U.S. Tariff Schedules: Initial key takeaways related to Viet Nam
1) Baseline tariff of 10% across all trade partners; 2) Due to estimated tariff rate of 90% against U.S., commencing April 9th 2025, the reciprocal tariff rate on Viet Nam is determined at 46% (i.e., half of the estimated 90%); 3) 25% tariff rate on steel and aluminium from all countries; 4) “Secondary tariff” of 25% on any country buying oil and gas from Venezuela.
Hoa Phat Group (HPG VN): Upcoming ground-breaking of railway track factory in April
The factory, located near the Hoa Phat Dung Quat complex, will specialize in manufacturing railway track and special steels. The provincial authority has already reserved 143 hectares of land for this project. In 2024, Hoa Phat Group recorded revenue of nearly VND139 trillion (~USD5.4 billion, up +16.7% YoY) and net income of over VND12 trillion (~USD467 million, up +75.9% YoY). HPG VN closed at price floor of VND25,350 per share on 3rd April 2025, thus 13.5x P/E and 1.4x P/B.
VNG Corporation (VNZ VN): Larger loss after audit
The tech giant announced its audited FY2024 financial statements with revenue of VND9,273 billion (about USD360 million, up +22.1% YoY), slightly higher than previously reported, and net loss of VND-1,081 billion (about USD-42 million), decreased by VND163 billion (about USD6.3 million) compared to un-audited Q4 2024 report.
About online games: The firm recorded bearish results with quarterly active users of 74.3 million at year-end, down -6% YoY, and a decrease of 9% in total booking revenue. Meanwhile, Zalo – the nation’s leading app platform, observed fruitful results with 77.7 million monthly active users (up +3%, YoY), followed by an increase of 6% in daily messages sent. VNZ VN was last traded at VND335,100 per share on 3rd April 2025, suggesting 10.4x P/B.
ASG Corporation (ASG VN): The largest shareholder wants to increase ownership
Mr. Duong Duc Tinh – Chairman of the Board and also the largest shareholder of the company registered to buy 3.5 million shares. If successful, he will increase his ownership from 9.4% up to 13.3%. After the acquisition of the logistics company VINAFCO (VFC VN) in 2022. ASG also has a Japanese strategic shareholder, Shibusawa Warehouse (9304 T). Beside VINAFCO, ASG Corporation also own majority in CIAS (CIA VN) with 51.6% ownership.ASG VN closed at VND17,000 per share on 3rd April 2025, hence 55.4x P/E and 1.2x P/B.
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