04-09-2026VNINDEX1853.0825.361.39% HNXIndex282.530.290.10% UPCOM127.940.160.13% VN301984.8923.321.19% VN1001894.9320.731.11% HNX30458.43-0.98-0.21% VNXALL2932.4930.261.04% VNX503326.8341.711.27% VNMID1952.35-4.42-0.23% VNSML1251.81-2.28-0.18% The picture of Vietnam's water supply and clean water treatment industry
30-07-2026
: BWE, REE
: Utilities
: VDSC
Tags: REE BWE
- We expect clean water consumption to continue to maintain sustainable growth momentum in the long term, thanks to (1) growth in industrial production demand, (2) the trend of population urbanization, and (3) the trend of universalization of the use of clean and treated water in rural areas.
- The State has issued a water selling price mechanism, creating a basis for local governments and water supply companies to adjust selling prices based on production costs, normative profit levels, and customer structure.
- The outlook for the water sector in Vietnam is supported by stable demand, declining water loss rates, and strategic differentiation among business groups. In particular, multi-local water supply companies such as BWE and REE focus on expansion through M&A, while urban water supply companies such as Sawaco prioritize modernizing water supply systems.
Plastics Industry 1H2026: Key Players Thrive Despite Falling Demand
29-07-2026
: BMP, NTP
: Materials
: VDSC
Tags:
- Declining Output, Market Concentration: Total Q2/2026 consumption dropped to 77,000 tonnes (-24% YoY), bringing 6M2026 volume to 170,000 tonnes (-8% YoY). Industry leaders continued to gain market share (NTP +3 pps, BMP +1 pps).
- Narrowing Profit Margins: High 6M2026 margins—driven by low-cost inventory—are expected to shrink in 2H2026. PVC resin prices are projected to trade in a tight range of 750–800 USD/ton.
- 2H2026 Demand Outlook: Consumption is forecasted to remain flat or improve slightly, buoyed by (1) recovering civil construction (notably in the South) and (2) product expansion into infrastructure projects.
E10 Gasoline: The Ethanol Value chain and companies to watch
28-07-2026
: BSR, PLX, OIL
: Petroleum Distribution
: VDSC
Tags: PLX OIL BSR
- The rollout of E10 gasoline is an important step in Vietnam’s energy transition. It aims to improve energy security, support the development of the biofuel value chain, and reduce carbon emissions. At present, domestic ethanol production can only meet part of the expected demand when E10 is nationwide rollout. This creates opportunities to restart existing ethanol plants but also means that Vietnam will still rely heavily on imported ethanol in the early stage.
- The main value of the E10 supply chain is concentrated in two key segments: ethanol production and blending infrastructure. Among listed companies, BSR is well positioned as it participates in multiple stages of the value chain, while PLX and OIL benefit from their nationwide storage, blending, and distribution networks.
- From an investment perspective, E10 is unlikely to significantly increase total gasoline demand. Instead, it is expected to redistribute value across different parts of the supply chain. The opportunity will depend on the pace of the E10 rollout, the expansion of domestic ethanol supply, and the economics of blending operations.
SAB – 2Q25 earnings were flat year-on-year despite a favourable summer event season
27-07-2026
: SAB
: Food, Beverage & Tobacco
: VDSC
Tags:
- Despite 2Q26 coinciding with the FIFA World Cup - a quadrennial event that typically supports beer consumption, SAB delivered broadly flat results. Net revenue reached VND 6,888bn (+1.2% YoY, on a low base), while 2Q26 NPAT-MI declined 3.4% YoY to VND 1,167bn. We believe SAB significantly increased spending on advertising and promotions (A&P) during the peak season (+25.9% YoY), but these efforts have yet to stimulate demand and drive volume growth as expected. The main positive was continued support from lower input costs, backed by its 2026 aluminum can hedging and lower malt prices.
- Overall, SAB's 2Q26 earnings were below our expectations for what should have been a seasonally strong quarter. Now that the year's key demand catalysts (Lunar New Year and the World Cup) are behind us, beer stocks may lack meaningful near-term catalysts. Meanwhile, market focus is likely to shift toward 2027, when the first phase of the special consumption tax increase will take effect, potentially weighing on the industry's medium-term growth outlook.
- That said, SAB's valuation remains attractive. The stock is trading at a trailing P/E of 12.3x and a 2026F P/E of 11.8x, which is below both its five-year median of 14.9x and the industry average of 15.0x. Together with our expectation of earnings recovery in 2026, SAB continues to offer an attractive investment profile, supported by substantial remaining foreign ownership room (41.4%) and a stable cash dividend policy (~10.6% dividend yield). We are currently reviewing our forecasts and target price and will provide an update in our next report.
LHG – Stable financial performance in 1H2026
24-07-2026
: LHG
: Industrial Land RE
: Thach Lam Do, CFA
Tags: IP
- 1H2026 Financial Results: LHG recorded stable financial performance aligned with expectations during the first 6 months of 2026, posting net revenue and NPAT of VND 365 billion (-20% YoY) and VND 187 billion (-6% YoY), respectively. Among these, ready-built factory (RBF) leasing continued to serve as a reliable source of steady cash flow, alongside land lease revenue recognized from Plot 3G-1 in the Long Hau 3 Industrial Park.
