VBMA: Corporate bond market in July 2025. A decrease in issuance
According to the Vietnam Bond Market Association (VBMA), the total value of new issues was over VND31.4 trillion (about USD$1.2 billion) in July, lowest in 4 months and down -75% in term of issuance compared to June. The Banking sector accounted for 70% of the total value, and the market saw some issues by non-bank financial institutions (exhibit: F88 (F88 VN) and EVN Finance (EVF VN)). Vingroup (VIC VN) did not issue any debt in July, and Vietjet (VJC VN) successfully issued 1trillion worth of bonds (bond code: VJC12502), at 10.5% p.a. over 5 years.
PTSC (PVS VN): JV with Korea’s LSEE in manufacturing high voltage underground cables
PTSC – a member of PetroVietnam (PVN), signed a joint development agreement with LS Eco Energy Ltd. (LSEE, stock code: 229640 KS) – a subsidiary of the Korea-based LS Cable & System, to co-invest, co-build, and co-run the factory producing high voltage underground cables (HVAC/HVDC) in Viet Nam, serving both domestic and international clients.
PTSC experienced 3 consecutive quarters of high growth since Q4 2024, in terms of both revenue and profit. PVS VN closed at VND37,900 per share on 12th August 2025, thus 14.3x P/E and 1.3x P/B.
TNG Investment & Trading (TNG VN): 2025 ESOP approved
Following the recently approved 2025 ESOP plan, the company will allot options to buy 6.1 million additional shares at VND10,000 per share to nearly 500 eligible employees, in which the Chairman – Mr. Nguyen Van Thoi and his two sons will receive nearly 40% of exercisable options. Currently, their collective ownership is about 28%.
In H1 2025, the company completed 53% and 51% of this year target revenue and profit, respectively. TNG VN closed at VND22,000 per share on 12th August 2025, hence 7.7x P/E and 1.5x P/B.
Vingroup (VIC VN): Announced two (2) new core business lines
The conglomerate announced that from now, Infrastructure and Green Energy are also been designated as core businesses alongside the company’s 3 current core businesses which are: (1) Technology – Industry (possibly led by Vinfast); (2) Commerce – Services [possibly co-led by Vinhomes (VHM VN) and Vinpearl (VPL VN)]; and (3) Philanthropy – Social. That could be strategically aligned with (1) the establishment of Vinspeed to bid for the High-Speed Rail project; and (2) the establishment of VinEnergo for thorough green energy solutions. VIC VN closed at VND115,500 per share on 12th August 2025, resulting 31.8x P/E and 3.1x P/B.
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