a quick overview of Vietnam Stock market and economy in 2020 2021 from BIDV securities Company (BSC).
Top 3 Research house in Vietnam (AsiaMoney Broker Poll 2019)
Vietnam Market Outlook 2021
Agenda:
- Global Outlook 2021
+ Global megatrends 2020-2030
+ Global economics Outlook 2021
- Vietnam Achievements and Rising opportunities
+ Covid-19 has been under control in Vietnam
+ US-China Trade war
+ Vietnam is one of the top destination for foreign investment
+ Increasingly integration into global economy
+ Vietnam economy (Vietnam's economic growth+ GDP per capital increases steady)
+ Vietnam import and export sector (Export and import of Goods in 2020 + Percentage of total import and export turnover of goods in 2020)
+ Vietnam Industrial Production (Index of Industrial Product Growth rate in 2020 compared to 2019 + Productions and Growth rate of key industrial 2020 compared to 2019)
+ Vietnam Foreign direct investment (FDI) in Vietnam
+ Vietnam Logistics
+ Vietnam Infrastructure
+ Vietnam Legal (Changes to the Law on Investment)
+ Vietnam Industrial Property
- Factors for choosing conformity assessment partner
- Introduction of Vinacontrol
- Assessment service for Investment and Manufacturing in Vietnam
[FiinPro Data] Kết quả Kinh doanh Q2 - 2019 FiinGroup JSC
Theo thống kê từ hệ thống FiinPro, tính đến ngày 05/08/2019, đã có tổng cộng 894 doanh nghiệp công bố BCTC (chiếm 89.8% vốn hóa trên 3 sàn). Chúng tôi tiếp tục tổng hợp và cập nhật nhanh kết quả như sau:
Tổng quan: Tăng trưởng doanh thu ở mức 6.7% và lợi nhuận cổ đông công ty mẹ ở mức 10.4% so với cùng kỳ. Tuy nhiên, tính riêng khu vực doanh nghiệp (không tính ngân hàng và bảo hiểm) thì chỉ ở mức tương ứng 4.7% và 4.9%.
Theo ngành: Các ngành có tăng trưởng Lợi nhuận Cổ đông lớn nhất so với cùng kỳ là: Bất động sản (67.1%), Viễn thông (42.1%), Bán lẻ (39.5%), Ngân hàng (25.9%).
Nếu quý khách có nhu cầu download thông tin chi tiết, vui lòng liên hệ với chúng tôi theo thông tin bên dưới để được hỗ trợ thêm:
Hà Nội:
Đỗ Thị Lan
Email: lan.do@fiingroup.vn
Tel: 024 3562 6962 (số máy lẻ: 103)
TP. HCM:
Lý Thị Hiền
Email: hien.ly@fiingroup.vn
Tel: 028 3933 3585 (số máy lẻ: 203)
Based on data from 894/1615 Listed Companies officially announced 2Q2019 business results on 3 Exchanges, (645/766 Companies on HoSE and HNX), we summarized and updated as follows:
Overview: Revenue growth is 6.7% and Total Attribute to parents company’s growth is 10.4% over the same period. However, the rate excluding Banks and Insurance sector are only 4.7% and 4.9% respectively.
By Industry: Sectors with highest Attribute to parents company growth over the same period were: Real Estate (67.13%), Telecommunications (42.11%), Retail (39.52%), Banks (25.9%).
Real estate: After VIC and VHM (accounting for 69% of total real estate capitalization) published their report with the growth rate of Attribute to parents company of 687.5% and 75.3% respectively, The whole real estate industry grew up to 67.1%, on top of the market. If VHM and VIC are not included, the real estate industry has net profit growth of only 24.5% over the same period. In addition, the industry EBITDA also increased by 72.8% over the same period.
Bank: All listed banks published report. Total Attribute to parents company of listed banks announced an increase of 25.9% compared to the same period last year.
Oil and gas: Profit growth was only 8.29% over the same period. The main reason is that PLX (accounting for nearly 72% of the industry's capitalization) slightly decreased by 3.42% of Attribute to parents company compared to the same period.
Insurance: A special case when the largest company in the industry BVH (accounting for over 70% of the industry cap) decreased by 23% compared to the same period, as a result, the industry growth went down from 66.5% to only 12.29%
Retail: Retail sector has impressive growth of 39.52% thanks to major companies like MWG, DGW with high profit growth of 47.44% and 55.1% respectively.
