The State Bank of Viet Nam: Circular No.25/2025 unlocked potential foreign capital inflows
The recently issued Circular has some major positive amendments:
- Foreign investors now can authorize financial institutions to open, to close, and to use the checking accounts.
- Checking account opening processes for foreign investors no longer require legalized documents, and also accept various types of identity verification documents issued in foreign countries instead of passport only as before.
- Foreign investors can use SWIFT to open checking accounts, and do not need bio-metric authentication in cash transactions.
Following the amendments, the Ministry of Finance (MOF) estimates that a typical foreign investor may needs only 2 weeks to open an indirect investment account at a local bank or a global bank’s branch (specialized for financial investors investing in Vietnam).
Hoa Phat Group (HPG VN): August, 2025 update
In August, Hoa Phat Group produced 953,000 tons of steel ingots, up +34% YoY, and the steelmaker expects an increase of 26% in production in the next months. Hoa Phat Group is now the largest steelmaker in the Southeast Asia, and one of the top 30 global steelmakers. From 2026, the firm is able to annually supply 16 million tons of steel products to the market, in which 9 million tons of HRC and high-quality products could be made. HPG VN closed at VND28,900 per share on 8th September 2025, thus 16.5x P/E and 1.8x P/B.
Digiworld (DGW VN): 2025 ESOP
The ICT wholesaler has been offering 2 million additional shares (equivalent to 0.9% of current shares outstanding) at VND10,000 per share to 92 eligible employees, following the approved plan. These shares will be locked for a year. In H1, the company made revenue of VND11.25 trillion (about USD428 million, up +13% YoY) and net income of VND222 billion (about USD8.4 million, up +22% YoY). DGW VN closed at VND41,300 per share on 8th September 2025, hence 18.7x P/E and 2.9x P/B.
Hoa Binh Construction (HBC VN): Prime construction contractor for a USD5 billion project
The firm signed the strategic cooperation with Gold Coast Holdings, thus becoming the prime construction contractor for the 1st phase of Gold Coast Vung Tau project (an integrated residential and resort development), with the contract value of VND132 trillion (about USD5 billion). Turner International Vietnam and Savills Vietnam have been the construction management agent and the operation management agent for this project, respectively. HBC VN closed at VND7,700 per share on 8th September 2025, leading to 14.3x P/E and 1.5x P/B.
