Market Analysis

All

Macro

Macro Insight

Fixed Income

May 2026: The banking sector emerged as the leading issuerIn May, total value of bond issuance declined 41.8% yoy and -7.67% mom to VND43,163bn (Fig. 1). The Banking issued VND25,450bn, 26% mom, and accounted for 59%. Major issuer was Techcombank (VND8,000bn, Table 1) and Military Bank (VND7,250bn). The Real Estates issued 14,180VNDbn with +9% yoy, -5% mom and accounting for 32.9% of total issuance (Fig. 2). VHM was the main issuer with VND8,000bn. The average coupon rate still remained 5.3% in May 2026 (Fig. 3). The Real Estate coupon rate increased to 12.5%, while the banking coupon rate maintained at 8.5%. Bond tenors were focus on ≤ 3 Years (82.95%). Notably, bond tenor of 7-10 years re-arranged after being absent in April (11.24%) (Fig 4). PDFCbond 05-26_Eng

June 10, 2026

Apr 2026: Medium issuances led by Real Estate and Bank industriesIn April, total value of bond issuance declined 20.1% yoy but rose 12.1% mom to VND38,235bn. The Real Estate issued VND13,776bn, -42.1% mom, and accounted for 36.0%. Major issuer was MADC (VND6,200bn) and VHM (VND6,000bn). The Banking issued VND15,100bn with -53.1% yoy, +153.3% mom and accounting for 39.5% of total issuance. TCB was the main issuer with VND6,000bn. The average coupon rate remained 5.3% in April 2026. The Real Estate coupon rate surged to 11.3%, while the banking coupon rate fell to 8.5%. Bond tenors focused on ≤ 3 Years (92.6%).PDFCbond-04-26_Eng

May 6, 2026

Loading news...

Featured news

22W26: SBV ramps up repo injections

In 22W26, the SBV actively steps up its supportive stance by recording a significant net liquidity injection into the banking system to alleviate temporary tight conditions. This intervention follows a sharp surge in short term interbank rates, which jump alongside expanding trading value due to intensifying funding needs. On the FX market, USDVND reverses its upward trend and moves lower as the greenback weakens on Middle East ceasefire extension progress.

June 1, 2026

Chart of the day: Short-term sell signal?

The short-term downtrend received confirmation as the VNIndex corrected below the 10-period and 20-period moving averages. Investors should therefore exercise caution and watch closely for reversal signals before opening new positions.

June 1, 2026

Derivatives: A reversal pattern?

A confirmation signal for the current trend is needed in today's session. Traders are therefore advised to remain cautious and only re-enter positions once that signal materializes.

June 1, 2026

Market commentary: Divergent movements

The market continued to edge lower while liquidity remained weak, indicating that cash flows are still quite cautious. Moreover, the index gradually losing key moving averages signals that the short-term trend is increasingly tilting toward the negative side.

June 1, 2026

Market commentary: Selling pressure persists

The market recorded a third consecutive losing session, reflecting rising investor caution in the short term. This suggests that the index may need more time to consolidate and absorb selling pressure before forming a clearer new trend.

May 29, 2026

Derivatives: Mounting selling pressure

The market confirmed a short-term downtrend. Traders may therefore consider re-entering short positions in the near term. Technical rebounds can be used strategically to optimize entry points and maximize returns.

May 29, 2026

SIP – Brief – [NONRATED] – Surging expenses dragged the 1Q26 net profit

In 1Q26, SIP reported VND2,165bn revenue (-6% qoq, +12% yoy) with a GP landing at VND357bn (-2% qoq, +11% yoy). GPM of 16.5% (+0.5%p qoq, flat yoy). Net profit came in at VND357bn (-2% qoq, -11% yoy).

May 29, 2026

Derivatives: Caution returns

Signals remain mixed and lack consistency, making it difficult to confirm the market's short-term directional trend. Traders should therefore continue to monitor for further confirmation before opening new positions.

May 28, 2026

Market commentary: Continued caution

The market continued to fluctuate within a narrow range, reflecting persistent investor caution. This also suggests that the index is likely still undergoing a short-term consolidation phase to absorb supply and demand before forming a clearer trend.

