S&P Global Vietnam Manufacturing PMI, August 2025: Output continues to rise despite renewed fall in new orders
The index remained above the 50.0 no-change mark in August, at 50.4, down from 52.4 in July and registered only a marginal strengthening in business conditions. Here are the key findings:
- Output expands for fourth successive month
- New orders and employment decrease
- Sharpest rise in input costs in 2025 so far
VanEck Vectors Vietnam ETF: Net buying for all stocks
This ETF completed share purchases for all its constituents with Hoa Phat Group (HPG VN) thE most bought stock with 111,500 shares purchased, followed by stocks of financial institutions (exhibit: VIX VN, SSI VN, SHB VN, VND VN).
VietJet Air (VJC VN): Reviewed report - and generates world’s largest order for A330neos
The airline operated about 79,000 flights with 14.4 million passengers, generating revenue of VND35.6 trillion from air transportation. VietJet Air also placed an additional order of 20 A330neo wide-body aircraft, increasing its total order to 40, the world largest order of this model. Besides, VietJet Air placed an order of 40 Trent 7000 engines (for Airbus A330neo) from Rolls-Royce, and an order of 100 A321neo narrow-body aircraft with option to purchase another 50. H1 revenue was VND35.84 trillion (about USD1.37 billion, up +5.3% YoY) and H1 EBT was VND1.65 trillion (about USD63 million, up +65% YoY). VJC VN closed at VND142,000 per share on 3rd September 2025, meaning 45.0x P/E and 3.5x P/B.
VietinBank (CTG VN): 2025 objectives
The Board passed a resolution on 2025 objectives with EBT of VND32.5 trillion (about USD1.24 billion, up +2.3% YoY) and NPL ratio of 1.8% (higher than 1.2% at year-end 2024). However, the bank experienced a fruitful Q2 with EBT growth of 79.2%, thus completing 58% of the 2025 target. CTG VN closed at VND50,600 per share on 3rd September 2025, resulting 9.0x P/E and 1.7x P/B.
SCG Construction (SCG VN): Sunshine Group started the takeover plan
Sunshine Group (privately owned, unlisted) registered to buy over 1.9 million SCG VN shares, equivalent to 2.3% ownership, following the initial plan to acquire this target company. However, SCG Construction has been recognized for years as a related party to Sunshine Group due to the same leadership and shareholders. SCG VN closed at VND63,500 per share on 3rd September 2025, thus 25.5x P/E and 3.7x P/B.