AMRO(ASEAN+3 MACROECONOMIC RESEARCH OFFICE) AND MYANMARMYO AUNG Myanmar
AMRO(ASEAN+3 MACROECONOMIC RESEARCH OFFICE) AND MYANMAR
AMRO focuses on three core functions, namely conducting macroeconomic surveillance, supporting the implementation of CMIM, and providing technical assistance to members:
http://www.amro-asia.org/?s=MYANMAR
http://www.amro-asia.org/curbing-inflation-in-myanmar-the-fiscal-angle/
Curbing Inflation In Myanmar – The Fiscal Angle
Author: Chaipat Poonpatpibul, Lead Economist, and Paolo Hernando, Senior Economist
October 2, 2017 | Blog
ASEAN+3 REGIONAL ECONOMIC OUTLOOK 2018
Resilience and Growth in a Changing World
http://www.amro-asia.org/wp-content/uploads/2018/05/AMRO-AREO-Report-2018_Full-Report.pdf
http://www.amro-asia.org/wp-content/uploads/2017/06/Myanmar_country_report_2017_approved-for-posting.pdf
AMRO Annual Consultation Report-Myanmar - 2017
http://www.amro-asia.org/wp-content/uploads/2018/05/Final-Draft-Joint-Statement-of-the-21st-AFMGM3_FINAL.pdf
The Joint Statement of the 21th ASEAN+3 Finance Ministers’ and Central Bank Governors’ Meeting (May 4, 2018, Manila, Philippines)
ASEAN+3 Regional Economic Outlook 2018 - Myanmar Country Chapter and other relevant charts and graphs
"The ASEAN+3 Regional Economic Outlook (AREO) provides a comprehensive assessment of recent developments
and the outlook for the regional economy, taking into account spillovers from the global economy and
inter-linkages in financial markets."
Source: http://www.amro-asia.org/…/AMRO-AREO-Report-2018_Full-Repor…
Media Contact
Huong Lan Vu
Public Relations Officer
+65 6323 9844
vu.lanhuong@amro-asia.org
ASEAN+3 Macroeconomic Research Office
10 Shenton Way, #15-08 MAS Building
Singapore 079117
Tel: +65 6323 9844
Fax: +65 6223 8187
Email: enquiry@amro-asia.org
Vietnam Market Outlook 2021
Agenda:
- Global Outlook 2021
+ Global megatrends 2020-2030
+ Global economics Outlook 2021
- Vietnam Achievements and Rising opportunities
+ Covid-19 has been under control in Vietnam
+ US-China Trade war
+ Vietnam is one of the top destination for foreign investment
+ Increasingly integration into global economy
+ Vietnam economy (Vietnam's economic growth+ GDP per capital increases steady)
+ Vietnam import and export sector (Export and import of Goods in 2020 + Percentage of total import and export turnover of goods in 2020)
+ Vietnam Industrial Production (Index of Industrial Product Growth rate in 2020 compared to 2019 + Productions and Growth rate of key industrial 2020 compared to 2019)
+ Vietnam Foreign direct investment (FDI) in Vietnam
+ Vietnam Logistics
+ Vietnam Infrastructure
+ Vietnam Legal (Changes to the Law on Investment)
+ Vietnam Industrial Property
- Factors for choosing conformity assessment partner
- Introduction of Vinacontrol
- Assessment service for Investment and Manufacturing in Vietnam
[FiinPro Data] Kết quả Kinh doanh Q2 - 2019 FiinGroup JSC
Theo thống kê từ hệ thống FiinPro, tính đến ngày 05/08/2019, đã có tổng cộng 894 doanh nghiệp công bố BCTC (chiếm 89.8% vốn hóa trên 3 sàn). Chúng tôi tiếp tục tổng hợp và cập nhật nhanh kết quả như sau:
Tổng quan: Tăng trưởng doanh thu ở mức 6.7% và lợi nhuận cổ đông công ty mẹ ở mức 10.4% so với cùng kỳ. Tuy nhiên, tính riêng khu vực doanh nghiệp (không tính ngân hàng và bảo hiểm) thì chỉ ở mức tương ứng 4.7% và 4.9%.
Theo ngành: Các ngành có tăng trưởng Lợi nhuận Cổ đông lớn nhất so với cùng kỳ là: Bất động sản (67.1%), Viễn thông (42.1%), Bán lẻ (39.5%), Ngân hàng (25.9%).
Nếu quý khách có nhu cầu download thông tin chi tiết, vui lòng liên hệ với chúng tôi theo thông tin bên dưới để được hỗ trợ thêm:
Hà Nội:
Đỗ Thị Lan
Email: lan.do@fiingroup.vn
Tel: 024 3562 6962 (số máy lẻ: 103)
TP. HCM:
Lý Thị Hiền
Email: hien.ly@fiingroup.vn
Tel: 028 3933 3585 (số máy lẻ: 203)
Based on data from 894/1615 Listed Companies officially announced 2Q2019 business results on 3 Exchanges, (645/766 Companies on HoSE and HNX), we summarized and updated as follows:
Overview: Revenue growth is 6.7% and Total Attribute to parents company’s growth is 10.4% over the same period. However, the rate excluding Banks and Insurance sector are only 4.7% and 4.9% respectively.
By Industry: Sectors with highest Attribute to parents company growth over the same period were: Real Estate (67.13%), Telecommunications (42.11%), Retail (39.52%), Banks (25.9%).
