Vietnam Daily Market Recap January 6, 2025

Stocks slump, led by F&B, industrials

The VN-Index opened higher on Monday morning but quickly lost momentum in the afternoon, ending the day down 0.6% at 1,246.3 as cautious investor sentiment overshadowed positive GDP figures. Total trading value dropped by 0.4% compared to last Friday, settling at VND13.6tn (USD539.5mn). Meanwhile, the HNX-Index experienced a consistent decline throughout the session, closing 1.2% lower at 222.9.

Most sectors slid today, led by Food & Beverages (-1.1%), Industrial Goods & Services (-0.9%), Utilities (-1.0%), Basic Resources (-1.4%), and Financial Services (-2.0%). The only sectors that rose were Banks (+0.2%) and Technology (+0.1%).

Viettel stocks, including CTR (+1.5%), VTK (+2.2%), and VTP (6.9%), rose after Viettel Group announced pre-tax profits of VND51tn (USD2.0bn) in 2024, a YoY increase of 11.3%, exceeding 111% of its annual plan. Consolidated revenue grew 10.3% YoY to VND190tn (USD7.4bn), marking the highest growth rate in the industry. VTP, in particular, hit its ceiling price today, likely driven by seasonal growth in e-commerce ahead of the Lunar New Year, which has boosted demand for delivery services. According to the Ministry of E-commerce and Digital Economy’s January 3 report, Vietnam’s e-commerce market expanded 20% YoY and accounted for 9% of total retail sales in 2024. Additionally, the removal of VAT exemptions for imports under VND1.0mn (USD39.9) has shifted consumer demand toward domestic products, benefiting local logistics players like VTP.

Foreign investors net bought VND116.0bn (USD4.5mn) today after last week’s heavy selling. Buying momentum focused on STB (VND83.3bn, USD3.2mn), VTP (VND47.8bn, USD1.8mn), DHT (VND32.6, USD1.2mn), and VGC (VND28.3, USD1.1mn). Foreign investors sold HPG (VND38.9bn, USD1.5mn), VNM (VND37.9vn, USD1.4mn), and GMD (VND27.0bn, USD1.0mn). 

Top market laggards included GVR (-2.9%), MSN (-3.5%), HPG (-2.0%), and HVN (-4.2%). Top market performers were VCB (+0.9%), BID (+1.5%), and VTP (+6.9%).

Read the full report: HERE