Vietnam Daily Market Recap February 14, 2025 PVS Update, SAB & BID Analyst Notes

Dollar movements drive VN equities for the week

Throughout the week, the VN-Index moved largely in the opposite direction of the DXY US dollar index. On Monday, the VN-Index – and stocks globally – fell as the DXY rallied on news of Trump’s intention to impose a 25% tariff on all steel and aluminum products, as well as several potential reciprocal tariffs for other countries. On Tuesday, the VN-Index rose 0.4% while the DXY fell. Some steel stocks, including HPG (+2.7%) and NKG (+1.1%), recovered as investors reassessed the implications of the newly announced US tariffs on steel and aluminum. On Wednesday, the VN-Index fell on concerns over Middle East tensions despite the DXY dropping. But on Thursday, the lower DXY took hold and the VN-Index rallied despite higher than expected US inflation data. Today, the VN-Index gained again as the DXY fell to 107 despite high US PPI results (See our Macro Note).

For the week, the VN-Index edged up 0.1%, while the HNX-Index (+0.8%) posted a stronger gain. The VN-Index’s total trading value (+1.0%) experienced little change to average VND14.2tn (USD559.1mn). Foreign investors net sold the entire week but total value fell 56.2% to VND1.8tn (USD70.9mn).

Today, the VN-Index opened higher and traded in positive territory throughout the session, closing up 0.5% at 1,276.1. Total trading value jumped 26.6% DoD to reach VND14.9tn (USD586.3mn). The HN-Index also rose 0.7% to 231.2.

Basic resources (+3.2%) jumped as mining stocks continued their momentum higher, including KSV (+10% DoD, +163.6% YTD), MSR (+14.5% DoD, +65.6% YTD), MTA (+14.6% DoD, +132.7% YTD), BMC (+7% DoD, +38.2% YTD) and FCM (+7% DoD, +28.5% YTD). The growth of these stocks has occurred in the context of the US officially imposing a 10% tariff on Chinese goods, while China responded with a 15% tariff on some US products and tightened exports of several critical minerals to the US, such as tungsten, tellurium, ruthenium, and molybdenum.

Other sectors that also rose included Telecommunications (+1.1%), Oil & Gas (+1.4%), Chemicals (+1.4%), Technology (+1.1%) and Financial Services (+1.1%). Conversely, Food & Beverage (-0.6%), Industrial Goods & Services (-1.0%) and Insurance (-0.5%).

MSH (+7.0%) reached its all-time high. This morning, Mr. Marc E. Knapper, the US Ambassador to Vietnam, affirmed that the recent tariffs were not aimed at Vietnam. He emphasized that the US wishes to maintain bilateral relations and promote positive growth in economic and trade cooperation with Vietnam. Currently, exports to the US account for 70-80% of MSH’s revenue. In addition, investors can expect a surge in orders as MSH has recently expanded its workforce, recruiting around 2,000 new workers.

Foreign investors net sold today, with net selling value of VND177.3bn (USD7.0mn), a 28.3% DoD decrease. Selling momentum focused on VNM (VND284.6bn, USD11.2mn), MWG (VND169.2bn, USD6.7mn) and CTG (VND59.8bn, USD2.4mn). In contrast, they bought FPT (VND121bn, USD4.8mn), HPG(VND72.2bn, USD2.8mn) and BID (VND50.5bn, USD2.0mn).

Read the full report: HERE