VIETNAM MONTHLY REPORT
31 July 2023
ECONOMY REVIEW AND OUTLOOK
Vietnam Tees Up For a Solid Back Nine
A Diplomatic Dance for Korea & Vietnam
Seoul Kitchen:
A Recipe for Success
Strategic Overture to Global Manufacturers
A Solo Movement:
Vietnam's Drive
Towards Growth
July saw a 7.1% YoY rise in retail sales, driven by the ongoing recovery of the tourism sector. Public investment demonstrated a remarkable acceleration, surging over 40% YoY, while July CPI increased 0.5%, primarily driven by food and energy prices. FDI registration reached a three-monthhigh, culminating at $16.2bn in 7M23, reflecting the continued attractiveness of Vietnam as an investment destination. Despite a contraction in imports/exports, the trade surplus remained resilient at $15.2bn, positioning the economy well for the anticipated uplift in exports from the upcoming release of Samsung's new phone in August.
In a significant milestone, the newly elected South Korean President chose Vietnam for his inaugural overseas trip, echoing the upgrade to a comprehensive strategic partnership last year. Accompanying the President on this symbolic journey were over 200 leading Korean corporations, resulting in more than 110 Memorandums of Understanding being signed across multiple sectors, fortifying Vietnam and South Korea's economic bond. It is clear the commercial relationship between the two sovereign nations has now become stronger than ever before.
South Korea continues to lead as the paramount investment partner in Vietnam, with cumulative FDI amassing $83bn across 9,700 projects. Notably, Samsung constitutes nearly 25% of this figure, equalling $20bn. In 2022, the company's export turnover reached $65bn, constituting 17.4% of Vietnam's total exports, creating 96,000 jobs and contributing over $480m to the State budget. Capital inflow from South Korea further swelled by $2.3bn in 7M23, adding to the total registered figure of $16.2bn, an increase of 4.5% YTD and resilient against global fluctuations.
Vietnam's stability, geography, and market potential stand as three pivotal reasons motivating global manufacturers to seek exposure within its borders. Over the last 12 years, Vietnam has maintained a consistent policy of integration into global value chains, engaging in over 16 FTAs with 55 territories. The strategic positioning in the heart of the Asia-Pacific hub, with a coastline of 3,260 km, facilitates the maritime transportation of goods to regional markets.
Vietnam possesses key advantages for growth, characterised by its golden demographics and natural resources, most notably an abundance of rare earth minerals which are vital to the microchip industry, ranking second globally per USGS. The Government is incentivising human capital in this sector, intending to nurture 50,000 engineers in the semiconductor industry. We see this as an opportunity for Vietnam to fortify its national standing and foster sustained, long- term growth within the global supply chain.
Fig. 1 | ECONOMIC FORECASTS | ||||||
31 | -July- | 23 | Unit | 2021 | 2022E | 2023E | 2024F |
Real GDP Growth | % | 2.6 | 8.0 | 5.5 | 6.5 | ||
Nominal GDP | $bn | 366.1 | 408.8 | 448.5 | 494.4 | ||
CPI (average) | % | 1.8 | 3.2 | 4.0 | 4.0 | ||
Export Growth (cif) | % | 19.0 | 10.6 | -6.2 | 12.0 | ||
Import Growth (cif) | % | 26.7 | 8.4 | -7.7 | 11.6 | ||
Trade Bal (cif) | $bn | 3.3 | 12.4 | 17.1 | 18.7 | ||
FX Reserves | $bn | 106.5 | 85.0 | 95.0 | 110.0 | ||
FDI Disbursed | $bn | 19.8 | 22.4 | 20.9 | 22.0 | ||
VND:$ | 1 | 22,800 | 23,550 | 23,450 | 23,300 |
Fig. 3 | VIETNAM - SOUTH KOREA BILATERAL TRADE | ||||||||||||||||||||||||||||||
60 | |||||||||||||||||||||||||||||||
$bn | VN Exports to SK | ||||||||||||||||||||||||||||||
50 | |||||||||||||||||||||||||||||||
VN Imports from SK | |||||||||||||||||||||||||||||||
