Vietcombank (VCB VN): Upcoming private placement
The bank plans to offer additional shares, maximum of 6.5% of its current shares outstanding or 543.1 million shares, to 55 eligible investors in one or several private placement(s). Shares subscribed by strategic investors will be locked up for 3 years while it is 1 year for professional investors. Offer price or pricing methodology has not been announced yet. On the other hand, elections of 2 additional seats in the Board of Directors and 1 replacement in the Supervisory Board will be held at 2025 AGM. VCB VN closed at VND52,500 per share on 9th April 2025, thus 13.0x P/E and 2.2x P/B. Despite the unfavourable market momentum recently, Vietcombank remains one of Vietnam’s largest tier-1 banks with almost all clients within Vietnam, and thus is minimally US tariff impacted.
Hoa Phat Group (HPG VN): Revised the dividend plan
Vietnam’s number 1 steelmaker changed its 2024 dividend from combination of cash dividend and stock dividend to full stock dividend, because of concerns about the new U.S. tariff schedules. HPG set 2025 financial objectives with revenue of VND170 trillion (about USD6.5 billion, up +22.4% YoY) and net income of VND15 trillion (about USD577 million, up +24.8% YoY). HPG VN closed at VND21,300 per share on 9th April 2025, therefore 11.3x P/E and 1.2x P/B. HPG exports to the USA accounts for about 3% of its total steel production.
Vinhomes (VHM VN): Targets to reach all-time high of net profit in 2025
Vietnam’s largest, listed, real estate developer announced its plan for 2025 with revenue of VND180 trillion (about USD6.9 billion, up +76% YoY) and net income of VND42 trillion (about USD1.6 billion, up + 20% YoY). If successful, it will be the highest number in term of net profit by a listed company in Viet Nam. The firm also called off its USD500 million bond offering to the international market in Singapore. At the upcoming 2025 AGM, shareholders will elect 2 new member of the Supervisory Board, to replace Ms. Nguyen Le Van Quynh and Ms. Le Thi Duyen having their letter of resignation submitted. VHM VN closed at VND48,500 per share on 9th April 2025, leading to 6.3x P/E and 1.0x P/B.
TMT Motors (TMT VN): Turned profitable after a massive stock clearance
In Q1, 2025, TMT Motors announced revenue of VND655 billion (about USD25.4 million, up +27% YoY) and net income of VND34 billion (about USD1.3 million, far higher compared to Q1 2024). Currently, TMT Motors has been selling trucks, dump trucks, and affordable mini EVs. TMT VN closed at VND10,300 per share on 9th April 2025, hence 3.1x P/B and still negative P/E. EPS and BVPS were not adjusted following the performance update.
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