Real estate: After VIC and VHM (accounting for 69% of total real estate capitalization) published their report with the growth rate of Attribute to parents company of 687.5% and 75.3% respectively, The whole real estate industry grew up to 67.1%, on top of the market. If VHM and VIC are not included, the real estate industry has net profit growth of only 24.5% over the same period. In addition, the industry EBITDA also increased by 72.8% over the same period.
Bank: All listed banks published report. Total Attribute to parents company of listed banks announced an increase of 25.9% compared to the same period last year.
Oil and gas: Profit growth was only 8.29% over the same period. The main reason is that PLX (accounting for nearly 72% of the industry's capitalization) slightly decreased by 3.42% of Attribute to parents company compared to the same period.
Insurance: A special case when the largest company in the industry BVH (accounting for over 70% of the industry cap) decreased by 23% compared to the same period, as a result, the industry growth went down from 66.5% to only 12.29%
Retail: Retail sector has impressive growth of 39.52% thanks to major companies like MWG, DGW with high profit growth of 47.44% and 55.1% respectively.
AMRO(ASEAN+3 MACROECONOMIC RESEARCH OFFICE) AND MYANMARMYO AUNG Myanmar
AMRO(ASEAN+3 MACROECONOMIC RESEARCH OFFICE) AND MYANMAR
AMRO focuses on three core functions, namely conducting macroeconomic surveillance, supporting the implementation of CMIM, and providing technical assistance to members:
http://www.amro-asia.org/?s=MYANMAR
http://www.amro-asia.org/curbing-inflation-in-myanmar-the-fiscal-angle/
Curbing Inflation In Myanmar – The Fiscal Angle
Author: Chaipat Poonpatpibul, Lead Economist, and Paolo Hernando, Senior Economist
October 2, 2017 | Blog
ASEAN+3 REGIONAL ECONOMIC OUTLOOK 2018
Resilience and Growth in a Changing World
http://www.amro-asia.org/wp-content/uploads/2018/05/AMRO-AREO-Report-2018_Full-Report.pdf
http://www.amro-asia.org/wp-content/uploads/2017/06/Myanmar_country_report_2017_approved-for-posting.pdf
AMRO Annual Consultation Report-Myanmar - 2017
http://www.amro-asia.org/wp-content/uploads/2018/05/Final-Draft-Joint-Statement-of-the-21st-AFMGM3_FINAL.pdf
The Joint Statement of the 21th ASEAN+3 Finance Ministers’ and Central Bank Governors’ Meeting (May 4, 2018, Manila, Philippines)
ASEAN+3 Regional Economic Outlook 2018 - Myanmar Country Chapter and other relevant charts and graphs
"The ASEAN+3 Regional Economic Outlook (AREO) provides a comprehensive assessment of recent developments
and the outlook for the regional economy, taking into account spillovers from the global economy and
inter-linkages in financial markets."
Source: http://www.amro-asia.org/…/AMRO-AREO-Report-2018_Full-Repor…
Media Contact
Huong Lan Vu
Public Relations Officer
+65 6323 9844
vu.lanhuong@amro-asia.org
ASEAN+3 Macroeconomic Research Office
10 Shenton Way, #15-08 MAS Building
Singapore 079117
Tel: +65 6323 9844
Fax: +65 6223 8187
Email: enquiry@amro-asia.org
Arthur D. Little - Global Automotive Market Report March 2021Fabrizio Arena
Please take a look at our Automotive Market Report – March 2021 with a global market overview and main registrations results in Europe and Italy
Starting from March 2020 sales have been heavily hit by Covid-19 outbreak so, to make figures comparable, this edition of Automotive Report compares 2021 and 2019 data
FiinGroup is pleased to present our intensive report of Vietnam M&A 2019, the 9th issue of this report. This report presents the extensive data mining of M&A deals in Vietnam in the reviewed period, as well as analysis by key investors and industries where we recognize potential investment opportunities in the near future.
The research provides latest information on market activities as well as competition landscape of M&A in Vietnam. Three main segments of M&A categories including (i) Inbound M&A, which is when a foreign company merges with or acquires a domestic company) (ii) Domestic M&A, which is when two domestic companies merge with or acquire other (iii) Outbound, which is when a domestic company merges with or acquires a foreign company. In addition, we provide in-depth review for the 4 outstanding sectors: Real estate, Industrial goods & Services and Food & Beverage and banks and 3 trendy sectors: Health Care, Education and Utilities.
