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주요 뉴스

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.

2026년 5월 25일

21W26: SBV continues net liquidity withdrawal

2026년 5월 25일

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).

2026년 5월 25일

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)

2026년 5월 22일

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).

2026년 5월 19일

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.

2026년 5월 18일

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.

2026년 5월 15일

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.

2026년 5월 12일

19W26: SBV continues net liquidity injection and interbank rates cool down

In 19W26, the SBV continues its net liquidity injection for a third consecutive week at a moderate level to maintain system stability. Additionally, interbank rates have cooled down following recent liquidity injections before the holiday. On the FX front, USDVND reverses its upward trend, tracking the weakening greenback as market sentiment is boosted by hopes of geopolitical de-escalation in the Middle East. Despite the softening exchange rate, foreign investors extend their net selling streak on the HoSE to an eighth consecutive week.

2026년 5월 11일

Banking - Note - [NEUTRAL] - Resilient growth amid volatility

Aggregated 1Q26 PBT (27 listed banks) surged +14.2% yoy and -3.1% qoq. This strong performance was driven by 1) robust credit growth, 2) recovery of service activities, 3) strong growth from other incomes, and 4) controllable operating expenses. As a result, 1Q26 PBT completed 22% of the 2026 guidance.

2026년 5월 11일

18W26: SBV maintains net liquidity injection as funding demand spikes

In 18W26, SBV maintains liquidity injections, albeit at a moderate level, to the banking system during holiday week. Specifically, interbank rates rise on short tenors due to increased funding demand ahead of the holiday, while longer-term rates remain stable. In the FX market, USDVND edges higher despite a softening greenback, driven by holiday-related domestic demand and persistent foreign net selling in the equity market.

2026년 5월 6일

Apr 2026: Medium issuances led by Real Estate and Bank industries

In 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%).

2026년 5월 6일

4M26: Stable growth amid mounting inflation pressures

Vietnam’s economy remained resilient in April, supported by accelerating industrial production, stable domestic consumption, and sustained FDI inflows. However, external momentum showed signs of softening, with export growth beginning to plateau as early-year order buffers fade. While overall activity continued to expand, downside risks are becoming more visible, particularly through rising inflation driven by geopolitical tensions, with rising input costs as the primary driver of broad-based price pressures across most goods, potentially constraining policy flexibility and posing risks to Vietnam’s growth targets.

2026년 5월 4일

17W26: Stable growth amid mounting inflation pressures

2026년 5월 4일

16W26: SBV continues net withdrawal as demand cools

This week, the SBV extended its net liquidity withdrawal for a second consecutive week at a strong pace, as funding demand eased. Interbank rates declined across tenors alongside lower trading volumes, signalling a continued cooling in liquidity demand, while USDVND entered a consolidation phase. On the FX front, USDVND edged slightly higher despite a softer greenback, as easing tensions in the Middle East reduced upward pressure on the U.S. dollar.

2026년 4월 21일

15W26: SBV shifts to net liquidity withdrawal as demand cools down

In 15W26, the SBV shifts to a net liquidity withdrawal from the banking system following a week of strong injections, as funding demand begins to cool down. Consequently, interbank rates exhibit a diverging trend; short end rates rise due to heavy repo maturities, while longer term rates decrease slightly as mid-term liquidity remains stable. On the FX front, USDVND edges lower after six consecutive weeks of gains, tracking a significant softening of the greenback as U.S.–Iran tensions enter a negotiation phase and global energy prices decline.

2026년 4월 13일

14W26: SBV ramped up liquidity injection ahead of the new quarter

This week, the SBV stepped up liquidity injections as demand picked up at the start of 2nd quarter after credit room was largely used up in the previous one, alongside elevated interbank rates and continued upward pressure on USDVND. Interbank rates have since eased following strong OMO injections, especially at medium tenors, while trading volumes rose, signaling a rebound in liquidity demand. On the FX front, USDVND extended its uptrend for a sixth consecutive week, though at a slower pace, as the greenback softened slightly but remained elevated amid ongoing Middle East tensions.

2026년 4월 7일

Strategic Insight: Focus on the long-term bullish outlook

The stock market faces significant short-term pressure as rising oil prices create inflationary pressure and slow economic growth. However, market valuations have become attractive, with over 75% of tracked stocks at undervaluation and the economy's long-term recovery.

2026년 4월 7일

3M26: Growth moderated while geopolitical wounds begin to fester

Vietnam’s economic performance in March and the first quarter showed solid momentum. Trade and industrial production remained resilient, while consumption stayed robust, supported by record tourist arrivals. FDI inflows were a key highlight, recording impressive growth. GDP expanded by 7.83% in 1Q26 — marking the highest first-quarter growth in over a decade, even as the pace moderated slightly from the previous quarter, these impressive figures continue to paint a bright and promising picture so far. However, downside risks are emerging more rapidly and severely than expected. Inflation accelerated sharply in March, almost single-handedly driven by surging energy prices amid the persistent tensions in the Middle East. Should the energy crisis persist, inflationary pressures could intensify further and spill over to other goods and services. This, in turn, risks adding a somber dark shade to the bright economic canvas that has been so promisingly painted and poses challenges to Vietnam’s ambitious double-digit growth target—especially as even stronger growth will be needed in the coming quarters to sustain the current trajectory.