40 | |||||||||||||||||||||||||||||||
30 | |||||||||||||||||||||||||||||||
20 | |||||||||||||||||||||||||||||||
10 | |||||||||||||||||||||||||||||||
0 | |||||||||||||||||||||||||||||||
2000 | 2005 | 2010 | 2015 | 2020 | 2023F | ||||||||||||||||||||||||||
Fig. 2 SOUTH KOREAN INVESTMENT IN VIETNAM 2013-2022
9
$bn
8
7
6
5
4
3
2
1
0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Fig. 4 | FOREIGN VISITORS | |||||||||||||||||
1,200 | ||||||||||||||||||
'thousand | Korea | Other territories | ||||||||||||||||
visitors | ||||||||||||||||||
1,000 | ||||||||||||||||||
800 | ||||||||||||||||||
600 | ||||||||||||||||||
400 | ||||||||||||||||||
200 | ||||||||||||||||||
0 | ||||||||||||||||||
Jan-23 | Feb-23Mar-23Apr-23May-23 | Jun-23Jul-23 | ||||||||||||||||
1
VIETNAM MONTHLY REPORT
31 July 2023
MARKET REVIEW AND OUTLOOK
VNI Continues its Upward Trajectory
Public Investment Sparks Conviction
Sector Rotation: From Bricks to Clicks
Valuations Rise, But Opportunity Knocks
Pressure Builds For Corporate Delivery
The VNI increased by 8.8% MoM (TR$) in July, more than doubling June's gains, with average daily turnover reaching its highest level in over a year as domestic investors return.
The rejuvenated investor sentiment can be traced back to an enhanced emphasis on public investments. In July, public disbursement reached an impressive 6.9%, totalling 37.9% of the annual plan in 7M23, far surpassing 2022's figure of 27.4% within the same period, with infrastructure and construction stocks taking centre stage. Trading volume breached $1bn, with the average MoM turnover swelling by 8% to $776m/day, underscoring bullish investor expectations. Our analysis also indicates a surge in account deposits and a steady rise in retail investors' margin balances, a firm showing of renewed faith in the market.
July witnessed an intriguing sector pivot, as interest shifted from brokerages and real estate to retail. Companies once playing catch-up are now enjoying improved inflows, aligning with market momentum. The retail segment, having experienced a lull, rebounded convincingly in July, leaping 20.4%. This resurgence can be attributed to the likes of DGW and MWG, underpinned by the prevailing view that the nadir of consumer confidence is behind us. VIC, a top five VNI stock by market cap, also rallied, buoyed by positive US listings news and the commencement of their US factory. Conversely, the banking sector underperformed the index, with investors exhibiting caution in the wake of Circular 06 and its lending limitations.
The buoyant earnings news has been factored into the market, resulting in our top 80 universe TTM PE valuation climbing to 12.8x, just along the 5Y mean. Dive deeper into these stocks, and Q2 results (adjusted for float) paint a picture of mild economic resurgence. We are observing the second successive quarter boasting QoQ profit growth. Even though net profit slid 5% YoY, it surged by 9% QoQ, encapsulating 46% of our annual projection. Banks continue to act as a pillar for the VNI, accounting for 59% of total earnings YTD, remaining flat YoY. Sectors like real estate, insurance, securities, and IT have been standouts, constituting a fifth of market earnings, while the energy, materials, chemicals, and retail sectors trailed this quarter. Forecasts for Q3 should usher in positive momentum, with the expectation that H2 will sustain this recovery.
The increase in PE valuations mirrors robust market expectations of an economic rebound, bolstered by year-to-date macroeconomic support. The spotlight, however, now shifts firmly onto the corporations themselves. With the foundations set, it is incumbent upon these entities to navigate this momentum, ensuring that they match, if not exceed, investors' expectations.
