Vietnam Daily Market Recap February 04, 2025 – BAF, PVD,… Earnings Flashes, Coverage Report

Stocks jump, led by banks, industrials

The VN-Index opened higher on Tuesday following positive news that US President Trump had postponed tariffs on Mexico and Canada. The upward momentum was sustained throughout the session, and the index closed up 0.9% to 1.264,7. Market liquidity also improved, with total trading value increasing by 1.9% to VND13.1tn (USD520.9mn). The HNX-Index also rose today, closing up 1.4% at 226.6.

Most sectors posted gains today, with notable outperformers including Banks (+1.2%), Industrial Goods & Services (+1.5%), Basic Resources (+2.9%), Financial Services (+2.3%) and Construction & Materials (+1.0%) . In contrast, Travel & Leisure (-0.1%), Retail (-0.1%) and Media (-0.9%) dropped today.

The Public Investment and Construction sector saw strong gains today, with standout performers including CTD (+7.0%), HBC (+4.8%), KSB (+4.7%), HHV (+2.0%), and VCG (+2.0%). This positive momentum comes as the Ministry of Transport (MoT) accelerates the disbursement of public investment for 2025. During a meeting on February 3, Minister Trần Hồng Minh emphasized the sector’s substantial workload for the year. Specifically, the road sector aims to complete 3,000 km of expressways, while the railway sector plans to commence construction on the Lào Cai – Hanoi – Hai Phong line and explore investments in additional routes. Meanwhile, the Long Thành International Airport project is expected to be largely completed in accordance with the Prime Minister’s directive.

The Financial Services sector saw a strong uptick today, driven by notable performers such as VND (+6.9%), SHS (+7.0%), SSI (+2.0%) and HCM (+2.1%). These stocks led the sector’s growth, benefiting from a favorable market environment and positive investor sentiment. The rally reflects increasing confidence in the broader financial market, as investors anticipate growth in 2025. This surge comes amid expectations of continued strong performance from the financial services industry, supported by solid economic fundamentals.

NVL (+5.5%) rebounded strongly after a prolonged downtrend, following news of its early bond buyback activity. According to the Hanoi Stock Exchange (HNX), Novaland (HOSE: NVL) repurchased 15 bond tranches ahead of maturity, totaling VND5.1tn (USD202mn) on February 4, 2025. Earlier, on January 6, 2025, Novaland had completed the early buyback of five NVL2020 bond tranches worth VND1.6tn (USD61mn). This brings the total number of early repurchased NVL2020 bond tranches to 20, with a combined value of VND6.7tn (USD265mn). The company now has only one remaining bond tranche worth VND340bn (USD13mn) left to repurchase. Regarding its 2024 business performance, Novaland recorded revenue of VND9.1tn (USD359mn), a 90% YoY increase. However, this figure represented just 28% of its annual revenue target. After deducting expenses, the company posted a record net loss of VND6.4tn (USD253mn) in stark contrast to the VND605bn (USD24mn) profit recorded the previous year.

Foreign investors net sold VND995bn (USD39mn) today. The most sold stocks were VNM VND306bn (USD12mn), LPB VND248bn (USD10mn), and FPT VND159bn (USD6mn). Conversely, they bought HPG VND45bn (USD2mn) and CTG VND29bn (USD1mn).

Top gainers today included CTG (+3.6%), HPG (+1.7%), and TCB (+1.7%). Top laggards included VHM (-0.6%), VNM (-0.5%), and FRT (-1.8%).

Read the full report: HERE