- On the asset side, inventory remained stable at VND 824 billion, primarily concentrated in investment costs for Long Hau 3 IP, while land use fees for the LH3 residential and resettlement area (~13 hectares allocated in June) remain unpaid. The balance of customer prepayments decreased to VND 8.4 billion, reflecting a lack of notable new land tenants as of late June 2026.
TRC – Business Results Q2/2026: Siem Reap Farm enters the stage of comprehensive exploitation
23-07-2026
: TRC
: Chemicals
: VDSC
Tags: TRC
- In Q2/2026, TRC recorded revenue of VND 127.05 billion (-53.9% QoQ, -3.8% YoY) and NPAT-MI of VND 42.04 billion (-57.8% QoQ, +20.6% YoY).
- Siem Reap Farm (6,421 hectares, Cambodia) officially reached 100% of the area at the exploitation age from 2026 (compared to 81.3% in the 2023-2025 period), pushing the consumption output in Q2/2026 to increase by +20.1% YoY.
- Although the average selling price of rubber latex decreased from 55-57 million VND/ton to 50-52 million VND/ton in 6M2026, the increase in consumption from Siem Reap Farm and the remaining inventory largely offset the impact of the price downturn, helping the accumulated revenue in 6M2026 increase by 12% YoY.
FMC – Business results Q2/2026- Declining selling price of raw shrimp promotes growth
22-07-2026
: FMC
: Fishery
: VDSC
Tags:
- FMC’s net revenue Q2/2026 reached VND 1,675 billion in Q2/2026 (-11% YoY), primarily due to an 11% decline in the shrimp segment. Shrimp consumption volume reached 4,491 tons (-8% YoY), while the average selling price decreased slightly by 3% to VND 334,000/kg. The sharp drop in volume resulted from the company’s strategy to limit exports to the US while awaiting the final results of the POR20 anti-dumping duty review.
- On a positive note, the gross profit margin improved significantly to 15.0% (+ 444 bps YoY), driven by the shrimp segment’s margin rising from 9.8% to 14.1%. The improvement in shrimp margin was due to raw material prices declining faster than selling prices (-17% vs -3% YoY). The SG&A expense/revenue ratio increased slightly to 7.3% from 6.9% due to lower revenue, but net financial income rose 32% YoY thanks to a 211% surge in interest income from deposits, while interest expenses only increased 45% YoY. As a result, NPAT-MI grew strongly by 93% YoY to VND 155 billion.
- In the first six months of 2026 (1H2026), net revenue reached VND 3,073 billion (-21% YoY), mainly due to an 18% YoY decline in shrimp volume. However, thanks to effective cost control, the gross profit margin improved to 11.4% (+307 bps YoY), driving NPAT-MI up 78% YoY to VND 196 billion.
- These results represent 38% of the company’s full-year revenue target and 50% of the profit target, equivalent to 36% and 51% of our previous forecasts, respectively. We expect to make a slight downward adjustment to our 2026 revenue forecast but maintain the NPAT-MI projection at VND 384 billion (+10% YoY). We anticipate that gross margin improvement — rather than revenue growth — will be the main driver from Q3/2026 onward, as the company awaits the final decision on the POR20 anti-dumping duties.
- We maintain our ACCUMULATE recommendation on FMC stock with a short-term target price of VND 38,800 per share.
Macro Update: Strong growth, but balancing interest rates and exchange rates is the bottleneck that needs to be resolved
21-07-2026
: VDS
: Macroeconomics
: VDSC
Tags:
- Growth remains high, driven by FDI. GDP in the second quarter grew by 8.39%, with industrial production and exports continuing to be led by the FDI sector. Meanwhile, total retail sales increased by 12.9% at current prices but only by 7.3% after excluding price factors, indicating that real purchasing power has not yet broken through proportionally. The average CPI for the first six months was 4.38%, leaving limited room for inflation control in the second half of the year.
- Investment (including private investment, FDI, and the public investment) has become a pillar of growth and a crucial source of additional liquidity. Public investment disbursement accelerated significantly in June, bringing the cumulative value for the first six months to VND 356.9 trillion, equivalent to 35.5% of the plan. In the context of weak consumption and a shift towards a trade deficit, investment is expected to be the main driver of growth in the second half of the year.
- Banking system liquidity is the bottleneck determining the outlook for interest rates and exchange rates. Credit growth is outpacing deposit growth, and greater reliance on short-term funding in the interbank market is increasing maturity mismatches. Therefore, interest rates are unlikely to drop sharply in the second half of the year. Meanwhile, the exchange rate is currently supported by the VND–USD interest rate differential and FDI inflows; however, if public investment disbursement is strong and the dollar strengthens, it will still exert pressure on the exchange rate in the second half of 2026.