Download pdf here: http://bit.ly/Vietnam_M_A_Research_Report_2019
Arthur D. Little Automotive Report August 2021Fabrizio Arena
Please take a look at our Automotive Report – August 2021 with main registrations results in Europe and Italy
Starting from March 2020 sales have been heavily hit by Covid-19 outbreak so, to make figures comparable, this edition of Automotive Report compares 2021 and 2019 data
Arthur D. Little - Global Automotive Market Report June 2021Fabrizio Arena
Please take a look at our Automotive Report – June 2021 with Global market overview and main registrations results in Europe and Italy
Please note that this issue also includes a Focus on EV Chinese offensive in the European market
Arthur D. Little Automotive report December 2020Fabrizio Arena
Please take a look at our Automotive Report – December 2020 with Global market overview and main registrations results in Europe and Italy
Please note that this issue also includes a Focus on the BEVs impact on After Sales Business
Arthur D. Little Automotive Report October 2021Fabrizio Arena
Please take a look at our Automotive Report – October 2021 with main registrations results in Europe and Italy
Starting from March 2020 sales have been heavily hit by Covid-19 outbreak so, to make figures comparable, this edition of Automotive Report compares 2021 and 2019 data
Automotive industry - Covid19 : How to face the crisis and build the new normalFabrizio Arena
Automotive industry is in the middle of a perfect storm.
We analyzed the current situation and provided useful insight on future scenario, in order to better understand how to face the crisis and build the “New normal”.
Feel free to contact us for any further info.
Vietnam Macro and Stock Market Q4 2015
The Biggest Winner From TPP Trade Deal May Be Vietnam, and one of the most attractive Stock markets.
BIDV securrities
BIDV Securities Company (BSC)
Established on November 26th 1999, BIDV Securities Company (BSC) is honor to become one of the first securities firms in Vietnam. Being a subsidiary of the Bank for Investment and Development of Vietnam (BIDV) – one of the largest four State owned Commercial Banks in Vietnam, BSC inherit both the 50 years of experience in investment, banking, finance and the nation-wide network of enterprises . BSC is ranked number one for bond brokerage BSC is ranked top 7 for stock brokerage
Mr Long Tran Thang proud to work for BIDV Securities Company (BSC) as Head of Research and before that as Deputy head of Investment and analyst since 2007. BIDV Securities Company (BSC) is one of the first securities firms in Vietnam. Being a subsidiary of BIDV – the largest commercial Banks in Vietnam, BSC inherit both the 55 years of experience in investment, banking, finance and the nation-wide network of enterprises.
Mr Long Tran Thang earned an MBA from Solvay Brussels School (ULB) in 2014. Mr Long graduated with BA in Economics from the ANU Australian National University (ANU) and BA in Finance from The National Economics University (NEU).
Arthur D. Little - Global Automotive Market Report March 2021Fabrizio Arena
Please take a look at our Automotive Market Report – March 2021 with a global market overview and main registrations results in Europe and Italy
Starting from March 2020 sales have been heavily hit by Covid-19 outbreak so, to make figures comparable, this edition of Automotive Report compares 2021 and 2019 data
FiinGroup is pleased to present our intensive report of Vietnam M&A 2019, the 9th issue of this report. This report presents the extensive data mining of M&A deals in Vietnam in the reviewed period, as well as analysis by key investors and industries where we recognize potential investment opportunities in the near future.
The research provides latest information on market activities as well as competition landscape of M&A in Vietnam. Three main segments of M&A categories including (i) Inbound M&A, which is when a foreign company merges with or acquires a domestic company) (ii) Domestic M&A, which is when two domestic companies merge with or acquire other (iii) Outbound, which is when a domestic company merges with or acquires a foreign company. In addition, we provide in-depth review for the 4 outstanding sectors: Real estate, Industrial goods & Services and Food & Beverage and banks and 3 trendy sectors: Health Care, Education and Utilities.
Download pdf here: http://bit.ly/Vietnam_M_A_Research_Report_2019
Arthur D. Little Automotive Report August 2021Fabrizio Arena
Please take a look at our Automotive Report – August 2021 with main registrations results in Europe and Italy
Starting from March 2020 sales have been heavily hit by Covid-19 outbreak so, to make figures comparable, this edition of Automotive Report compares 2021 and 2019 data
Arthur D. Little - Global Automotive Market Report June 2021Fabrizio Arena
Please take a look at our Automotive Report – June 2021 with Global market overview and main registrations results in Europe and Italy
Please note that this issue also includes a Focus on EV Chinese offensive in the European market
Arthur D. Little Automotive report December 2020Fabrizio Arena
Please take a look at our Automotive Report – December 2020 with Global market overview and main registrations results in Europe and Italy
Please note that this issue also includes a Focus on the BEVs impact on After Sales Business
Arthur D. Little Automotive Report October 2021Fabrizio Arena
Please take a look at our Automotive Report – October 2021 with main registrations results in Europe and Italy
Starting from March 2020 sales have been heavily hit by Covid-19 outbreak so, to make figures comparable, this edition of Automotive Report compares 2021 and 2019 data
Automotive industry - Covid19 : How to face the crisis and build the new normalFabrizio Arena
Automotive industry is in the middle of a perfect storm.
