The stock market in Vietnam is experiencing notable fluctuations as analysts provide insights on which stocks to focus on in the upcoming trading sessions. On March 24, 2025, Phu Hung Securities (PHS) recommended investors to buy shares of POW, citing that the stock has adjusted to a support level. Conversely, they suggested selling shares of HDB due to its performance below the moving average of 20 days (MA20) and a weak recovery trend.
Stocks targeted for investor attention during today's trading session include POW, HDB, GEG, HSG, and MWG. The latter three stocks have also drawn interest from KB Vietnam Securities (KBSV), which has put a neutral rating on GEG. Notably, GEG's electricity production has shown significant growth, reaching 1.35 billion kWh in 2024—a 9.2% increase year-on-year—thanks largely to the wind power sector.
The Tân Phú Đông wind project has contributed 647 million kWh, increasing wind power production by 27%. However, KBSV noted that due to lower average rainfall triggered by the Lanina phenomenon in Q4 2024, GEG's small hydroelectric output dropped to 134 million kWh, a 4% decline as plants faced early water accumulation challenges.
KBSV has set a target price of 14,600 VND per share for GEG, amid analyses emphasizing growth potential intertwined with foreseeable risks. Moreover, they characterized the domestic market as crucial for the expansion of Hoa Sen Group (HSG), which holds about 29% of the galvanized steel market share. HSG’s growth is also bolstered by over 400 Hoa Sen Home stores nationwide, contributing to higher retail profit margins compared to competitors.
The revenue forecasts paint an optimistic picture with KBSV projecting HSG's revenue to hit 40,645 billion VND in 2025 and 42,518 billion VND in 2026, up by 3% and 5%, respectively. In terms of broader market context, firms in the Asia-Pacific region have raised nearly 92 billion USD via USD bonds in Q1 2024, the highest amount since Q1 2022, reflecting bullish sentiments among investors.
Despite these growth signals, the Asian stock market showed mixed results on the afternoon of March 24, 2025, as it braced for tax deadline implications from the U.S. that could potentially affect global economic conditions. Real estate shares particularly drew interest, fueled by significant movements in Vingroup stock.
The trading week from March 24 to March 28 will see 68 companies on the HoSE and 49 companies on the HNX finalizing their rights to attend shareholders' meetings, which adds further layers of strategic importance in the current market climate.
In regulatory news, on March 21, the State Securities Commission sanctioned Ms. Nguyen Thi Phuong Thao and Mr. Phan Thanh Tam for manipulating stock market operations. This highlighted ongoing challenges within the Vietnamese stock market, where certain companies are struggling with compliance. HNX reported six stocks, including shares like CAG and VTV, being moved to the non-margin trading list due to post-audit losses, effective from March 27. This move is part of a broader initiative to uphold market integrity amid widespread financial scrutiny.
The Hanoi Stock Exchange’s announcement included shares of An Giang Port JSC (CAG) and VICEM Energy and Environment JSC (VTV) being restricted from margin trading due to negative profits in their audited financial statements. This action mirrors prior additions made in March when several other firms were also placed in similar positions, underscoring the need for vigilance regarding the financial health of listed entities.
Meanwhile, Vinamilk (VNM), Vietnam Dairy Products Joint Stock Company, significantly reported that its 2024 revenue reached 61.824 trillion VND, marking a 2.2% increase compared to the previous year, thus fulfilling 97.9% of its financial targets. Pre-tax profit also grew by 4.8%, showing robust performance amidst market adversities and natural disaster disruptions.
Domestic sales contributed 82% of total revenue, which indicates the brand’s stronghold in the market. Despite previous challenges, VNM’s domestic revenue attained 50.799 trillion VND, reflecting a 0.4% growth although broader industry trends indicated some declines. The foreign market added an impressive 12.6% growth, accounting for about 18% of total revenue and marking its highest expansion in five years, reinforcing Vinamilk's strategic foreign operational engagements.
The ownership structure at Vinamilk reflects considerable institutional dominance, with foreign investors holding 51.5% and institutional investors comprising 89.5% of total shares. In a shift, several foreign funds have gradually increased their stakes in VNM following strategic adjustments in their portfolios, reflecting investor confidence.
Overall, as the Vietnamese stock market continues to evolve, investors must remain attuned to regulatory developments, strategic performance of key companies, and the wider economic factors that could shape the market landscape.
