Vietnam-UK Relations: Upgraded to Comprehensive Strategic Partnership (CSP)
London, 29th October 2025: The Prime Minister of the United Kingdom, Sir Keir Starmer and the General Secretary of Viet Nam, To Lam, met and celebrated the upgrading of relations to a Comprehensive Strategic Partnership (CSP).
The UK becomes the 14th country having a CSP with Viet Nam and it also means the Viet Nam now enjoys a CSP-level relationwith all 5 UN Security Council permanent members. This relation upgrade is being viewed very postively by both countries and is expected to significantly increase trade value, volume and the number of enterprises engaging in trade in the coming time. The Ministry of Public Security (MPS) Vietnam, and Home Office (UK) also signed MOUs related to curtailing scammers and informal migration.
Preliminary Q3 results (dated 30th October 2025):
- IDICO (IDC VN): 9M revenue was VND6.43 trillion (about USD244.4 million, down -7% YoY) and 9M net income was VND1.48 trillion (about USD56.4 million, down -10% YoY). IDC VN closed at VND38,000 per share, thus 7.8x P/E and 2.2x P/B.
- Sonadezi (SNZ VN): With the bullish results in Q3, the firm recorded 9M revenue of VND5.07 trillion (about USD192.7 million, up +21% YoY) and 9M net income of VND1.67 trillion (about USD63.5 million, up +39% YoY).
- Khang Dien House (KDH VN): Q3 EBT increase by 783% due to revenue recognition, leading to 9M EBT of VND1,055 billion (about USD40.1 million, up +93% YoY). KDH VN closed at VND35,850 per share, thus 42.1x P/E and 2.2x P/B.
- NamABank (NAB VN): 9M EBT was VND3.81 trillion (about USD145 million, up +14.7% YoY), completing 77% of profit target for FY2025. NAB closed at VND14,250 per share, thus 6.1x P/E and 1.1x P/B.
- Eximbank (EIB VN): 9M EBT was VND2.05 trillion (about USD77.9 million, down -14% YoY). Credit growth rate was 8.5% 9M YTD, lower than industry average. EIB VN closed at VND22,650 per share, thus 12.7x P/E and 1.6x P/B.
- Sacombank (STB VN): 9M EBT was VND11 trillion (about USD418 million, up +36% YoY) thanks to growth rate of 12% in loan book 9M YTD. However, the bank recorded a higher NPL ratio, increasing to 2.75% at end of Q3 from 2.4% at year end 2024. STB VN closed at VND56,900 per share, thus 8.7x P/E and 1.7x P/B.
- FPT Retail (FRT VN): 9M revenue was VND36.17 trillion (about USD1.4 billion, up +26% YoY) and 9M net income was VND506 billion (about USD19.2 million, up +144% YoY). FRT VN closed at VND148,100 per share, thus 40.9x P/E and 8.2x P/B.
