF – Brief – [NONRATED] – 2Q26: Operating Pressures Persist
In 2Q26, BAF recorded revenue of VND2,137bn, up 54.0% YoY and 21.3% QoQ. This growth was driven by: BAF's average selling price during the period was VND69,500/kg of live hogs, -11% YoY or -1% QoQ; Volume reached nearly 293,000 heads in 2Q26, up almost 72% YoY.September 3, 2026
![HDB – Brief – [NONRATED] – 2Q26: Lower Provision Expenses Drive Earnings](/_next/image?url=https%3A%2F%2Fdms2stj3pztto.cloudfront.net%2Ff4qd3syn%2Fhdb.jpg%3Fformat%3Dwebp%26height%3D608%26mode%3Dcrop%26quality%3D80%26width%3D1080&w=3840&q=75)
HDB – Brief – [NONRATED] – 2Q26: Lower Provision Expenses Drive Earnings
2Q26 PAT surged +58% YoY to VND5,798bn, driven by reduced risk provision expenses (-38%yoy) and a moderate growth of operating incomes (+9.4%yoy). 1H26 PBT and PAT rose +31% YoY to VND 13,202bn and +33% YoY to VND 10,700bn, respectively, completing 44% of the full-year 2026 target.September 3, 2026
Derivatives 2026/09/03: Liquidity declines
The uptrend is confirmed in the short term, but the extended holiday may give rise to unusual market movements. Investors should therefore monitor the market carefully and reopen positions after the holiday.September 3, 2026
Market commentary 2026/09/03: Upward momentum pauses
After five consecutive gaining sessions, selling pressure returned as investors became somewhat cautious ahead of the extended holiday. Nevertheless, strong buying demand in the afternoon absorbed the selling pressure, helping the index recover and close in positive territory. This suggests that upward momentum remains intact, allowing the short-term uptrend to remain in place.September 3, 2026
Chart of the day 2026/09/03: Uptrend confirmed
The uptrend may slow this week under the influence of the holiday, but the primary upward trend remains unchanged. Investors may therefore wait for positive signals to emerge before opening additional positions.September 3, 2026
Market commentary 2026/08/28: Maintaining upward momentum
The market recorded its fifth consecutive gaining session, indicating that the upward momentum remains intact. In addition, the index's ability to stay above its key moving averages suggests that the short-term uptrend remains well supported. Therefore, investors may consider initiating positions in their portfolios.August 28, 2026
Derivatives 2026/08/28: Uptrend maintained
The trend has been confirmed in the short term, but the extended holiday may give rise to unusual market movements. Investors should therefore monitor the market cautiously and reopen positions after the holiday.August 28, 2026
ETF review: Selling pressure on VIC
We forecast that the ETFs - namely the VanEck Vietnam ETF, the Xtrackers Vietnam Swap UCITS ETF and the Fubon FTSE Vietnam ETF - may sell VCK and VIC heavily, with volumes of 15.4 million shares and 9.9 million shares respectively. On the buy side, HPG, SSB and TPB may see the largest inflows, with volumes of 27.2 million, 12.5 million and 10.9 million shares respectively.August 27, 2026
Market commentary 2026/08/27: Breaking above the 1,800-point threshold
The market extended its winning streak to a fourth consecutive session and successfully broke above the 1,800-point threshold. This development suggests that the short-term uptrend has resumed, opening the possibility for the index to move toward higher levels in the coming sessions.August 27, 2026
Derivatives 2026/08/27: Uptrend confirmed
The short-term trend is confirmed by the strong breakout session. Investors may therefore reopen long positions in the next session.August 27, 2026
Investment topic 2026/08/26: Vietnam's entry into FTSE GEIS
FTSE Russell will phase in Vietnam's inclusion at 10% in Sep 2026, 20% in Mar 2027, and 35% each in Jun and Sep 2027 (see Table 4), reaching full inclusion by Sep 2027. Based on the estimated potential inflows, the four tranches are expected to attract approximately USD230mn, USD461mn, USD807mn, and USD807mn, respectively.August 26, 2026
![BSR – Earnings Review – [HOLD] – 2Q26: High crack spreads, high profit](/_next/image?url=https%3A%2F%2Fdms2stj3pztto.cloudfront.net%2F3djj3ige%2Fbsr_2.jpg%3Fformat%3Dwebp%26height%3D608%26mode%3Dcrop%26quality%3D80%26width%3D1080&w=3840&q=75)
BSR – Earnings Review – [HOLD] – 2Q26: High crack spreads, high profit
BSR's 2Q26 revenue reached VND58.7tn (+60% yoy, +28% qoq, ~89% of KIS forecast), mainly driven by a sharp increase in refined petroleum product prices amid the Middle East conflict. NPAT recorded at high level VND7.5tn (+781% yoy, -10% qoq) thanks to elevated crack spreads.August 26, 2026
Market commentary 2026/08/26: Accumulation phase?
