Viet Nam Securities Market: Margin loan balance surpassed VND300 trillion - A New Record
With the VN-Index hitting an all time high, the positivity of the stock market as an investment channel is being reflected in the increased use of margin trading by Vietnam’s 10 million account holders. At the end of Q2 2025, the collective drawn-down margin balance of all securities companies was roughly VND304.2 trillion (about USD11.7 billion, up +22% YTD), also marking the 10th consecutive quarter with positive growth rate. Top 10 brokers together covered almost VND186.8 trillion (about USD7.2 billion) or 61.4% of total margin loan balance.
Imexpharm (IMP VN): Q2 observed new record in profit
The pharmaceutical company reported bullish Q2 results with revenue of VND633 billion (about USD24.3 million, up +22% YoY) and net income of VND90 billion (about USD3.5 million, up +37% YoY). OTC distribution was the key driver with 32% growth rate in Q2, especially the Northern provinces where recorded a growth rate of 70%. In May 2025, SK Group had divested of Imexpharm, selling all their stakes to China-based Livzon Pharmaceutical Group (1513 HK) IMP VN closed at VND52,000 per share on 21st July 2025, thus 24.0x P/E and 3.6x P/B.
Phu My Fertilizer (DPM VN): Out-performance Continues
In H1 2025, the company produced 450,000 tons of Urea fertilizers, and over 111,000 tons of NPK fertilizers, equivalent to 136% its H1 production plan. However, no detailed financial has been publicly announced yet. A bonus issue of 73.7% will be implemented soon, following the declared cash dividend of VND1,500 per share with ex-date in last week. DPM VN closed at VND39,750 per share on 21st July 2025, leading to 32.5x P/E and 1.4x P/B.
Q2 result updates (Industrial Park):
- Industrial Urban Development No.2 (D2D VN): Revenue was VND552 billion (about USD21.2 million, up +1,908% YoY) and net income was VND207 billion (about USD8 million, bullish compared to net loss in Q2 2024). D2D VN closed at VND38,500 per share on 21st July 2025, hence 3.8x P/E and 1.6x P/B.
- Sonadezi Chau Duc (SZC VN): Revenue was VND218 billion (about USD8.4 million, down -17% YoY) and net income was VND95 billion (about USD3.7 million, down -7% YoY). The company already completed 70% its target profit this year. SZC VN closed at VND37,500 per share on 21st July 2025, hence 18.6x P/E and 2.1x P/B.
- Long Hau (LHG VN): Revenue was VND223 billion (about USD8.6 million, up +38% YoY) and net income was VND90 billion (about USD3.5 million, up +31% YoY). LHG VN closed at VND35,900 per share on 21st July 2025, meaning 6.2x P/E and 1.0x P/B.
Investor can see the full Newsletter below:
