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Year 2024

OIL & GAS – Vibrant domestic E&P activities in sight

Sector note 19

PetroVietnam is boosting investment, signaling that domestic E&P activities should be increasingly vibrant in the next couple years. Block B – O Mon gas-to-power chain project is still the main driver for Vietnam’s O&G industry. We believe upstream service providers…


Year 2023

Power – Thermal power rise to swap out hydropower

Sector note 63

The new PDP8 favors toward gas-fired and wind power over 2021-30F period, after focusing on RE power from 2031F onward. We see gas-fired and coal-fired power using domestic coal to enjoy higher output mobilization under the weakening of hydropower in…


Year 2023

Oil & Gas sector – Breaking dawn

Sector note 76

We expect Brent oil price to average at US$80-85 per barrel in FY23-24F as OPEC+ production cuts extension may cause the deficit in oil market. We see sharp outlook for upstream services providers as E&P activities are picking up in…


Year 2023

Banks sector – Comments on Circular 06/2023 amending Circular 39/2016

Sector note 248

SBV issued Circular 06/2023 on June 28, 2023, amending articles about lending activities regulations of credit institutions and foreign bank branches. We believe that Circular 06/2023 will complete the legal framework for credit institutions’ lending, guiding capital flows to effective…


Year 2023

Automobile sector – Policies to re-ignite demand for cars

Sector note 70

Automobile sales volume in the whole domestic market in 5M23 decreased by 36% yoy, reaching 113,527 units. We expect that preferential policies from the Government are the key drivers for the recovery of the automobile industry in 2H23F. Our stock…


Year 2023

Construction – Materials sector – Accelerating construction of Long Thanh Int’l Airport

Sector note 105

There are some signals that 5.10 package – the largest package (worth VND35,233bn) at Long Thanh International Airport (LTIA) will find its contractor in Aug 2023, setting a premise for the project to accelerate the construction progress. We believe that…


Year 2023

Fishery sector – Weak demand stills weigh on outlook

Sector note 116

Aggregated NP of listed fishery exporters recorded a decrease of 74% yoy in 1Q23 caused by weaker demand in main export market and 1Q22 high base. We expect the U.S market to be key driver for the Vietnam seafood export…


Year 2023

Meat production sector – Confident but cautious

Sector note 116

Domestic swine price increased 10.9% mom in May, reaching the highest level since the beginning of the year. We expect meat producers to record better results from FY23F regarding higher average swine price and lower input cost. We keep BAF…


Year 2023

Infrastructure construction sector – Powered up by strong backlog

Sector note 136

Most of listed infra construction companies recorded positive revenue growth in 1Q23 and but their net margin dropped yoy mainly due to a lack of one-off gained profit and higher interest expenses. Expectations of strong public investment disbursement and high…


Year 2023

Power sector – Power development plan 8 – a turning point for the industry

Sector note 130

In 15 May 2023, the Power Development Plan 8 (PDP8) was officially approved, opening up a new chapter for Vietnam power sector. Under the strong energy transition scenario, large financial pressure to meet demand for power development. We see M&E…