The emergence of selling pressure at high price levels implies caution in the short term, indicating that the signals lack consistency. Investors should therefore monitor for further signals confirming the current uptrend. Once such a signal appears, they may reopen new positions.August 26, 2026
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8M26: Steady expansion amid external headwinds
Vietnam’s economy maintained firm momentum in August. On the positive front, industrial production expanded vigorously, while retail sales accelerated on surging hospitality demand ahead of the National Day festivities. In terms of improvements, the trade deficit narrowed sharply toward near-balance as import pressures eased, and additional FDI capital rebounded to cushion an overall slowdown in inflows. Conversely, headwinds resurfaced as consumer inflation jumped following higher fuel prices, accompanied by softer export orders amid lingering geopolitical tensions.September 4, 2026
Covered warrant 2026/09/04: Liquidity increased
During the past week, liquidity in the covered warrant market improved. However, declining warrants continued to outnumber gainers, indicating that price performance remained relatively weak. In contrast, the underlying market maintained strong upward momentum, gaining 3.6% for the week, suggesting that the performance of the two markets has yet to show clear alignment.September 4, 2026
Market Traders 2026/09/04: Foreign investors reversed to net buying
By investor group, trading activity among both domestic retail and institutional investors increased, rising 24.5% and 25.2%, respectively, compared with the previous week.September 4, 2026
Derivatives 2026/09/04: Caution after the holiday
The impact of the long holiday has caused the uptrend to stall. Traders should therefore monitor the market cautiously and wait for further technical signals before they open new positions.September 4, 2026
Market commentary 2026/09/04: Absorbing selling pressure
The market closed lower, mainly due to selling pressure on large-cap stocks, which weighed on the overall index. However, the index remained above its key moving averages, suggesting that the short-term uptrend has not been broken and remains intact.September 4, 2026
KBC – Brief – [NONRATED] – Sluggish IP Segment Drag 2Q26 Earnings
In 2Q26, KBC reported net revenue of VND589bn (+2% yoy, -56% qoq) with GP landing at VND200bn (-66% yoy, -69% qoq). IP revenue plunged to VND96bn (-87% qoq, 80% yoy). Interest expenses jumped 193% yoy to VND289bn, while corporate income tax expenses surged sharply as interest expenses exceeding 30% of EBITDA were non-tax-deductible under Decree 132/2020. NPAT plunged 91% yoy (-85% qoq) to VND34bn.September 3, 2026
HDG – Brief – [NONRATED] – 2Q26: Earnings improved on a low base
In 2Q26, revenue reached VND486bn (-17% yoy). The result was mainly supported by the service and property leasing segment. Gross profit reached VND280bn (+10% yoy), with the gross margin improving to 57.6% (+14.1%p yoy). As a result, NPAT reached VND103bn (+206% yoy), exceeding KIS's forecast by VND45bn, mainly driven by (i) the factors discussed above; (ii) the improvement in gross margin.September 3, 2026
BAF – Brief – [NONRATED] – 2Q26: Operating Pressures Persist
In 2Q26, BAF recorded revenue of VND2,137bn, up 54.0% YoY and 21.3% QoQ. This growth was driven by: BAF's average selling price during the period was VND69,500/kg of live hogs, -11% YoY or -1% QoQ; Volume reached nearly 293,000 heads in 2Q26, up almost 72% YoY.September 3, 2026
HDB – Brief – [NONRATED] – 2Q26: Lower Provision Expenses Drive Earnings