We analyzed the current situation and provided useful insight on future scenario, in order to better understand how to face the crisis and build the “New normal”.
Feel free to contact us for any further info.
Vietnam Macro and Stock Market Q4 2015
The Biggest Winner From TPP Trade Deal May Be Vietnam, and one of the most attractive Stock markets.
BIDV securrities
BIDV Securities Company (BSC)
Established on November 26th 1999, BIDV Securities Company (BSC) is honor to become one of the first securities firms in Vietnam. Being a subsidiary of the Bank for Investment and Development of Vietnam (BIDV) – one of the largest four State owned Commercial Banks in Vietnam, BSC inherit both the 50 years of experience in investment, banking, finance and the nation-wide network of enterprises . BSC is ranked number one for bond brokerage BSC is ranked top 7 for stock brokerage
Mr Long Tran Thang proud to work for BIDV Securities Company (BSC) as Head of Research and before that as Deputy head of Investment and analyst since 2007. BIDV Securities Company (BSC) is one of the first securities firms in Vietnam. Being a subsidiary of BIDV – the largest commercial Banks in Vietnam, BSC inherit both the 55 years of experience in investment, banking, finance and the nation-wide network of enterprises.
Mr Long Tran Thang earned an MBA from Solvay Brussels School (ULB) in 2014. Mr Long graduated with BA in Economics from the ANU Australian National University (ANU) and BA in Finance from The National Economics University (NEU).
Vietnam Top stocks pick 2019 11.01.2019
Long Tran Head of research
Please feel free to contact me at
E Longtt@bsc.com.vn
P +84 4 39352722 (118)
M +84 906 959 034
S rongbeo
The Wind of Change: Economic and Financial OutlookLatvijas Banka
Presentation by Governor of Latvijas Banka and member of the Governing Council of the European Central Bank Mārtiņš Kazāks during discussion on Latvia's economic developments in Brussels.
This presentation provides an overview of Greek international trade. Included are Greece's top trading partners in goods and services as, well as highlighting the current trade with the Balkans region.
Vinatex slides eng 2014 (vietnam national textile company) IPO by BSCLong Tran
The Vietnam National Textile and Garment Group (Vinatex) (Tập đoàn dệt may Việt Nam) is a large Vietnamese textile company, and one of Vietnam's largest companies overall.[1] The company's 'productive sector' consists of over 50 joint stock companies, and 40 joint venture companies, principally involved in manufacture; other listed company sectors include fashion magazines, fashion design institutes and textile-industry vocational schools, universities, real estate, supper market.[2] Vinatex operates several import-export companies. Company central offices are located in Ha Noi.
151411 acv IPO slide eng (Airports Corporation of Vietnam) IPO by BSCLong Tran
Airports Corporation of Vietnam – JSC (abbreviated as ACV) is a joint stock company operating in the form of parent company – subsidiaries. The company was converted from single-member limited liability Company with 100% State-owned charter capital to a joint-stock company with State-owned controlling stakes pursuant to Decision No.1710/QD-TTg dated 06th October, 2015 of the Prime Minister regarding the approval of equitization plan of parent company - Airports Corporation of Vietnam.
Airports Corporation of Vietnam is operating under parent company – subsidiaries model, managing 22 airports nationwide, of which 7 are international airports: Tan Son Nhat, Noi Bai, Da Nang, Phu Bai, Cam Ranh, Phu Quoc, Can Tho, and 15 are domestic: Buon Ma Thuot, Lien Khuong, Rach Gia, Ca Mau, Con Dao, Phu Cat, Pleiku, Tuy Hoa, Chu Lai, Dong Hoi, Vinh, Cat Bi, Tho Xuan, Dien Bien and Na San; and also providing capital contribution to subsidiaries, joint-venture companies and affiliates.
ACV’s charter capital is 21,771,732,360,000 VND, equivalent to 2,177,173,236 stocks with nominal value of 10,000VND/stock, in which the State holds 95.4% shares, other shareholders hold 4.6%.
A strategy slide presenation of Vietnam's stock makert and Macro economy for 3Q2016. This is a property of BSC (BIDV Securities Company) and presented to Buyside clients by Mr. Tran Thang Long Head of Reseearch.
A strategy slide presenation of Vietnam's stock makert and Macro economy for 4Q2016. This is a property of BSC (BIDV Securities Company) and presented to Buyside clients by Mr. Tran Thang Long Head of Reseearch.
A strategy slide presenation of Vietnam's stock makert and Sectors for 4Q2016. This is a property of BSC (BIDV Securities Company) and presented to Buyside clients by Mr. Tran Thang Long Head of Reseearch.
A strategy slide presenation of Vietnam's stock makert and Macro economy for 4Q2016. This is a property of BSC (BIDV Securities Company) and presented to Buyside clients by Mr. Tran Thang Long Head of Reseearch.
http://www.wsj.com/articles/vietnam-airlines-raises-nearly-52-million-in-ipo-1415955368
HANOI—Vietnam Airlines Friday raised nearly 1.1 trillion dong ($52 million) in its initial public offering, though it failed to attract enough foreign investment, according to a person familiar with the deal.