Fig. 1 | DC TOP-80 FORECASTS | Fig. 2 | MARKET PERFORMANCE | |||||||||||||||||
2,000 | 1600 | |||||||||||||||||||
31-Jul-23 | Unit | 2021 | 2022 | 2023E | 2024F | $m | VNI | |||||||||||||
1,800 | 1500 | |||||||||||||||||||
PER | x | 14.5 | 9.1 | 11.1 | 9.0 | Volume (LHS) | ||||||||||||||
1,600 | 1400 | |||||||||||||||||||
Index (RHS) | ||||||||||||||||||||
EPS Growth | % | 37.1 | -1.4 | 3.8 | 24.4 | 1,400 | 1300 | |||||||||||||
PEG | x | 0.4 | Neg | 2.9 | 0.4 | 1,200 | 1200 | |||||||||||||
Sales Growth | % | 22.0 | 12.3 | 4.0 | 14.1 | 1,000 | 1100 | |||||||||||||
EBIT Growth | % | 50.8 | 2.5 | 12.3 | 21.8 | 800 | 1000 | |||||||||||||
PBT Growth | % | 38.0 | 1.5 | 2.9 | 24.5 | 600 | 900 | |||||||||||||
NPAT Growth | % | 41.9 | 0.0 | 4.0 | 24.4 | 400 | 800 | |||||||||||||
200 | 700 | |||||||||||||||||||
Net DER | x | 0.2 | 0.3 | 0.3 | 0.2 | |||||||||||||||
Yield | % | 1.0 | 1.9 | 1.2 | 1.2 | - | 600 | |||||||||||||
Jan-20May-20Oct-20Mar-21Aug-21Dec-21May-22Oct-22Mar-23 | Jul-23 | |||||||||||||||||||
Fig. 3 | VNI TRAILING 5Y PE | Fig. 4 | VNI MONTHLY VOLUME | |||||||||||||||||
28 | 18.00 | |||||||||||||||||||
26 | $bn | |||||||||||||||||||
16.00 | ||||||||||||||||||||
24 | ||||||||||||||||||||
14.00 | ||||||||||||||||||||
22 | 12.00 | |||||||||||||||||||
20 | 10.00 | |||||||||||||||||||
18 | 8.00 | |||||||||||||||||||
16 | 6.00 | |||||||||||||||||||
14 | 4.00 | |||||||||||||||||||
12 | 2.00 | |||||||||||||||||||
10 | - | |||||||||||||||||||
Jan-23Feb-23Mar-23Apr-23May-23Jun-23 | Jul-23 | |||||||||||||||||||
Jan-17Sep-17 | Jun-18 | Mar-19Dec-19 | Aug-20 | May-21Feb-22 | Nov-22Jul-23 |
Sources: DC, Bloomberg, Credit Suisse / Refinitiv - all adjusted for free float
2
VIETNAM MONTHLY REPORT
31 July 2023
VIETNAM ENTERPRISE INVESTMENTS LIMITED - VEIL
As the market rally continued into July, VEIL rose 9.7% MoM, outperforming the VNI's 8.8% return by 1.1%, with half of the Fund's top ten holdings achieving double digit returns, as earnings season provides much to consider.
FPT was one of the first major corporates to post their Q2 earnings in July, bringing H1 earnings growth to 19.7% YoY. The company also issued a stock dividend, a popular move with retail investors. The combination of FPT's sound fundamentals, consistent delivery of earnings growth, and a rotation into large cap stocks were the driving forces behind this sizeable gain.
VPB and MWG performed well, despite modest 2Q23 results. VPB's quarterly expansion was the most significant QoQ earnings growth within VEIL's banking names, and its 15% strategic placement to SMBC slated for Q3 is projected to bolster capital reserves, explaining the strong uptick and fostering long-term growth. Despite MWG contending with constrained demand, it is preparing its own private placement for grocery subsidiary BHX, heralding promising near-term expansion.
