Vietnam Daily Market Recap February 03, 2025 – PVS, VIB, MBB, SAB, DXG, CTG, IDC, BID Earnings

Stocks slump, led by banks, technology

The VN-Index kicked off the new lunar year on a negative note, opening sharply lower in the morning session amid concerns over President Donald Trump’s newly signed tariff orders targeting Canada, Mexico, and China (see our macro notes). The downward momentum persisted throughout the trading day, with the index closing down 1% at 1,253. Total trading value increased 15.4% compared to the last trading session before the week-long Tet holiday to VND13.9tn (USD549.2mn). In contrast, the HNX-Index rose today, closing up 0.2% at 223.5.

The leading decliners today included sectors such as Banks (-1.2%), Technology (-4.7%), Telecommunications (-4.4%), Financial Services (-1.0%) and Food & Beverage (-0.9%) . In contrast, Goods & Services (+0.4%), Chemicals (+0.8%), Oil & Gas (+0.7%) and Travel & Leisure (+0.7%) gained today.

FPT (-5.2%) led the Technology sector’s decline today following news of a new AI tool from China. Specifically, DeepSeek, a low-cost artificial intelligence (AI) model from China, has quickly drawn global investor attention. Its emergence immediately triggered a sharp sell-off in major tech stocks, including NVIDIA, Microsoft, and Alphabet (Google’s parent company). Recently, FPT has established deep collaborations with NVIDIA and was expected to benefit significantly from the rapid global AI expansion. However, DeepSeek’s arrival has cast a shadow over these prospects, raising concerns about the AI sector’s valuation and intensifying competition.

QCG (+6.7%) hit its price ceiling today after reporting impressive 4Q24 earnings. Quarterly revenue reached VND486bn (USD19.2mn), tripling year-over-year, while gross profit surged fourfold to VND157bn (USD6.2mn). As a result, QCG posted a net profit of over VND62bn (USD2.4mn), marking a 300% increase compared to 4Q23. For the full year 2024, net revenue totaled VND729bn (USD28.8mn), up 68.7% YoY, while net profit soared more than 22 times to VND72bn (USD2.8mn). In terms of its annual targets, Quốc Cường Gia Lai has achieved 56% of its revenue goal and 88% of its profit target. The company recorded positive operating cash flow in 2024, a significant improvement from the negative figure in the previous year.

Foreign investors net sold today (VND1.46tn, USD57.7mn). The most sold stocks were FPT (VND508.1bn, USD20.1mn), VNM (VND315.3bn, USD12.5mn), VND (VND78.6bn, USD3.1mn) and MWG (VND75.9bn, USD3.0mn). Conversely, they bought MSN (VND29.0bn, USD1.1mn) and VGC (VND28.3bn, USD1.1mn).

Top gainers today included GVR (+1.6%), HVN (+2.8%), and BSR (+2.0%). Top laggards included FPT (-5.2%), VCB (-1.1%), and BID (-1.5%).

Read the full report: HERE