2Q26 PAT surged +58% YoY to VND5,798bn, driven by reduced risk provision expenses (-38%yoy) and a moderate growth of operating incomes (+9.4%yoy). 1H26 PBT and PAT rose +31% YoY to VND 13,202bn and +33% YoY to VND 10,700bn, respectively, completing 44% of the full-year 2026 target.September 3, 2026
Derivatives 2026/09/03: Liquidity declines
The uptrend is confirmed in the short term, but the extended holiday may give rise to unusual market movements. Investors should therefore monitor the market carefully and reopen positions after the holiday.September 3, 2026
Market commentary 2026/09/03: Upward momentum pauses
After five consecutive gaining sessions, selling pressure returned as investors became somewhat cautious ahead of the extended holiday. Nevertheless, strong buying demand in the afternoon absorbed the selling pressure, helping the index recover and close in positive territory. This suggests that upward momentum remains intact, allowing the short-term uptrend to remain in place.September 3, 2026
Chart of the day 2026/09/03: Uptrend confirmed
The uptrend may slow this week under the influence of the holiday, but the primary upward trend remains unchanged. Investors may therefore wait for positive signals to emerge before opening additional positions.September 3, 2026
Market commentary 2026/08/28: Maintaining upward momentum
The market recorded its fifth consecutive gaining session, indicating that the upward momentum remains intact. In addition, the index's ability to stay above its key moving averages suggests that the short-term uptrend remains well supported. Therefore, investors may consider initiating positions in their portfolios.August 28, 2026
Derivatives 2026/08/28: Uptrend maintained
The trend has been confirmed in the short term, but the extended holiday may give rise to unusual market movements. Investors should therefore monitor the market cautiously and reopen positions after the holiday.August 28, 2026
ETF review: Selling pressure on VIC
We forecast that the ETFs - namely the VanEck Vietnam ETF, the Xtrackers Vietnam Swap UCITS ETF and the Fubon FTSE Vietnam ETF - may sell VCK and VIC heavily, with volumes of 15.4 million shares and 9.9 million shares respectively. On the buy side, HPG, SSB and TPB may see the largest inflows, with volumes of 27.2 million, 12.5 million and 10.9 million shares respectively.August 27, 2026
Market commentary 2026/08/27: Breaking above the 1,800-point threshold
The market extended its winning streak to a fourth consecutive session and successfully broke above the 1,800-point threshold. This development suggests that the short-term uptrend has resumed, opening the possibility for the index to move toward higher levels in the coming sessions.August 27, 2026
Derivatives 2026/08/27: Uptrend confirmed
The short-term trend is confirmed by the strong breakout session. Investors may therefore reopen long positions in the next session.August 27, 2026
Investment topic 2026/08/26: Vietnam's entry into FTSE GEIS
FTSE Russell will phase in Vietnam's inclusion at 10% in Sep 2026, 20% in Mar 2027, and 35% each in Jun and Sep 2027 (see Table 4), reaching full inclusion by Sep 2027. Based on the estimated potential inflows, the four tranches are expected to attract approximately USD230mn, USD461mn, USD807mn, and USD807mn, respectively.August 26, 2026
BSR – Earnings Review – [HOLD] – 2Q26: High crack spreads, high profit
BSR's 2Q26 revenue reached VND58.7tn (+60% yoy, +28% qoq, ~89% of KIS forecast), mainly driven by a sharp increase in refined petroleum product prices amid the Middle East conflict. NPAT recorded at high level VND7.5tn (+781% yoy, -10% qoq) thanks to elevated crack spreads.August 26, 2026
Market commentary 2026/08/26: Accumulation phase?
