Research Center

Manufacturing dropped to record low in March and automobile manufacturers halted production since late-Mar. Other key export sectors to face strong headwinds from 2Q20, but there are still some shining lights Manufacturing sector showed a significant slowdown in both consumption…

Ho Chi Minh City (HCMC) residential market (RE) was sluggish in 2019 with new condo supply falling 13.3% yoy and sales volume contracting 3.9% yoy. Hanoi residential market saw new condo supply hitting a five-year high, rising 21.9% yoy to…

Vietnam’s industrial property (IP) sector still enjoys healthy growth on the back of solid positive economic outlook and manufacturing diversion. We see two trends in the sector: 1) ready-built factory (RBF) leasing is becoming the new profit growth engine of…

Good news is Vietnam gained market share in the U.S amid trade war tension, but more pain than gain. Listed T&A companies had a lacklustre performance in 9M19. In 9M19, only a few large listed T&A companies in our observation…

In 3Q19, new supply volume for the Ho Chi Minh City (HCMC) condo market surged 107% yoy thanks to the Vinhomes Grand Park project. Meanwhile, Hanoi experienced sustainable growth in supply and transactions in both the condo and ready-built house…

In 1H19, Hanoi market outperformed Ho Chi Minh City in terms of transaction volume, thanks to better supply of new large-scale projects. We expect the condo sales volume in HCMC to rise in 2H19F, supported by the successful launch of…

We expect Vietnam banks to achieve 14-15% credit growth in 2019-20F. We see modest net interest margin (NIM) expansion in 2019F due to rising funding costs while non-interest income (non-II) should remain robust. We are Neutral on the sector but…

In FY21, the bank sets targets of VND7,510bn (+29.4% yoy) in terms of profit before tax and 31.0% credit growth. We expect EPS to grow 18.9% CAGR over FY21-23F on a higher NII growth boosted by retail lending expansion, improved…

Textile and Apparel (T&A): A vertically integrated industry that will strongly benefit from growing trade ties and escalating US–China trade war. A host of external factors will support the continued growth of Vietnam’s T&A export industry. Vietnam’s apparel retail market…

We expect a VAT policy amendment in 2018F or 2019F to boost industry sentiment and lift the fertiliser producers’ gross margins from 2019F onwards. We project 2018-20F demand growth to return to the historical rate of 2-3% as the sector…