July signalled the beginning of the revival for the residential property sector as strides are taken to address legal challenges, with VEIL's key holdings VHM and KDH posting solid double-digit returns. VHM's MoM results were nearly twice that of the VNI's return, as the company's major sales launch in July exhibited strong absorption rates. KDH's considerable increase of 21.2% benefitted from market expectations of a new major project launch, and has one of the largest land banks in Ho Chi Minh City with legal paperwork already approved. DXG also rose 27.4% due to a modest profit in Q2, meaning H1 earnings were positive, a small but important factor; if negative, they would no longer be eligible for margin lending. This signalled to the market the worst for the company has likely passed, with new projects now the focus and increased optimism the result.
The overarching sentiment echoed previously remains unaltered: confidence in both the market and the broader economic trajectory for H2 is positive. While there may be moments when market exuberance runs ahead of fundamentals, the broader economic recovery and earnings outlook inspire confidence as we head into the latter half of the year. We believe the stage is now primed for stock selection and tactical allocation to truly prevail as we look beyond H2 and into 2024.
PRICE AND NAV DATA
Net | Cash | Price | NAV change (%) | Price Change (%) | Sharpe | ||||||||||||||||||||||||
NAV/Share | Std. Dev. | ||||||||||||||||||||||||||||
Assets | (% | of AUM) | EOD | Monthly | YTD | Monthly | YTD | Ratio | |||||||||||||||||||||
$1,944.6m | $9.50 | 1.03 | - | 9.7% | 21.0% | 12.9% | 20.0% | 24.58 | 0.69 | ||||||||||||||||||||
£1,511.3m | £7.38 | £6.54 | 8.4% | 13.0% | 11.6% | 12.2% | - | - | |||||||||||||||||||||
80.0
70.0
60.0
50.0
40.0
30.0
20.0
10.0
0.0
-10.0
NAV PERFORMANCE (in $ terms) | ||||||||||||||||||||
% TR$ - 31/07/2023 | 67.6 68.5 | |||||||||||||||||||
VEIL (NAV) | ||||||||||||||||||||
56.6 | ||||||||||||||||||||
VNI (benchmark) | ||||||||||||||||||||
VN30 (comp) | 44.6 | |||||||||||||||||||
36.336.5 | ||||||||||||||||||||
16.916.0 16.9 | 21.022.1 23.6 | |||||||||||||||||||
9.7 8.8 9.2
1.3
1M | 3M | YTD | -0.91Y -0.1 | 3Y | 5Y |
TOP TEN HOLDINGS (66.7% of NAV) | DISCOUNT TO NAV | |||||
COMPANY | SECTOR | VNI % | NAV % | CH % | 20 | |
% | ||||||
1 | ACB | Banks | 1.9 | 12.1 | 3.6 | 10 |
2 | VP Bank | Banks | 3.1 | 11.7 | 11.1 | 0 |
3 | Hoa Phat | Mat's/Res | 3.4 | 8.5 | 7.4 | |
4 | Vietcombank | Banks | 9.1 | 7.4 | 7.7 | (10) |
