Research Center

As at 15 Apr, the year-to-date Vietnam’s garment export value fell 6.0% yoy, while fibre and yarn export value slumped 6.6% yoy. T&A might be hit more severely in 2Q20F from demand side, in our view. Among T&A stocks, our…

We believe Vietnam‘s industrial properties (IPs) demand will surge post-pandemic, further driven by Covid-19 outbreak and the EVFTA. We see the rising of Ba Ria – Vung Tau, Bac Giang, Hai Duong as the new industrial hot spots. Among IP…

A drop in banks’ net profit growth is expected in FY20F as Covid-19 leads to low credit demand, NIM compression and a likely increase in bad debts. We expect banks under our coverage to show earnings recovery in FY21F in…

Manufacturing dropped to record low in March and automobile manufacturers halted production since late-Mar. Other key export sectors to face strong headwinds from 2Q20, but there are still some shining lights Manufacturing sector showed a significant slowdown in both consumption…

Ho Chi Minh City (HCMC) residential market (RE) was sluggish in 2019 with new condo supply falling 13.3% yoy and sales volume contracting 3.9% yoy. Hanoi residential market saw new condo supply hitting a five-year high, rising 21.9% yoy to…

Vietnam’s industrial property (IP) sector still enjoys healthy growth on the back of solid positive economic outlook and manufacturing diversion. We see two trends in the sector: 1) ready-built factory (RBF) leasing is becoming the new profit growth engine of…

Good news is Vietnam gained market share in the U.S amid trade war tension, but more pain than gain. Listed T&A companies had a lacklustre performance in 9M19. In 9M19, only a few large listed T&A companies in our observation…

In 3Q19, new supply volume for the Ho Chi Minh City (HCMC) condo market surged 107% yoy thanks to the Vinhomes Grand Park project. Meanwhile, Hanoi experienced sustainable growth in supply and transactions in both the condo and ready-built house…

In 1H19, Hanoi market outperformed Ho Chi Minh City in terms of transaction volume, thanks to better supply of new large-scale projects. We expect the condo sales volume in HCMC to rise in 2H19F, supported by the successful launch of…

We expect Vietnam banks to achieve 14-15% credit growth in 2019-20F. We see modest net interest margin (NIM) expansion in 2019F due to rising funding costs while non-interest income (non-II) should remain robust. We are Neutral on the sector but…