The emergence of selling pressure at high price levels implies caution in the short term, indicating that the signals lack consistency. Investors should therefore monitor for further signals confirming the current uptrend. Once such a signal appears, they may reopen new positions.August 26, 2026
Featured news
8M26: Steady expansion amid external headwinds
Vietnam’s economy maintained firm momentum in August. On the positive front, industrial production expanded vigorously, while retail sales accelerated on surging hospitality demand ahead of the National Day festivities. In terms of improvements, the trade deficit narrowed sharply toward near-balance as import pressures eased, and additional FDI capital rebounded to cushion an overall slowdown in inflows. Conversely, headwinds resurfaced as consumer inflation jumped following higher fuel prices, accompanied by softer export orders amid lingering geopolitical tensions.September 4, 2026
Covered warrant 2026/09/04: Liquidity increased
During the past week, liquidity in the covered warrant market improved. However, declining warrants continued to outnumber gainers, indicating that price performance remained relatively weak. In contrast, the underlying market maintained strong upward momentum, gaining 3.6% for the week, suggesting that the performance of the two markets has yet to show clear alignment.September 4, 2026
Market Traders 2026/09/04: Foreign investors reversed to net buying
By investor group, trading activity among both domestic retail and institutional investors increased, rising 24.5% and 25.2%, respectively, compared with the previous week.September 4, 2026
Derivatives 2026/09/04: Caution after the holiday
The impact of the long holiday has caused the uptrend to stall. Traders should therefore monitor the market cautiously and wait for further technical signals before they open new positions.September 4, 2026
Market commentary 2026/09/04: Absorbing selling pressure
The market closed lower, mainly due to selling pressure on large-cap stocks, which weighed on the overall index. However, the index remained above its key moving averages, suggesting that the short-term uptrend has not been broken and remains intact.September 4, 2026
KBC – Brief – [NONRATED] – Sluggish IP Segment Drag 2Q26 Earnings
In 2Q26, KBC reported net revenue of VND589bn (+2% yoy, -56% qoq) with GP landing at VND200bn (-66% yoy, -69% qoq). IP revenue plunged to VND96bn (-87% qoq, 80% yoy). Interest expenses jumped 193% yoy to VND289bn, while corporate income tax expenses surged sharply as interest expenses exceeding 30% of EBITDA were non-tax-deductible under Decree 132/2020. NPAT plunged 91% yoy (-85% qoq) to VND34bn.September 3, 2026
HDG – Brief – [NONRATED] – 2Q26: Earnings improved on a low base
In 2Q26, revenue reached VND486bn (-17% yoy). The result was mainly supported by the service and property leasing segment. Gross profit reached VND280bn (+10% yoy), with the gross margin improving to 57.6% (+14.1%p yoy). As a result, NPAT reached VND103bn (+206% yoy), exceeding KIS's forecast by VND45bn, mainly driven by (i) the factors discussed above; (ii) the improvement in gross margin.September 3, 2026
BAF – Brief – [NONRATED] – 2Q26: Operating Pressures Persist
In 2Q26, BAF recorded revenue of VND2,137bn, up 54.0% YoY and 21.3% QoQ. This growth was driven by: BAF's average selling price during the period was VND69,500/kg of live hogs, -11% YoY or -1% QoQ; Volume reached nearly 293,000 heads in 2Q26, up almost 72% YoY.September 3, 2026
HDB – Brief – [NONRATED] – 2Q26: Lower Provision Expenses Drive Earnings
2Q26 PAT surged +58% YoY to VND5,798bn, driven by reduced risk provision expenses (-38%yoy) and a moderate growth of operating incomes (+9.4%yoy). 1H26 PBT and PAT rose +31% YoY to VND 13,202bn and +33% YoY to VND 10,700bn, respectively, completing 44% of the full-year 2026 target.September 3, 2026
Derivatives 2026/09/03: Liquidity declines
The uptrend is confirmed in the short term, but the extended holiday may give rise to unusual market movements. Investors should therefore monitor the market carefully and reopen positions after the holiday.September 3, 2026
Market commentary 2026/09/03: Upward momentum pauses
After five consecutive gaining sessions, selling pressure returned as investors became somewhat cautious ahead of the extended holiday. Nevertheless, strong buying demand in the afternoon absorbed the selling pressure, helping the index recover and close in positive territory. This suggests that upward momentum remains intact, allowing the short-term uptrend to remain in place.September 3, 2026
Chart of the day 2026/09/03: Uptrend confirmed
The uptrend may slow this week under the influence of the holiday, but the primary upward trend remains unchanged. Investors may therefore wait for positive signals to emerge before opening additional positions.September 3, 2026
Market commentary 2026/08/28: Maintaining upward momentum
