Viet Nam: GDP growth rate hits am impressive 8.23% in Q3 2025
The Viet Nam’s Q3 2025 GDP growth rate hit 8.23% compared to Q3 2024, marking one of the best quarter growth. 9M YTD, GDP grew by 7.85% compared to 9M 2024 thanks to growth in all three sectors, Agriculture – Forestry – Aquaculture sector (3.83% growth, 11.3% weighted), Industrial & Construction (8.69% growth, 37.58% weighted), and Services (8.49% growth, 42,92% weighted). To complete the base-case with 8% target, Viet Nam needs to have 8.5% growth rate in Q4, and for the best-case with 8.3% - 8.5% target, Viet Nam needs at least 9.7% growth rate in Q4, which is nearly impossible to achieve.
In 9M 2025, Viet Nam also recorded 15.4 million international passengers, up +21.5% YoY, in which there were 13.1 million inbound tourists arriving via airports, up +21.9% YoY. Da Nang City and Can Tho City observed the highest growth rate in consumption with 9.4% and 8.8% YoY, respectively. Credit growth rate in 9M 2025 reached 13% (9M 2024: 8.09%), dated on 25th September 2025, followed by a significant increase of 10.61% in M2 money supply (9M 2024: 4.55%).
CRV Real Estate (CRV VN): Listed on HOSE this week
HOSE approved CRV VN shares to be listed on HOSE with this October 10th as its first day of trading. CRV is a direct subsidiary of Hoang Huy Investment Services (HHS VN) and tier-2 subsidiary of Hoang Huy Group (TCH VN), with 67.8% and 51% economic interest, respectively. Mr. Do Huu Ha is the Chairman of the Board at all three. The reference price of the first day is VND26,000 per share with a volatility range of 20%.
Hai An Transport and Stevedoring (HAH VN): 2025 ESOP
The firm decided to issue nearly 2.5 million additional shares (equivalent to 1.5% of current shares outstanding), offered to 610 eligible employees at undisclosed yet price. These shares will be allocated in Q4 2025 and locked up for the next 3 years since issued. Besides, Hai An has been borrowing VND220 billion (about USD8.4 million) from Eximbank (EIB VN) to settle payables from the purchase of Optima vessel (1,100 TEU, 14 years in service, and will be renamed to Haian Iris) from Legenda Maritime & Kotoku Kaiun. HAH VN closed at VND56,800 per share on 6th October 2025, thus 8.9x P/E and 2.4x P/B.
Japan – Vietnam Medical Instrument (JVC VN): Private placement
The firm plans to offer 25 million additional shares at VND10,000 per share (up +22% compared to the last closing price), via a private placement to the sole investor VII Holdings – also the largest shareholder of Tasco (HUT VN) with 28.3% direct interest. If successful, VII Holdings could be the largest shareholder of JVC with 18.2% interest. All proceeds will be used for (1) developing private practices (60%) and (2) increasing working capital. JVC VN closed at VND8,210 per share on 6th October 2025, thus 17.7x P/E and 1.6x P/B.