May 28, 2026

MWG – Brief – [NONRATED] – Convenient electronics, expanding grocery

In 1Q26, MWG recorded revenue of VND46,462bn, up 28.6% YoY. Robust growth was registered across all three core business chains. NPAT was recorded at VND2,758bn (+78% YoY, +32% QoQ). Notably, BHX's NPAT contributed approximately VND383bn, maintaining its expansionary trend.

May 28, 2026

Market commentary: Choppy trading

The market recorded a slight decline, suggesting that the index may be entering a narrow-range trading phase characterized by short-term consolidation and choppy movements, as cash flows remain insufficient to trigger a clear breakout.

May 27, 2026

Derivatives: Awaiting further confirmation

Reversal signals have emerged, but liquidity pulled back to low levels. Investors should therefore wait for further confirmation signals regarding the market's next directional trend before opening new positions.

May 27, 2026

SBV continues net liquidity withdrawal

This week on the open market operations, the SBV continued its net liquidity withdrawal for a second consecutive week, albeit at a moderate level, helping to reduce pressure from maturing repo contracts while still tightening liquidity conditions in the interbank market. Specifically, interbank rates rose notably at the short end of the curve, accompanied by a decline in trading volume, signalling tighter liquidity conditions within the banking system. On the FX market, USDVND moves sideways as the greenback consolidates amid shifting Middle East headlines and persistent U.S. inflation concerns from high fuel costs, which keep the Fed’s policy expectations largely hawkish. Despite the stabilizing global dollar, USDVND edges slightly higher due to continuous pressure from foreign capital outflows as foreign investors extend their net selling streak on the HoSE.

May 25, 2026

21W26: SBV continues net liquidity withdrawal

May 25, 2026

HAH – Brief – [NONRATED] – Shipping segment drove 1Q26 profit growth

In 1Q26, HAH reported VND1,265bn net revenue (-3% QoQ, +8% YoY). Shipping revenue surged to VND1,273bn1 (79% of total revenue, -2% YoY). NPAT-MI came in at VND300bn (-2% QoQ, +29% YoY).

May 25, 2026

SZC – Brief – [NONRATED] – 1Q26 earnings down, IP gross margin improved

In 1Q26, SZC reported VND102bn revenue (-73% QoQ, -75% YoY). The sharp decline in revenue was due to new revenue recognition on allocation basis, unlike the previous one-off recognition of full contract value. Net profit came in at VND17bn (-83% QoQ, -86% YoY)

May 22, 2026

GMD – Brief – [NONRATED] – Gemalink drove 1Q26 results

In 1Q26, GMD announced a total revenue of VND1,452bn. Port operation generating VND1.4tn revenue (89% of total revenue, -10% QoQ, +14% YoY). Growth was primarily driven by a 15-20% hike in Terminal handling charge which effectively offset a minor contraction in consolidated volume. NPAT came in at VND650bn (+23% YoY).

May 19, 2026

20W26: FX pressure continues as inflationary pressures intensify

In 20W26, the SBV shifts to a modest net liquidity withdrawal from the banking system to balance systemic positions. This cautious absorption of excess funds drives short-term interbank rates slightly higher, while longer-term rates remains unchanged as mid-term liquidity remains ample. On the FX market, USDVND rebounded sharply as the greenback strengthened, driven by mounting inflation expectations stemming from energy supply disruptions while the Iran war continued with no clear resolution in sight. Rising inflationary pressures have increasingly overshadowed the Fed’s easing scenario and fueled concerns over a higher-for-longer interest rate environment in the period ahead.

May 18, 2026

VOS – Brief – [NONRATED] – Swings to Profitability

In 1Q26, VOS reported VND709bn revenue (-26% QoQ, +53% YoY), and swung back to profitability with a GP of VND39bn. Shipping revenue soars to VND599bn (84% of total revenue, -3% QoQ, +30% YoY) buoyed by rates rally (spot/TC Supramax dry bulk rates up +50%/+22% yoy; MR tanker rates up +47%/+35% yoy). Net profit came in at VND4bn, recovering significantly from the VND54bn loss in 1Q25.

May 15, 2026

Strategic Insight: The start of a new uptrend

Despite the VN-Index approaching its all-time high, the Vietnamese stock market remains undervalued relative to corporate earnings growth and macroeconomic expansion. We therefore believe the market will sustain the upward momentum that began in March 2026, with this trend expected to extend at least through September 2026.

May 12, 2026