The company sold all of the 49 million shares offered, representing a 3.48% stake, at an average price of 22,307 dong a share, the bourse said in a filing.
Among buyers were two corporate investors, the company said without elaborating.
A senior official with the bourse said the corporate investors are two local banks, Vietnam Technological & Commercial Joint Stock Bank and The Joint Stock Commercial Bank for Foreign Trade of Vietnam, or Vietcombank.
http://www.wsj.com/articles/vietnam-airlines-raises-nearly-52-million-in-ipo-1415955368
HANOI—Vietnam Airlines Friday raised nearly 1.1 trillion dong ($52 million) in its initial public offering, though it failed to attract enough foreign investment, according to a person familiar with the deal.
The company sold all of the 49 million shares offered, representing a 3.48% stake, at an average price of 22,307 dong a share, the bourse said in a filing.
Among buyers were two corporate investors, the company said without elaborating.
A senior official with the bourse said the corporate investors are two local banks, Vietnam Technological & Commercial Joint Stock Bank and The Joint Stock Commercial Bank for Foreign Trade of Vietnam, or Vietcombank.
“These two investors bought most of the shares offered, helping contribute to the success of the IPO,” the official, who didn’t want to be identified, said.
Vietnam Airlines President and Chief Executive Pham Ngoc Minh in August said the company is speaking to several potential strategic investors to sell a separate 20% stake. The company is expected to hold its first shareholders meeting in March next year, Pham Viet Thanh, the airline’s chairman, said.
The disappointing result comes as investors have been unenthusiastic about Vietnam’s privatization campaign, partly because of a lack of transparency in many state-run companies and the inordinate amount of time it takes for a company’s shares to start trading after going public.
But recently, the government has moved to speed up its reforms of state-owned enterprises, public investment and a banking system burdened by high levels of nonperforming loans in an effort to revive economic growth.
“Privatizing a state-owned company like Vietnam Airlines shows the government’s right direction in restructuring state-owned enterprises to enhance their transparency and efficiency,” Deputy Minister of Transport Nguyen Hong Truong said after the Friday IPO.
Write to Vu Trong Khanh at Trong-Khanh.Vu@dowjones.com and Nguyen Amh Thuat anhthu.nguyen@wsj.com
Discover the innovative and creative projects that highlight my journey throu...dylandmeas
Discover the innovative and creative projects that highlight my journey through Full Sail University. Below, you’ll find a collection of my work showcasing my skills and expertise in digital marketing, event planning, and media production.
As a business owner in Delaware, staying on top of your tax obligations is paramount, especially with the annual deadline for Delaware Franchise Tax looming on March 1. One such obligation is the annual Delaware Franchise Tax, which serves as a crucial requirement for maintaining your company’s legal standing within the state. While the prospect of handling tax matters may seem daunting, rest assured that the process can be straightforward with the right guidance. In this comprehensive guide, we’ll walk you through the steps of filing your Delaware Franchise Tax and provide insights to help you navigate the process effectively.
3.0 Project 2_ Developing My Brand Identity Kit.pptxtanyjahb
A personal brand exploration presentation summarizes an individual's unique qualities and goals, covering strengths, values, passions, and target audience. It helps individuals understand what makes them stand out, their desired image, and how they aim to achieve it.
RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...BBPMedia1
Marvin neemt je in deze presentatie mee in de voordelen van non-endemic advertising op retail media netwerken. Hij brengt ook de uitdagingen in beeld die de markt op dit moment heeft op het gebied van retail media voor niet-leveranciers.
Retail media wordt gezien als het nieuwe advertising-medium en ook mediabureaus richten massaal retail media-afdelingen op. Merken die niet in de betreffende winkel liggen staan ook nog niet in de rij om op de retail media netwerken te adverteren. Marvin belicht de uitdagingen die er zijn om echt aansluiting te vinden op die markt van non-endemic advertising.
Affordable Stationery Printing Services in Jaipur | Navpack n PrintNavpack & Print
Looking for professional printing services in Jaipur? Navpack n Print offers high-quality and affordable stationery printing for all your business needs. Stand out with custom stationery designs and fast turnaround times. Contact us today for a quote!
Attending a job Interview for B1 and B2 Englsih learnersErika906060
It is a sample of an interview for a business english class for pre-intermediate and intermediate english students with emphasis on the speking ability.
