Vietnam Market Weekly Report

BIDV, the largest bank in Vietnam, raised its online deposit rates for 6-36 month tenors, with the 12-month rate up 60 bps to 7.4% per annum, the highest among the Big4 banks.

PNJ shares surged limit-up on August 3 after foreign investors bought net ~VND 82 billion, but the company reported a Q2 net loss of ~VND 283 billion due to a VND 865.5 billion diamond buyback provision, while H1 profit still rose 6%.

Several Vietnamese real estate firms reported strong Q2 profits, but largely driven by financial income and asset disposals rather than core business, with weak core operations.

PC1 reported a 63% increase in after-tax profit for H1 2026 despite a 12% revenue decline, driven by improved gross margin and higher financial income.

Baf Vietnam reported Q2/2026 net profit down 50% YoY despite 54% revenue growth, citing lower hog prices, higher interest costs, and expansion costs.

Viettel Global reported strong H1 2026 results with revenue up 29% and net profit up 122%, driven by growth across Africa, Southeast Asia, and Latin America.

VNG reported Q2 2026 net profit up about 3,091% year-on-year to 466.84 billion VND, with revenue up 26% to 3,087 billion VND, driven by strong gaming, Zalo, and AI growth.

FPT Retail's stock hit its ceiling price for a third consecutive session after reporting strong Q2 results with revenue up 37% and net profit up 187% year-on-year.

Viettel Global (VGI) has surpassed both VNPT and FPT Telecom in pre-tax profit, reaching 10,667 billion VND in 2024 and 15,176 billion VND in 2025, driven by strong growth in overseas markets.

Several Vietnamese listed companies reported massive profit growth in Q2 2026, led by MSR with a 9,574% increase, followed by KSF, OCBS, BVBank, and others.