Vietnam Daily Market Recap February 21 2025 – AGG Analyst notes, CTG, STB & BSR Updates

Stocks advance toward 1,300, led by retail, banks

Stocks had a strong week with the VN-Index gaining 1.6% and approaching 1,300. Mid-caps outperformed large caps as the VN30 gained 1.0% while the HNX-Index (+2.7%) posted a stronger gain. The VN-Index’s total trading value declined 4.7% to VND81.7tn (USD3.2bn). Foreign investors’ net selling value fell 46% to VND971.4bn (USD38.1mn), after they turned net buyers on Wednesday, ending a daily net selling streak since February 3, 2025.

The market seemed to benefit from a global shift of attention away from discussion of tariffs and more toward peace deals in Ukraine and Israel. The VN-Index started the week with a decline as news spread of China planning reciprocal tariffs on the US (note that basic resource companies benefited from this news and, in fact, MSR is up 123% since January 22), but then rallied for four days on strong volume as the DXY softened below 107. Domestically, investor sentiment was boosted by a series of positive developments from the National Assembly focused on boosting growth and clearing obstacles to infrastructure and development, as we have reported.

Today, the VN-Index opened higher and traded sideways throughout the session, closing up 0.3% at 1,296.8, approaching the 1,300 level for the first time since October. Total trading value declined 2.2% DoD to VND15.9tn (USD625.6mn). The HNX-Index declined 0.2% to 237.6.

Construction and Materials (+0.6%) jumped today, led by the consortium of CTD (+3.8%), FCN (+5.9%) and CC1 (+14.9%), following the announcement that it was awarded a contract for the Long Thanh International Airport parking facility. This package, part of Component Project 3, is scheduled for completion within 16 months from the start date, aiming to ensure the airport is operational by 2026. CC1 will lead the consortium, coordinating the project’s execution. Each member brings significant expertise: CC1 in national infrastructure projects, Coteccons in high-rise and complex developments, and FECON in foundations and underground projects.

HPG shares (-0.4%) have not yet reacted to the announcement by MoIT of anti-dumping duties on Chinese steel (see our Macro Note) which we think should benefit the company.

Sectors that had a positive impact on the index included Retail (+1.0%), Insurance (+0.7%) and Banks (+0.6%). On the contrary, Basic Resources (-1.1%), Technology (-0.6%), Travel & Leisure (-0.5%) and Telecommunications (-0.5%) fell.

Foreign investors net sold today, with a net selling value of VND192bn (USD7.5mn). Selling momentum focused on MWG (VND47.3bn, USD1.9mn), marking the third consecutive week of net selling. They also net sold FPT (VND147.9bn, USD5.8mn), KDH (VND55.5bn, USD2.2mn) and STB (VND52.7bn, USD2.1mn). Conversely, they bought GVR (VND38.0bn, USD1.5mn), SHB (VND36.9bn, USD1.4mn) and FPT (VND35.8bn, USD1.4mn).

Today’s top gainers included VCB (+1.5%), CTG (+1.6%) and BCM (+3.5%). Top laggards included FPT (-0.7%), VIC (-0.7%) and VHM (-0.6%)

Read the full report: HERE