Vietnam Daily Market Recap January 23, 2025 – ACB, PNJ, QNS, VPB Earnings

Stocks jump, led by financials, banks

The VN-Index opened higher today and sustained its positive momentum throughout the session, closing with a gain of 1.4% to 1,259.6. Trading value surged today, reaching VND11.9tn (USD473.5mn), up 28% compared to the previous trading session. Similarly, the HNX-Index also gain 0.9% to 222.7

Most sectors rose today, led by Banks (+1.8%), Financial Services (+2.7%), Industrial Goods & Services (+1.4%), Basic Resources (+1.9%) and Technology (+2.8%). In contrast, sectors that lost today included only Telecommunications (-0.9%) and Media (-0.7%).

The Banking sector led the market’s rally today as commercial banks continued to announce strong earnings results. The banking sector overall showed strong profit growth, with most banks reporting increases in PBT ranging from 20% to 85%, highlighting the sector’s robust performance. Among them, BVB (+2.5%) stood out with an exceptional 443% YoY surge in PBT, marking the highest growth in the sector. In contrast, ACB (+1.8%) reported more modest PBT growth of just 5%, reflecting a relatively subdued performance compared to its peers.
Financial Services also posted strong gains today, supported by a record-high margin loan balance across the market in 2024. As of the end of 2024, the total loan balance at securities companies was estimated at VND245tn (USD9.7bn), up VND13tn (USD517.3mn) from the end of 3Q24 to an all-time high. Margin loans accounted for ~VND240tn (USD9.6bn), an increase of VND17tn (USD676.5mn) compared to the end of 3Q24, also setting a new record.
However, despite the high margin loan balance, market liquidity remained subdued, likely because demand did not entirely stem from retail investors. It is likely that the increase in loans was driven by large shareholders and corporate executives borrowing for deal financing amid tightening conditions in bank credit and corporate bond markets.
Foreign investors net bought VND142.3bn (USD5.7mn) on HoSE. Buying momentum focused on SSI (VND58.7bn, USD2.3mn), HDB (VND58.4bn, USD2.3mn), and VCB (VND52.4bn, USD2.1mn). Conversely, the largest outflows were recorded in FRT (VND111.7bn, USD4.4mn), MSN (VND71.6bn, USD2.8mn), and HHV (VND33.3bn, USD1.3mn).
Top gainers today included VCB (+1.4%), FPT (+3.1%) and LPB (+5.7%). Top laggards included FRT (-1.2%), VTP (-1.5%), and BHN (-2.6%).

Read the full report: HERE