REE Corporation (REE VN): Changes in management
Madame Nguyen Thi Mai Thanh left her post as CEO and returned to be the Chairlady, replacing Mr. Alain Xavier Cany. Meanwhile, the new Board member, Mr. Ashok Ramachandran – ex-COO of JSW Energy Ltd, will succeed her to be the new CEO with 3-year tenor. For 2025, the corporation set a growth rate of 22% for both revenue and net income. REE VN closed at VND65,200/share on 10th April 2025, therefore 15.4x P/E and 1.6x P/B.
Gemadept (GMD VN): Insiders registered to buy shares
A Board member and two Deputy CEOs registered to purchase shares with collective quantity of 2.5 million, effective within a month from April 15th. The company disclosed that goods exported to the U.S. accounted for under 10% cargo volume at Nam Dinh Vu ports clusters, approximately 32% at Gemalink deep water port but it could decrease down to 20% due to 4 new trade routes available. GMD VN closed at VND45,150 per share on 10th April 2025, down -21.6% from early-April, thus 13.0x P/E and 1.5x P/B.
The Lego Group (Denmark): Viet Nam factory officially starts operations
This launch marks the 6th factory of the firm globally and the 2nd in Asia. With total investment of approximately USD1.3 billion, the factory is expected to create about 4,000 new full-time vacancies, and to produce 30,000 tons of products annually in the 1st phase. The factory is located in VSIP III industrial park of VSIP – a joint venture between Becamex IDC (BCM VN) and Singapore’s Sembcorp (U96 SI). BCM VN closed at VND60,700 per share on 10th April 2025, hence 28.7x P/E and 3.2x P/B. Regarding Becamex, the firm is currently offering 300 million additional shares via auction with starting price of VND69,600 per share.
VietCredit (TIN VN): Projects all-time high of profit
After recording 4-year low of interest income then a huge net loss last year, VietCredit sets 2025 objectives with earnings before tax of VND300 billion (about USD11.6 million). The projection is powered by an expected credit growth rate of 87%, followed by an estimated increase of nearly 350 basis points in NPL ratio, from 5.02% at year-end 2024 to 8.5% in 2025. TIN VN was last traded at VND19,600/share on 10th April 2025, indicating 1.9x P/B.
U.S. Tariffs update: The U.S. advised it will keep tariffs at baseline for 75 trading partners for 90 days, including Viet Nam, The U.S. delayed its new tariffs schedules dueto demands for negotiation from trading partners but has kept the baseline rate of 10% for all countries and regions having no counteract against the U.S., and steel and aluminium tariffs remain in place.
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