2026년 4월 6일

13W26: Upward pressure on USDVND persists

In 13W26, the SBV conducted a modest net liquidity injection into the banking system by rolling over repo operations to offset a substantial value of maturing repos. This action aimed to mitigate immediate upward pressure on interbank rates as liquidity conditions remained tight. On the FX front, USDVND edged higher for the fifth consecutive week amid persistent Middle East tensions, elevated global inflation risks, the Fed's cautious stance on rate cuts, and sustained domestic foreign capital outflows.

2026년 3월 30일

주요 프로모션

SBV continues net liquidity withdrawal

2026년 5월 25일

21W26: SBV continues net liquidity withdrawal

2026년 5월 25일

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).

2026년 5월 25일

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

2026년 5월 22일

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

2026년 5월 19일

20W26: FX pressure continues as inflationary pressures intensify

2026년 5월 18일

VOS – Brief – [NONRATED] – Swings to Profitability

2026년 5월 15일

Strategic Insight: The start of a new uptrend

2026년 5월 12일

19W26: SBV continues net liquidity injection and interbank rates cool down

2026년 5월 11일

Banking - Note - [NEUTRAL] - Resilient growth amid volatility

2026년 5월 11일

18W26: SBV maintains net liquidity injection as funding demand spikes

2026년 5월 6일

Apr 2026: Medium issuances led by Real Estate and Bank industries

2026년 5월 6일

4M26: Stable growth amid mounting inflation pressures

2026년 5월 4일

17W26: Stable growth amid mounting inflation pressures

2026년 5월 4일

16W26: SBV continues net withdrawal as demand cools

2026년 4월 21일

15W26: SBV shifts to net liquidity withdrawal as demand cools down

2026년 4월 13일

14W26: SBV ramped up liquidity injection ahead of the new quarter

2026년 4월 7일

Strategic Insight: Focus on the long-term bullish outlook

2026년 4월 7일

3M26: Growth moderated while geopolitical wounds begin to fester

2026년 4월 6일

13W26: Upward pressure on USDVND persists

2026년 3월 30일

뉴스가 없습니다

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주요 뉴스

SBV continues net liquidity withdrawal

2026년 5월 25일

21W26: SBV continues net liquidity withdrawal

2026년 5월 25일

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).

2026년 5월 25일

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

2026년 5월 22일

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

2026년 5월 19일

20W26: FX pressure continues as inflationary pressures intensify

2026년 5월 18일

VOS – Brief – [NONRATED] – Swings to Profitability

2026년 5월 15일

Strategic Insight: The start of a new uptrend

2026년 5월 12일

19W26: SBV continues net liquidity injection and interbank rates cool down

2026년 5월 11일

Banking - Note - [NEUTRAL] - Resilient growth amid volatility

2026년 5월 11일

18W26: SBV maintains net liquidity injection as funding demand spikes

2026년 5월 6일

Apr 2026: Medium issuances led by Real Estate and Bank industries

2026년 5월 6일

4M26: Stable growth amid mounting inflation pressures

2026년 5월 4일

17W26: Stable growth amid mounting inflation pressures

2026년 5월 4일

16W26: SBV continues net withdrawal as demand cools

2026년 4월 21일

15W26: SBV shifts to net liquidity withdrawal as demand cools down

2026년 4월 13일

14W26: SBV ramped up liquidity injection ahead of the new quarter

2026년 4월 7일

Strategic Insight: Focus on the long-term bullish outlook

2026년 4월 7일

3M26: Growth moderated while geopolitical wounds begin to fester

2026년 4월 6일

13W26: Upward pressure on USDVND persists

2026년 3월 30일

주요 프로모션

SBV continues net liquidity withdrawal

2026년 5월 25일

21W26: SBV continues net liquidity withdrawal

2026년 5월 25일

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).

2026년 5월 25일

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

2026년 5월 22일

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

2026년 5월 19일

20W26: FX pressure continues as inflationary pressures intensify

2026년 5월 18일

VOS – Brief – [NONRATED] – Swings to Profitability

2026년 5월 15일

Strategic Insight: The start of a new uptrend

2026년 5월 12일

19W26: SBV continues net liquidity injection and interbank rates cool down

2026년 5월 11일

Banking - Note - [NEUTRAL] - Resilient growth amid volatility

2026년 5월 11일

18W26: SBV maintains net liquidity injection as funding demand spikes

2026년 5월 6일

Apr 2026: Medium issuances led by Real Estate and Bank industries

2026년 5월 6일

4M26: Stable growth amid mounting inflation pressures

2026년 5월 4일

17W26: Stable growth amid mounting inflation pressures

2026년 5월 4일

16W26: SBV continues net withdrawal as demand cools

2026년 4월 21일

15W26: SBV shifts to net liquidity withdrawal as demand cools down

2026년 4월 13일

14W26: SBV ramped up liquidity injection ahead of the new quarter

2026년 4월 7일

Strategic Insight: Focus on the long-term bullish outlook

2026년 4월 7일

3M26: Growth moderated while geopolitical wounds begin to fester

2026년 4월 6일

13W26: Upward pressure on USDVND persists

2026년 3월 30일