5 | Mobile World | Retail | 1.7 | 6.0 | 24.6 | (20) |
6 | FPT Corporation | Software/Svc's | 2.0 | 5.0 | 15.3 | |
(30) | ||||||
7 | Vinhomes | Real Estate | 5.8 | 5.0 | 14.0 | |
8 | Becamex IDC | Real Estate | 1.8 | 3.9 | 1.8 | (40) |
9 | PV Gas | Energy | 4.1 | 3.6 | 8.8 | (50) |
10 | Khang Dien House Real Estate | 0.6 | 3.5 | 21.2 | ||
Jan-05May-07Sep-09Dec-11Apr-14Aug-16Nov-18Mar-21Jul-23 | ||||||
3
VIETNAM MONTHLY REPORT
31 July 2023
APPENDIX 1: MACRO
Key Indicators
Unit | 2017 | 2018 | 2019 | 2020 | 2021 | 2022E | 2023E | 2024F | |||
Item | |||||||||||
GDP | $bn | 281.4 | 310.1 | 334.4 | 346.6 | 366.1 | 408.8 | 448.5 | 494.4 | ||
Real GDP Growth | % | 6.9 | 7.5 | 7.4 | 2.9 | 2.6 | 8.0 | 5.5 | 6.5 | ||
Services Growth | % | 7.4 | 7.0 | 7.3 | 2.5 | 1.2 | 10.0 | 7.5 | 8.2 | ||
Agriculture Growth | % | 2.9 | 3.8 | 2.0 | 2.8 | 2.9 | 3.4 | 2.6 | 3.0 | ||
Ind'l and Const'n Growth | % | 8.0 | 8.9 | 8.9 | 3.3 | 4.1 | 7.8 | 4.1 | 6.1 | ||
Retail Sales Growth | % | 10.9 | 11.7 | 11.8 | 2.6 | -3.8 | 10.2 | 8.9 | 9.0 | ||
Prices | |||||||||||
CPI (Average YoY) | % | 3.5 | 3.5 | 2.8 | 3.2 | 1.8 | 3.2 | 4.0 | 4.0 | ||
Money, FX & Interest Rates | |||||||||||
Money Supply M2 | % | 15.0 | 12.4 | 14.8 | 14.5 | 8.9 | 6.2 | 7.8 | 10.5 | ||
Average Lending Rate | % | 9.3 | 9.5 | 9.7 | 8.6 | 8.5 | 13.7 | 10.5 | 9.2 | ||
5-yr VGB | % | 4.3 | 4.5 | 1.9 | 1.1 | 0.9 | 4.7 | 2.2 | 2.5 | ||
VND : $ | $1 | 22,750 | 23,235 | 23,150 | 23,085 | 22,800 | 23,550 | 23,450 | 23,300 | ||
External Sector | |||||||||||
Trade Balance | $bn | 2.1 | 6.8 | 10.8 | 19.9 | 3.3 | 12.4 | 17.1 | 18.7 | ||
Current Account | $bn | -1.6 | 5.8 | 12.2 | 15.1 | -7.8 | -1.5 | 7.5 | 6.8 | ||
Current Account / GDP | % | -0.6 | 1.9 | 3.6 | 4.3 | -2.1 | -0.4 | 1.7 | 1.4 | ||
FDI Registered | $bn | 35.9 | 35.5 | 36.0 | 28.5 | 38.5 | 27.7 | 25.2 | 28.0 | ||
FDI Disbursement | $bn | 17.5 | 19.1 | 20.4 | 20.0 | 19.8 | 22.4 | 20.9 | 22.0 | ||
FX Reserves | $bn | 52.0 | 61.0 | 80.0 | 98.0 | 106.5 | 85.0 | 95.0 | 110.0 | ||
Public Debt & Fiscal Balance | |||||||||||
External Debt | $bn | 109.2 | 112.1 | 122.8 | 130.1 | 138.8 | 141.2 | 147.0 | 151.3 | ||
Government | $bn | 46.3 | 47.0 | 47.7 | 49.0 | 47.9 | 48.8 | 52.4 | 56.7 | ||
Enterprises (incl. FDI) | $bn | 62.9 | 65.1 | 75.0 | 81.1 | 90.9 | 92.4 | 94.6 | 94.6 | ||
External Debt (% GDP) | % | 38.8 | 36.2 | 36.7 | 37.5 | 37.9 | 34.5 | 32.6 | 30.6 | ||
Fiscal Balance (% GDP) | % | -2.6 | -2.9 | -2.6 | -3.4 | -4.0 | -4.3 | -6.0 | -4.5 | ||
4
VIETNAM MONTHLY REPORT
31 July 2023
APPENDIX 2: MARKET
Key Stock Market Data
HSX | HNX | UPCoM | Total | |||||||||
31-Jul-22 | 31-Jul-23 | 31-Jul-22 | 31-Jul-23 | 31-Jul-22 | 31-Jul-23 | 31-Jul-22 | 31-Jul-23 | |||||
Market Cap ($m) | 205,292 | 205,777 | 14,552 | 12,806 | 53,223 | 46,539 | 273,067 | 265,122 | ||||
Number of Stocks | 402 | 393 | 341 | 332 | 857 | 863 | 1,600 | 1,588 | ||||
Number of Large Cap Stocks (> $400m) | 64 | 68 | 10 | 9 | 21 | 19 | 95 | 96 | ||||
Stocks with No Room for Foreigners | 50 | 60 | 58 | 91 | 162 | 217 | 270 | 368 | ||||
Market Cap of Stocks with No Room ($m) | 37,101 | 26,564 | 2,903 | 1,988 | 12,517 | 12,088 | 52,520 | 40,640 | ||||
Share of Market Cap with No Room (%) | 18.1 | 12.9 | 19.9 | 15.5 | 23.5 | 26.0 | 19.2 | 15.3 |
Top 25 Companies
31-Jul | Price | Mkt | Wt | PER | PBV | Yield | |||||||||||||||||||||||||||||||||||||||||||||||||||||
No | Company | Price | YTD | Cap | in VNI | 2022 | 2023E | 2024F | 2022 | 2023E | 2024F | 2022 | 2023E | 2024F | |||||||||||||||||||||||||||||||||||||||||||||
(VND) | (%) | ($m) | (%) | (x) | (x) | (x) | (x) | (x) | (x) | (%) | (%) | (%) | |||||||||||||||||||||||||||||||||||||||||||||||
1 | Vietcombank | 91,600 | 35.2 | 21,615 | 9.12 | 14.4 | 16.4 | 14.1 | 2.8 | 3.0 | 2.5 | 0.9 | - | - | |||||||||||||||||||||||||||||||||||||||||||||
2 | Vinhomes | 63,000 | 31.3 | 11,582 | 5.77 | 7.2 | 9.0 | 8.5 | 1.4 | 1.6 | 1.3 | 4.5 | - | - | |||||||||||||||||||||||||||||||||||||||||||||
3 | BIDV | 47,200 | 22.3 | 10,080 | 5.02 | 14.1 | 14.4 | 11.8 | 2.0 | 2.1 | 1.8 | 0.2 | - | - | |||||||||||||||||||||||||||||||||||||||||||||
4 | Vingroup | 55,100 | 2.4 | 8,872 | 4.42 | 23.4 | 26.6 | 28.5 | 1.9 | 1.8 | 1.7 | 1.7 | - | - | |||||||||||||||||||||||||||||||||||||||||||||
5 | PV Gas | 101,600 | 0.1 | 8,210 | 4.09 | 13.4 | 17.3 | 17.7 | 3.2 | 3.0 | 2.8 | 3.0 | 3.5 | 3.5 | |||||||||||||||||||||||||||||||||||||||||||||
6 | Airports Corporation VN | 80,400 | -5.0 | 7,390 | - | 29.0 | 28.3 | 22.0 | 4.2 | 3.5 | 2.9 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||
7 | Hoa Phat Group | 28,200 | 56.7 | 6,923 | 3.45 | 12.6 | 22.4 | 14.2 | 1.1 | 1.6 | 1.5 | 2.2 | 1.0 | 1.0 | |||||||||||||||||||||||||||||||||||||||||||||
8 | Vinamilk | 78,000 | 2.5 | 6,882 | 3.43 | 21.0 | 21.0 | 19.6 | 5.3 | 5.0 | 5.0 | 5.1 | 3.1 | 4.9 | |||||||||||||||||||||||||||||||||||||||||||||
9 | Vietinbank | 22,150 | 23.7 | 6,278 | 3.14 | 6.6 | 11.2 | 7.8 | 1.2 | 1.0 | 0.9 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||