FPT – Continuing the story of business model transformation towards AI-intensive adoption
20-07-2026
: FPT
: Technologies
: VDSC
Tags: FPT
- FPT recorded improved Q2-2026 performance with net revenue reaching VND 13,789 bn (+16.4% YoY) and NPAT-MI at VND 2,568 bn (+13.8% YoY). These results were in line with our expectations, driven by sustained strong growth in IT consulting services, particularly in the Japanese and U.S. markets. Although AI/Data analytics posted high growth (+46.6% YoY, reaching VND 1,108 bn in the quarter), this was mainly due to a low base and has not yet made a significant contribution to the segment’s revenue (accounting for only 11% of IT consulting revenue). Growth remains constrained by infrastructure readiness, unclear investment returns, and concerns over data security and information protection.
- FPT is currently trading at a trailing PE of 11.9x and a forward 2026F PE of 10.5x, both below its 5-year historical average of 18.6x and significantly lower than peers in India (above 20.0x). We believe the standout investment thesis for FPT in the coming period revolves around the recovery in new contract signings (backlog) from the second half of 2025 onward, particularly from the Asia-Pacific region (20-25% of FPT’s IT consulting revenue). These contracts are expected to gradually convert into actual revenue in the second half of 2026 as sentiment toward digital transformation improves following de-escalation in the Middle East conflict.
- Nevertheless, we do not favor the IT consulting sector in the second half of 2026, as there is limited potential for profit growth to return to historical levels (above 20% per year), and investor sentiment remains subdued amid global IT services stocks repeatedly hitting 5-year lows, with Indian peers (TCS, Infosys, Wipro) trading at 13-14x PE and U.S. peers (Accenture, EPAM) at 11-13x PE — levels consistent with FPT’s current and forward 2026F valuations. We note that PEG (Price/Earnings to Growth) ratios for most Indian software services companies (Infosys, Tata Consultancy, HCL Technologies, Wipro) and FPT itself have adjusted downward to 0.8-1.0x, in line with their projected EPS growth outlook for 2026-27.
Aviation – Update on air cargo transport developments in the first half of 2026
17-07-2026
: SCS
: Aviation
: VDSC
Tags:
- In 5M2026, global air cargo demand, measured by Cargo Tonne-Kilometres (CTK), grew by 4.1% YoY. Market performance showed divergence: Asia-Europe and intra-Asia routes continued to grow strongly, while the Middle East saw a severe decline due to the US-Iran conflict.
- In May 2026, average freight rates increased by 38% year-on-year, driven by (1) rising jet fuel costs and (2) demand growth outpacing transport capacity.
- In 1H2026, Vietnam’s air cargo volume reached 920,000 tonnes (+13% YoY), concentrated in high-tech goods such as computers, phones, and electronic components.
- In Q2-FY26, SCS's cargo volume moved against the general national trend, reaching only 62 thousand tonnes (-8% YoY) due to the impact of two major Middle Eastern clients, Emirates and Qatar Airways.
Growth potential from enhanced execution of the Financial Group model
16-07-2026
: HDB
: Banking
: Trang To
Tags:
- HDB is gradually expanding its presence in key financial sectors through investments and increasing ownership in subsidiaries, thereby forming the HD Financial Group model. The process of perfecting the Financial Group model has taken place concurrently with the improvement in HDB's scale and operational efficiency during the 2020-2025 period. Accordingly, the 5-year compound annual growth rate (CAGR) of total assets reached 24%, and ROE has been maintained above 20%, placing it among the leaders in the system.
- In the long term, the HD Financial Group model still has significant room for growth, based on the potential to (1) expand the scale of operations of subsidiaries and (2) develop an embedded finance platform.
Introduction About F88 Ahead of Its Public Offering and Transfer to the HOSE Listing
15-07-2026
: VPB, MBB, HDB
: Financial Services
: Tung Do
Tags:
- Solid industry-leading position: F88 is the only listed company in Vietnam's alternative lending sector, holding approximately 85% market share among next-generation pawnshop chains, with nearly 972 transaction offices nationwide (as of June 2026) and a high ROE (~38% at end-Q1 2026).
- The public offering is a strategic stepping stone toward an HOSE listing: F88 is offering more than 22 million shares at VND 71,000 per share (raising ~VND 1,564 billion), below the market price at the time of announcement — though the gap has narrowed following a recent share-price correction (VND 74,700/share as of July 15, 2026). The primary purpose is to satisfy the exemption from the minimum UPCoM trading-period requirement in order to transfer the listing to HOSE within 2026, as well as to reduce the cost of capital.
- F88's P/B valuation on UPCoM has been highly volatile: it traded steadily around 4.0–4.5x through the second half of 2025, then surged to a peak of ~11.2x in late January 2026 amid the capital-raising/HOSE-transfer narrative, before correcting and trading sideways around the 6.0x range from March 2026 to the present. As of July 15, 2026, the market P/B stood at 6.1x. The recent share-price correction has narrowed the discount between the PO price and the market price at the time of announcement — F88's market price (VND 74,700/share as of July 15, 2026) is now quite close to the public offering (PO) price of VND 71,000/share, corresponding to a pre-money P/B of ~5.8x. Should the offering be completed successfully, the post-money P/B valuation would fall to approximately 4.0x.
30-07-2026
108 
