Vietjet (VJC VN) - Converts MOU to Firm Order for 100 new Airbus A321neo
London 30th October 2025 - Vietjet, Vietnam’s largest private airline has converted its Memorandum of Understanding (MOU) penned in June, 2025 with European aircraft manufacture Airbus, into a firm order for 100 A321neo aircraft - and, accompanying the order are 40 Rolls-Royce Trent 7000 engines to power 20 of Airbus A330neos aircraft which has been ordered in May, 2025. VJC has also signed a deal with Boeing for 200 B737-MAX aircraft, which has been allocated to Thai VietJet and Vietjet Qazaqstan. We note, as of the 31st of October, VJC has ordered more than 400 aircraft from Airbus, and Boeing. If fulfilled, their fleet size will rise to 500 aircraft, becoming the biggest airline by fleet-size in South East Asia, and 11th worldwide after Turkish Airlines. VJC closed trading at VND187,000/s (+
Preliminary Q3 results (dated 30th October 2025):
- VietinBank (CTG VN): 9M EBT was VND29.5 trillion (about USD1.12 billion, up +51% YoY), equivalent to 91% of profit target for full year 2025. The bullish performance was supported mostly by an increase in interest income, which was fuelled by credit growth rate of 16% 9M YTD, and a decrease in loan loss provision. NPL ratio was only 1.09%, significantly lower than 1.24% recorded at year end 2024 (a signal that the loan book is being well managed). CTG VN closed at VND49,000 per share, thus 7.9x P/E and 1.5x P/B.
- Vietcombank (VCB VN): 9M EBT was VND33.1 trillion (about USD1.26 billion, up +5% YoY) despite a credit growth rate of 12% 9M YTD. NPL ratio increased slightly from 0.96% (at year end 2024) to 1.03% (Q3 2025). VCB VN closed at VND59,600 per share, thus 14.2x P/E and 2.2x P/B.
- HDBank (HDB VN): 9M EBT was VND14.8 trillion (about USD563 million, up +17% YoY), thanks to the credit growth rate of 23% 9M YTD. All other members of the HD Financial Group recorded bullish results in Q3 and 9M 2025. The bank is also considering a stock dividend and a bonus issue, together equivalent to 30% of current shares outstanding. HDB VN closed at VND32,000 per share, thus 8.5x P/E and 1.8x P/B.
- BIDV (BID VN): Q3 EBT increased by 17%, leading to 9M EBT of VND23.63 trillion (about USD899 million, up +7% YoY). BIDV’s loan book grew by 9%, lower than industry average and other top tier banks (i.e. Vietinbank and Vietcombank).BID VN closed at VND37,400 per share, thus 10.3x P/E and 1.6x P/B.
- Coteccons (CTD VN): Following a considerably impressive increase in revenue from construction contracts over recent months, Coteccons reported bullish results for its fiscal Q1 (Q3 2025) with revenue of VND7.45 trillion (about USD283.3 million, up +57% YoY) and net income of VND295 billion (about USD11.2 million, up +217% YoY). CTD VN closed at VND103,500 per share, thus 23.0x P/E and 1.2x P/B.