10 | VP Bank | 30,000 | 10.1 | 6,087 | 3.03 | 9.2 | 8.9 | 7.4 | 1.2 | 1.2 | 1.0 | 2.9 | - | - | |||||||||||||||||||||||||||||||||||||||||||||
11 | Techcombank | 87,300 | -6.1 | 5,274 | 2.61 | 37.1 | 119.4 | 53.5 | 5.1 | 4.5 | 4.0 | 1.0 | 1.0 | 1.0 | |||||||||||||||||||||||||||||||||||||||||||||
12 | Masan Group | 34,300 | 32.7 | 5,093 | 2.54 | 4.7 | 7.2 | 5.8 | 0.8 | 0.9 | 0.8 | 0.1 | - | - | |||||||||||||||||||||||||||||||||||||||||||||
13 | Sabeco | 85,600 | 29.5 | 4,590 | 1.99 | 17.2 | 18.6 | 14.9 | 4.0 | 4.2 | 3.6 | 2.6 | 3.1 | 3.6 | |||||||||||||||||||||||||||||||||||||||||||||
14 | FPT | 156,800 | -4.7 | 4,245 | 2.11 | 20.6 | 21.1 | 19.4 | 4.6 | 3.9 | 3.6 | 2.3 | 2.4 | 2.4 | |||||||||||||||||||||||||||||||||||||||||||||
15 | Military Bank | 18,850 | 30.0 | 4,150 | 1.80 | 4.5 | 5.0 | 4.2 | 1.0 | 1.0 | 0.8 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||
16 | ACB | 22,950 | 25.5 | 3,763 | 1.87 | 5.3 | 5.7 | 4.7 | 1.2 | 1.2 | 1.0 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||
17 | Becamex IDC | 81,000 | 0.5 | 3,539 | 1.76 | 49.5 | 21.1 | 19.4 | 4.9 | 4.2 | 3.5 | 0.9 | 1.0 | 1.0 | |||||||||||||||||||||||||||||||||||||||||||||
18 | Mobile World | 53,700 | 26.4 | 3,316 | 1.65 | 15.2 | 36.3 | 12.4 | 2.6 | 3.0 | 2.5 | 1.2 | - | 0.9 | |||||||||||||||||||||||||||||||||||||||||||||
19 | Vincom Retail | 29,650 | 12.7 | 2,845 | 1.45 | 21.5 | 14.7 | 14.2 | 1.8 | 1.8 | 1.6 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||
20 | Sacombank | 19,600 | 47.4 | 2,566 | - | 2.8 | 10.5 | 21.4 | 0.8 | 1.1 | 1.1 | 3.3 | 5.1 | 5.1 | |||||||||||||||||||||||||||||||||||||||||||||
21 | Binh Son Refining | 102,000 | -6.8 | 2,332 | 1.16 | neg | 39.7 | 33.5 | 4.0 | 3.4 | 2.9 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||
22 | Vietjet Air | 28,950 | 28.7 | 2,304 | 1.15 | 8.4 | 6.3 | 4.0 | 1.1 | 1.2 | 0.9 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||
23 | VEAM Corp | 20,800 | 40.5 | 2,228 | 1.11 | 4.5 | 5.5 | 4.5 | 1.1 | 1.3 | 1.0 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||
24 | VIB | 41,500 | 30.9 | 2,226 | 1.13 | 27.8 | 15.7 | 15.9 | 1.6 | 1.9 | 2.0 | 4.3 | 2.9 | 7.4 | |||||||||||||||||||||||||||||||||||||||||||||
25 | Petrolimex | 17,350 | 31.9 | 2,119 | 0.92 | 4.9 | 5.5 | 4.5 | 1.0 | 1.1 | 0.9 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||
5
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Vietnam Enterprise Investments Limited published this content on 31 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 August 2023 08:20:03 UTC.