What is the TDS Return Filing Due Date for FY 2024-25.pdfseoforlegalpillers
It is crucial for the taxpayers to understand about the TDS Return Filing Due Date, so that they can fulfill your TDS obligations efficiently. Taxpayers can avoid penalties by sticking to the deadlines and by accurate filing of TDS. Timely filing of TDS will make sure about the availability of tax credits. You can also seek the professional guidance of experts like Legal Pillers for timely filing of the TDS Return.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
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2. Content list
2020 year of choice
• Investment themes and comparison vs emerging market
• Macro Economy update
• Key takeaway
• Macro ratio
• Stock market update
• Key takeaway
• Fearless forecast
• Sector performance update
• Key takeaway
• Sector rating
2
3. Vietnam & Emerging Market (yoy)
Source: Black Rock Nov 2019
Global Market:
• Slow growth
• Dovish Central Banks
• Longest expansion
Emerging Market:
• China & EM Slowdown
• China debt blow up
• Arabic, Corona
Political risk:
• Trade war (US, China, EU)
• US election 2020/VN election 2021
• Brexit (03/2020)
3
5. Macro economy Update: Key take away points
Source: BSC, data update Nov 2019
2019: Vietnam reach GDP 7.02% YoY, with lower credit growth, FDI growth
Pros: Total GDP $328 bil - adjusted (rank 41th after + 25.4%); foreign reserve rise to
USD ~79 billion (rank 31th > Denmark ,Sweden, Australia); state budget surplus ~ $ 4
billion, Export +8.1% yoy, import up +7%, net export USD 9.9 billion, USD/VND -0.98%
(yoy),
Cons : State own enterprise restructuring, fiscal deficit, Gov spending slowdown
(62.9% plan, slowest in 4 years), FDI disbursed +6.7%; PMI (51 vs 53.9 last year), FDI
register is going down, and no big project, Credit grow +13% (vs 12.5% 12M2018,
target 14%), average CPI 2019 2.79% compared to 2018, Dec 2019: 5.23% compared to
Dec 2018.
Factors to watch in 2020: Trade war, Covid-19, Monetary policy (FED), China, OPEC, Gov
spending, Exchange rate and interest rate
5
7. Macro economy Update: CoronaVirus
Vietnam GDP 2020 grow fall
• Good case: -0.63% -> GDP 6.17%
• Bad Case: -0.71% -> GDP 6.09%
Vietnam supporting policies:
• Monetary: cut interest rate
• Fiscal: G spending + tax reduction
Source: BSC
Forecast Before Corona Forecast After Corona ± Change
Q1.2020 2020 Q1.2020 2020 Q1.2020 2020
ANZ 5.9% 5.8% 5.0% 5.8% -0.90% 0.0%
Citi 5.8% 4.8% 5.5% -0.3%
Economist Intelligence Unit 5.9% 4.9-5.4%
Macquarie 5.9% 5.9% 4.0% 5.6% -1.90% -0.3%
Mizuho 5.9% 5.6% -0.3%
Moody's 5.8% 5.8% 0.0%
Natixis 5.7% 5.5% -0.2%
Vanguard 5.8% 5.8% 0.0%
UBS 6.0% 5.5% -0.5%
Bloomberg Economics 5.9% 4.5% 5.7% -0.2%
IHS Markit 5.8% 4.7% -1.1%
Oxford Economics 5.6%
JP Morgan 6.3% 5.9% 4.9% 5.8% -1.40% -0.1%
Average 6.0% 5.9% 4.6% 5.6% -0.30% -0.3%
China GDP grow could fall:
• Good case: -0.5%
• Bad case: -1%
Vietnam and China:
• Trade: import + export $116 billion
• China tourist: 5,8 million (32%)* $1,028 spending on average
• FDI register China + HongKong: $5.1 billion
7
8. Macro economy Update: CoronaVirus
Source: BSC
0
500
1000
1500
2000
2500
3000
3500
4000
4500
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
50,000
AxisTitle
Tong người nhiễm (Cột trái) Tăng thêm hàng ngày (cột phải)
CoronaVirus Peak:
• Zhong Namshan: peak 31-13 / 2/2020, at 4000 new cases/day and the total infected size is about 60,000 people
• The most pessimistic forecast of Johnathan Read, Lancaster University: The peak epidemic forecast is on 31-29 / 2/2020, the highest
new cases 12,000/ day and the total infected size is about 240,000 people.
• BSC: Covid-19 can be contained by Late April 2020
8
9.
10. Stock Market Update: Key take away points
• 2019: Vnindex end +7.67%. Market cap $149 billion ~ 60% GDP (73% GDP if count Upcom),
New listing stocks: TCB, VHM, bond (20.3% GDP, $200 million/day). P/E @ 15.83x slightly
higher than 5 year average 15.67x, and likely to fall below 5 year average after Q4’s business
result be announced.