The market recorded its fifth consecutive gaining session, indicating that the upward momentum remains intact. In addition, the index's ability to stay above its key moving averages suggests that the short-term uptrend remains well supported. Therefore, investors may consider initiating positions in their portfolios.August 28, 2026
Derivatives 2026/08/28: Uptrend maintained
The trend has been confirmed in the short term, but the extended holiday may give rise to unusual market movements. Investors should therefore monitor the market cautiously and reopen positions after the holiday.August 28, 2026
ETF review: Selling pressure on VIC
We forecast that the ETFs - namely the VanEck Vietnam ETF, the Xtrackers Vietnam Swap UCITS ETF and the Fubon FTSE Vietnam ETF - may sell VCK and VIC heavily, with volumes of 15.4 million shares and 9.9 million shares respectively. On the buy side, HPG, SSB and TPB may see the largest inflows, with volumes of 27.2 million, 12.5 million and 10.9 million shares respectively.August 27, 2026
Market commentary 2026/08/27: Breaking above the 1,800-point threshold
The market extended its winning streak to a fourth consecutive session and successfully broke above the 1,800-point threshold. This development suggests that the short-term uptrend has resumed, opening the possibility for the index to move toward higher levels in the coming sessions.August 27, 2026
Derivatives 2026/08/27: Uptrend confirmed
The short-term trend is confirmed by the strong breakout session. Investors may therefore reopen long positions in the next session.August 27, 2026
Investment topic 2026/08/26: Vietnam's entry into FTSE GEIS
FTSE Russell will phase in Vietnam's inclusion at 10% in Sep 2026, 20% in Mar 2027, and 35% each in Jun and Sep 2027 (see Table 4), reaching full inclusion by Sep 2027. Based on the estimated potential inflows, the four tranches are expected to attract approximately USD230mn, USD461mn, USD807mn, and USD807mn, respectively.August 26, 2026
BSR – Earnings Review – [HOLD] – 2Q26: High crack spreads, high profit
BSR's 2Q26 revenue reached VND58.7tn (+60% yoy, +28% qoq, ~89% of KIS forecast), mainly driven by a sharp increase in refined petroleum product prices amid the Middle East conflict. NPAT recorded at high level VND7.5tn (+781% yoy, -10% qoq) thanks to elevated crack spreads.August 26, 2026
Market commentary 2026/08/26: Accumulation phase?
The emergence of selling pressure at high price levels implies caution in the short term, indicating that the signals lack consistency. Investors should therefore monitor for further signals confirming the current uptrend. Once such a signal appears, they may reopen new positions.August 26, 2026
Featured promotions
8M26: Steady expansion amid external headwinds
Vietnam’s economy maintained firm momentum in August. On the positive front, industrial production expanded vigorously, while retail sales accelerated on surging hospitality demand ahead of the National Day festivities. In terms of improvements, the trade deficit narrowed sharply toward near-balance as import pressures eased, and additional FDI capital rebounded to cushion an overall slowdown in inflows. Conversely, headwinds resurfaced as consumer inflation jumped following higher fuel prices, accompanied by softer export orders amid lingering geopolitical tensions.September 4, 2026
Covered warrant 2026/09/04: Liquidity increased
During the past week, liquidity in the covered warrant market improved. However, declining warrants continued to outnumber gainers, indicating that price performance remained relatively weak. In contrast, the underlying market maintained strong upward momentum, gaining 3.6% for the week, suggesting that the performance of the two markets has yet to show clear alignment.September 4, 2026
Market Traders 2026/09/04: Foreign investors reversed to net buying
By investor group, trading activity among both domestic retail and institutional investors increased, rising 24.5% and 25.2%, respectively, compared with the previous week.September 4, 2026
Derivatives 2026/09/04: Caution after the holiday
The impact of the long holiday has caused the uptrend to stall. Traders should therefore monitor the market cautiously and wait for further technical signals before they open new positions.September 4, 2026
Market commentary 2026/09/04: Absorbing selling pressure
The market closed lower, mainly due to selling pressure on large-cap stocks, which weighed on the overall index. However, the index remained above its key moving averages, suggesting that the short-term uptrend has not been broken and remains intact.September 4, 2026
KBC – Brief – [NONRATED] – Sluggish IP Segment Drag 2Q26 Earnings
In 2Q26, KBC reported net revenue of VND589bn (+2% yoy, -56% qoq) with GP landing at VND200bn (-66% yoy, -69% qoq). IP revenue plunged to VND96bn (-87% qoq, 80% yoy). Interest expenses jumped 193% yoy to VND289bn, while corporate income tax expenses surged sharply as interest expenses exceeding 30% of EBITDA were non-tax-deductible under Decree 132/2020. NPAT plunged 91% yoy (-85% qoq) to VND34bn.September 3, 2026
