Global Finance Magazine Rates The Governor of the State Bank of Viet Nam an A+
Ms. Nguyen Thi Hong – the Governor of the State Bank of Viet Nam, is rated A+ in 2025, meaning one of the best three central bank governors in the world alongside with Mr. Jerome Powell (U.S.) and Mr. Christian Kettel Thomsen (Denmark). She was credited with major successes in the recent monetary policies, effectively stabilizing the economy via controlling interest rates, inflation, and foreign currencies despite aggressive economic growth plans. (refer: https://gfmag.com/award/winner-announcements/central-banker-report-cards-2025/)
Ministry of Finance (MOF): Proposing huge increases in personal income tax deductions
The MOF has been proposing to increase the standard personal deduction from VND11 million to VND15.5 million (up +41%), and the dependent deduction from VND4.4 million per eligible dependent to VND6.2 million (up +41%), all using monthly basis. These proposals increase disposable household income, which could help boost consumption. Consumer discretionary stocks like Mobile World Group (MWG VN), FPT Retail (FRT VN), and Phu Nhuan Jewellery (PNJ VN) may benefit and experience higher customer demand in the future.
Thalexim (TLP VN): A Board member wants to liquidate his position
Mr. Le Trong Hieu – Member of the Board, registered to sell all his 11.7 million TLP VN shares, equivalent to nearly 5% of total current shares outstanding, effective from September 12th to October 8th. In H1, the firm made revenue of VND10.3 trillion (about USD391 million, down -0.1% YoY) and net income of VND38 billion (about USD1.44 million, down -18.1% YoY). TLP VN was last traded at VND7,200/share on September 11, 2025, thus a 33.3x P/E & 0.7x P/B.
Binh Son Refining & Petrochemical (BSR VN): Rename and stock dividend
The company has been proposing its shareholders to rename to Vietnam Refining and Petrochemical Corporation while keeping its trade name and also old acronym, BSR. BSR VN closed at VND27,000 per share on 11th September 2025, thus 1.5x P/B while TTM EPS was negative.
HODECO (HDC VN): Convertible bond issue
The real estate developer announced its plan to offer about VND500 billion of convertible bonds to existing shareholders, expected to be in Q4 after approved by the SSC. These bonds will have 2-year tenor, coupon rate of 10% p.a., unsecured, and to be converted into common shares at some specific dates, meaning that HODECO intends to neither redeem nor settle principal amount at the end. Proceeds will be used for refinancing. HDC VN closed at VND35,100 per share on 11th September 2025, meaning 72.8x P/E and 2.7x P/B.