• 2020
• EPS: 10% BSC’s view vs 11.3% in peers view
• Base case P/E 15.67x (average 5 year) -> Vnindex 1014-1035 (+5-7%)
• Best case: P/E 18.04 (+1 Sd) -> Vnindex 1170-1195 (+21% - +23%)
• Worst case: P/E 13.31 (-1 Sd) -> Vnindex 857-875 (-11% - 10%)
• Factors to watch: global (trade war, China, oil, FED, ECB, US market); Vietnam (interest rate,
FDI, Gov spending, CPI), new listing stock and IPO
• Corona could affect the growth of Earning in 2020 10
14. Fearless forecast 2020: Valuation
Source: BSC
Vnindex vs EM, FM and Global market (ytd %) Vnindex P/E vs Asia markets
Now on
Sale at
trailing
14.6x
14
16. Vietnam: Divest from the peers
• Policies change: New Securities law 2021-> easier for FOL apply, Covered warrant, ETF, Futures
• Upgrade to Emerging market: (1) 2021 or (2) 2022 -> foreign Inflow and Valuation rerate
• New products: CW, Vndiamond, VN Fin lead, Vnfin select, VN600/100
• The IPO process : many big SOE waiting for the IPO (Agribank, VNPT, Mobifone, Genco 1,
Genco 2, Satra, HUD, Vicem, Hanoi Tourist). Divestment : slower in 2020, and several fail deal
(DRC, SFG,…)
• Listing: All the remained OTC Banks
• Supporting policies (due to CoronaVirus)
• Merge HSX, HNX: When? -> Valuation rerate for large cap in HNX, Upcom
Global factors:
• Recession: Longest expansion ever?
• China: Economy slowing down, huge leverage and trade war tension
• Geopolitical: Election year in the US, VN; Brexit (EV-FTA), Iran
• Covid-19:
Source: BSC
Stock market 2020: what to watch
16
17. Stock market 2020: Upgrade to Emerging 2021
Saudi Arabia Case: From Frontier to Emerging market
Source: Bloomberg, BSC
FII in Asian Countries 2018-2019
New Securities
Law
11/19 05/20 03/21 06/21 03/22 06/22
MSCI include
Vietnam in
watchlist
MSCI include
Vietnam
Officially
FTSE include Vietnam OfficiallyFTSE review Vietnam
MSCI include
Kuwait
17
21. Stock market 2020: Year of choice IPO
• The State will only maintain its holdings in strategic sectors such as national
defenses, railways, posts, lottery, money & gold production, etc.
After this wave there will be no more BIG IPO
2017
991/TTG list IPO 2017 – 2020
1232/QD-TTg List Divestment 2017-2020
Why ?
2017
50/135 companies
IPO and divest
2018
39/181 companies
IPO and divest
Total No. of SOEs
12/2019
13/62 companies
IPO and divest
2017
167/ND-TTG State asset
126/ND-TTg Joint stock Companies
2018
32/ND-TTG State asset and capital
2019
26/ND-TTg List IPO 2020211
26. Risks to watch
Political risk
• China – VN relation (SEA)
• Vietnam’s next party leader term (2021) and US election 2020
• Vietnam anticorruption (2020)
Trade
• US on fake “Made in Vietnam” labelled goods (seen as back door for China)
• Vietnam ranks 6th for most goods surplus to US (44bill, 2.7% GDP)
• Rating from Moody (BA3) outlook negative
Source: BSC 266
29. Vietnam 2020 - 2030
104 million people
GDP per capital 6,500 USD
GDP 670 billion USD
GDP growth 5.6% - 7.5%
Urbanization 45%
Middle Class 52%
Tourism: 30-32 million Visitiors
10 Billion Market cap in Tech & IT
G5 Telecom (2G:1993-2022, 3G:2009-2025?, 4G:2016-?)
No motor bike in Hanoi
299
34. Backup slide: OTC Bank
Source: BSC
• 2.1 billion USD Charted Capital
• 115 billion USD Total Asset
Banks Charted Capital
(billion VND)
Total Asset
(billion VND)
Agribank 30,496 1,353,171
SCB 15,232 552,548
Seabank 9,369 152,559
PVCombank 9,000 151,738
MSB 11,750 148,342
OCB 6,599 106,413
VietA 3,500 72,680
Baoviet bank 3,150 53,663
Viet Capital bank 3,171 48,019
PG Bank 3,000 30,940
Saigonbank 3,080 22,077
DongA Bank 5,000
Ocean Bank 4,000
GP Bank 3,018
CB Bank 3,000
Banks under
special control
34
36. Backup slide: Macro
Source: BSC
0
50
100
150
200
250
Frequency
Bin
Histogram: Vnindex daily
The change that Vnindex drop more than -3.3% day like in 30/01/2020 is 0.75% in
the last 6 years -> opportunities for longterm investors
38
40. Backup slide: What kind of companies to divest?
• The State will only maintain its holdings in strategic sectors such as national
defenses,, railways, posts, lottery, money & gold production, etc.
After this wave there will be no more BIG IPO
2011-2015
499 SOEs
Expected 2016-2020
250 – 280 SOEs
No. of equitized SOEs
2001
6,000 SOEs
2016
718 SOEs
Total No. of SOEs
Expected 2020
200 SOEs
40