HDG – Brief – [NONRATED] – 2Q26: Earnings improved on a low base
In 2Q26, revenue reached VND486bn (-17% yoy). The result was mainly supported by the service and property leasing segment. Gross profit reached VND280bn (+10% yoy), with the gross margin improving to 57.6% (+14.1%p yoy). As a result, NPAT reached VND103bn (+206% yoy), exceeding KIS's forecast by VND45bn, mainly driven by (i) the factors discussed above; (ii) the improvement in gross margin.September 3, 2026
BAF – Brief – [NONRATED] – 2Q26: Operating Pressures Persist
In 2Q26, BAF recorded revenue of VND2,137bn, up 54.0% YoY and 21.3% QoQ. This growth was driven by: BAF's average selling price during the period was VND69,500/kg of live hogs, -11% YoY or -1% QoQ; Volume reached nearly 293,000 heads in 2Q26, up almost 72% YoY.September 3, 2026
HDB – Brief – [NONRATED] – 2Q26: Lower Provision Expenses Drive Earnings
2Q26 PAT surged +58% YoY to VND5,798bn, driven by reduced risk provision expenses (-38%yoy) and a moderate growth of operating incomes (+9.4%yoy). 1H26 PBT and PAT rose +31% YoY to VND 13,202bn and +33% YoY to VND 10,700bn, respectively, completing 44% of the full-year 2026 target.September 3, 2026
Derivatives 2026/09/03: Liquidity declines
The uptrend is confirmed in the short term, but the extended holiday may give rise to unusual market movements. Investors should therefore monitor the market carefully and reopen positions after the holiday.September 3, 2026
Market commentary 2026/09/03: Upward momentum pauses
After five consecutive gaining sessions, selling pressure returned as investors became somewhat cautious ahead of the extended holiday. Nevertheless, strong buying demand in the afternoon absorbed the selling pressure, helping the index recover and close in positive territory. This suggests that upward momentum remains intact, allowing the short-term uptrend to remain in place.September 3, 2026
Chart of the day 2026/09/03: Uptrend confirmed
The uptrend may slow this week under the influence of the holiday, but the primary upward trend remains unchanged. Investors may therefore wait for positive signals to emerge before opening additional positions.September 3, 2026
Market commentary 2026/08/28: Maintaining upward momentum
The market recorded its fifth consecutive gaining session, indicating that the upward momentum remains intact. In addition, the index's ability to stay above its key moving averages suggests that the short-term uptrend remains well supported. Therefore, investors may consider initiating positions in their portfolios.August 28, 2026
Derivatives 2026/08/28: Uptrend maintained
The trend has been confirmed in the short term, but the extended holiday may give rise to unusual market movements. Investors should therefore monitor the market cautiously and reopen positions after the holiday.August 28, 2026
ETF review: Selling pressure on VIC
We forecast that the ETFs - namely the VanEck Vietnam ETF, the Xtrackers Vietnam Swap UCITS ETF and the Fubon FTSE Vietnam ETF - may sell VCK and VIC heavily, with volumes of 15.4 million shares and 9.9 million shares respectively. On the buy side, HPG, SSB and TPB may see the largest inflows, with volumes of 27.2 million, 12.5 million and 10.9 million shares respectively.August 27, 2026
Market commentary 2026/08/27: Breaking above the 1,800-point threshold
The market extended its winning streak to a fourth consecutive session and successfully broke above the 1,800-point threshold. This development suggests that the short-term uptrend has resumed, opening the possibility for the index to move toward higher levels in the coming sessions.August 27, 2026
Derivatives 2026/08/27: Uptrend confirmed
The short-term trend is confirmed by the strong breakout session. Investors may therefore reopen long positions in the next session.August 27, 2026
Investment topic 2026/08/26: Vietnam's entry into FTSE GEIS
FTSE Russell will phase in Vietnam's inclusion at 10% in Sep 2026, 20% in Mar 2027, and 35% each in Jun and Sep 2027 (see Table 4), reaching full inclusion by Sep 2027. Based on the estimated potential inflows, the four tranches are expected to attract approximately USD230mn, USD461mn, USD807mn, and USD807mn, respectively.August 26, 2026
BSR – Earnings Review – [HOLD] – 2Q26: High crack spreads, high profit
BSR's 2Q26 revenue reached VND58.7tn (+60% yoy, +28% qoq, ~89% of KIS forecast), mainly driven by a sharp increase in refined petroleum product prices amid the Middle East conflict. NPAT recorded at high level VND7.5tn (+781% yoy, -10% qoq) thanks to elevated crack spreads.August 26, 2026
Market commentary 2026/08/26: Accumulation phase?
The emergence of selling pressure at high price levels implies caution in the short term, indicating that the signals lack consistency. Investors should therefore monitor for further signals confirming the current uptrend. Once such a signal appears, they may reopen new positions.August 26, 2026