S&P Global Vietnam Manufacturing PMI: Sharpest fall in new export orders for over two years
The S&P Global VN PMI dropped to 48.9 in June from 49.8 in May, posting below the 50.0 no-change mark for the third moth running and signalling a modest deterioration in business conditions. Here are some key findings:
- New orders down amid rapid fall in new business from abroad
- Employment and purchasing scaled back
- Slight increases in input costs and output prices
DOHACO (DHC VN): Spent VND90 billion in Giao Long 3 factory project
The kraft paper producer decided to inject VND90 billion (about USD3.5 million) more to its Giao Long 3 project. The factory when coming into operation may allow Dohaco to increase its annual production by 390,000 tons, suggesting total capacity of 650,000 tons per year, up + 150% compared to its current capabilities. Giao Long 3 factory may cost up to VND2,250 billion (about USD86.5 million) and could be completed in Q2 2028 (later than initial projection of Q3 2027).
In Q1, the company generated revenue of VND826 billion (about USD31.8 million, up +1.9% YoY) and net income of VND76 billion (about USD3 million, up +36.1% YoY). DHC VN closed at VND27,750 per share on 1st July 2025, hence 10.2x P/E and 1.3x P/B.
Airports Corporation of Viet Nam (ACV VN): Expecting a bearish result in H1 due to FX losses
The management was forecasting an unstable outlook despite strong recovery in inbound tourists, projected to be 119 million passengers served in 2025. However, the firm is having a huge payable borrowing in Japanese Yen (JPY) while generating income in Vietnam Dong (VND), resulting an unrealized loss of about VND1 trillion (about USD38.5 million) in H1 and it could increase up to VND1.7 trillion (about USD65.4 million) by the end of 2025, following the VND/JPY exchange rate forecast. The capital spending for Long Thanh International Airport was still in check and ACV needed no further bank credit facility to fund this grand project, and the airport (1st phase) could come into operation in 2026, serving 16 million passengers next year.
ACV’s top management also revealed the listing plan, and although the plan was already approved in February, ACV VN shares could only be available on HOSE no sooner than 2027. ACV VN was last traded at VND95,700 per share on 1st July 2025, suggesting 19.8x P/E and 3.3x P/B.
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