HDB

ACB Securities forecasts large-cap banking stocks including VCB, CTG, MBB, VPB, and HDB will lead the market in H2 2026, supported by stable business fundamentals and attractive valuations. Sector P/E of 10.8-10.9x is 10% below historical median, while NIM has compressed to ~3% and Q1 2026 pre-tax profit growth slowed to 14.2% YoY.

On June 2, foreign investors net sold VND 606 billion on HOSE, with heavy selling in HPG, HDB, ACB, CTG, and VPB. In contrast, FPT attracted net buying of VND 482 billion, standing out as the sole major net-bought stock. Proprietary trading desks also net sold slightly, with MSN the most sold and VHM the most bought.

Foreign investors net sold VND 562 billion on June 2, 2026, extending a recent selling trend. The selling was concentrated in HPG, HDB, ACB, CTG, and VPB, while FPT saw net buying of nearly VND 500 billion, making it the top purchased stock on HOSE.

The State Bank of Vietnam (SBV) injected a net VND 13,619 billion into the banking system on June 1 after the overnight VND interbank rate surged 4 percentage points to 11%. The move signals tightening liquidity conditions as credit growth accelerates, pressuring bank margins and potentially slowing rate cuts.

BIDV increased online deposit rates by up to 1.2% for 6-11 month terms to 6.6%, bringing its rates in line with most Big 4 peers except Vietcombank. The move reflects growing competition for deposits as credit growth outpaces deposit growth, pressuring bank margins and potentially lifting the sector's funding costs.

The State Bank of Vietnam has relaxed real estate credit growth caps for 25 commercial banks, excluding social housing and industrial zone loans from the limit. While intended to boost priority segments, the policy raises asset quality concerns if the property market recovery slows, impacting banks like ACB, BID, CTG, and EIB.

NSI projects a 50 bps rise in interest rates due to liquidity pressure, while Q1 2026 banking sector revenue grew 20.2% and profit 13.6%. Seven small and mid-sized banks posted negative growth. Banking stocks trade near historical low P/B of 1.5x, with opportunities for banks like VPB, HDB, and MBB that have strong credit growth and asset quality.

The State Bank of Vietnam (SBV) exempts 25 commercial banks from including social housing, industrial park, and export processing zone loans in real estate credit growth limits from January 1, 2026. This regulatory change supports targeted lending while maintaining overall credit controls, benefiting banks like ACB, BID, and CTG with expanded capacity for priority sectors.

On May 29, proprietary trading desks at securities companies net sold VND 570 billion on HOSE, while foreign investors net sold approximately VND 750 billion across the entire market. VPB was the most bought stock by proprietary desks, with net purchases of VND 57 billion, while E1VFVN30 saw the largest net selling.

HDB was the most sold by foreign investors on May 28, with net selling of nearly VND 120B, while ACB was the most bought at nearly VND 110B. Proprietary traders net sold VND 36B, led by GEE (VND 117B sold). The persistent foreign selling pressure, though narrowing, continues to weigh on banking and real estate stocks.

GEE was the most sold stock by proprietary trading desks on May 28, with net selling of 117 billion VND, as the VN-Index fell 0.57%. Foreign investors also net sold 551 billion VND across the market. VHM was the top net bought stock by proprietary desks at 44 billion VND.

Foreign investors net sold VND 551 billion on May 28, with HoSE seeing VND 586 billion in net selling. ACB was the top buy at VND 109 billion, while HDB was the top sell at VND 119 billion. The VN-Index fell nearly 11 points to 1,864.