Mobile World Group (MWG VN): Heading North
The company’s top management disclosed that its convenience-grocery store chain, Bach Hoa Xanh (BHX), made profit of VND182 billion in Q2, suggesting full year result of VND500-600 billion. In the remainder of 2025, BHX will open about 200 new stores, resulting in 620 stores this year - higher than its previous target of 400. Additionally, MWG targets to open 1,000 new stores in 2026 and is also expanding its presence in Northern Vietnam, which has been dominated by Winmart – a subsidiary of Masan Group (MSN VN) for years. By the end of Q2 2025, there were 2,184 BHX stores nationwide. The IPO and listing in 2028 was also affirmed. MWG VN closed at VND69,400 per share on 20th August 2025, thus 21.2x P/E and 3.5x P/B.
VITACO (VTO VN): KIM lowers ownership
Funds managed by KIM Viet Nam sold totally 1.3 million VTO VN shares in August, decreasing its interest from 8.1% to 5.7% with 4.56 million shares. The largest shareholder and the parent company, PG Tanker – a subsidiary of Petrolimex (PLX VN), had no action in last weeks and was keeping its 51.9% ownership. VITACO reported Q2 revenue of VND259 billion (about USD10 million, down -0.1% YoY) and net income of VND26 billion (about USD1 million, down -13.2% YoY). VTO VN closed at VND12,300/s on August 20 2025, thus 10.0x P/E & 0.9x P/B.
VPBank (VPB VN): Vice Chairman’s daughters want to buy 40 million shares
Two daughters of Mr. Bui Hai Quan, one of two Vice Chairmen at VPB, registered to purchase 20 million VPB VN shares each, effective from 25th August to 23rd September, 2025. In recent times, the market has been speculating that the securities arms of several banks (including VPB) could potentially follow the IPO path - in a similar fashion as Techcombank’s securities entity (TCBS), expected to list on the Ho Chi Minh Stock Exchange in Q4 2025.
VPBank announced bullish Q2 financials with TOI of VND16.54 trillion (about USD631.1 million, up +2.5% YoY) and EBT of VND6.22 trillion (about USD237.2 million, up +38.4% YoY), followed by better operating ratios related to non-performing loans. VPB VN closed at price ceiling of VND36,550 per share on 20th August 2025, leading to 16.7x P/E and 1.9x P/B.
Vietinbank (CTG VN): Market forecast for H2 2025
The bank’s leaders mentioned H1 credit growth rate of 19.3% YoY and 9.9% YTD, highest since 2023. With these bullish results, the bank could increase its total assets by 8 – 10% by the end of 2025 while keeping NPL ratios under 1.8%. Vietinbank also recorded the best quarter in term of profit growth with an increase of 79.2% in Q2 EBT. CTG VN closed at VND50,600 per share on 20th August 2025, resulting 9.0x P/E and 1.7x P/B.
Investor can see the full Newsletter below:
