vietnam by numbers - vinacapital.com

September 2021 –

September 2021

Vietnam by Numbers

Classified: Public

• Vietnam by Numbers looks at the key economic and sector data pertinent to Vietnam primarily through charts.

• The same set of charts and tables will be monitored and presented. Any commentary will be limited to the key changes that transpired and will be given the ‘less is best’ treatment,

• essentially letting the figures do the talking. • The charts and tables are broadly arranged along the categories of global/regional, domestic,

and sector related. The publication gives readers a quick snapshot of key macro, market, or sector data and used for internal or external presentations or needs.

CONTENT GLOBAL MACRO INDICATORS ................................................................................................................................................................................................ 4

Fig 1: Global GDP Forecast (%) .................................................................................................................................................................................... 4 Fig 2: OECD Leading Indicator ..................................................................................................................................................................................... 4 Fig 3: OECD Business & Consumer Confidence Indicator ............................................................................................................................................ 4 Fig 4: VIX, S&P 500 ...................................................................................................................................................................................................... 4 Fig 5: Nasdaq & Dow Jones Industrial Average............................................................................................................................................................ 4 Fig 6: Brent Oil Price vs. Bbg Industrial Metals Index................................................................................................................................................... 4 Fig 7: Gold & Silver Prices ............................................................................................................................................................................................ 4 Fig 8: Bitcoin & Gold Prices ......................................................................................................................................................................................... 4 Fig 9: SJC Gold Premium to Spot Gold ......................................................................................................................................................................... 5 Fig 10: US Treasury Yields ........................................................................................................................................................................................... 5 Fig 11: US Treasury & Real Yields ................................................................................................................................................................................ 5 Fig 12: US Real Yields (Inverted) & Equities ................................................................................................................................................................. 5 Fig 13: US Treasury and Breakeven Yields ................................................................................................................................................................... 5 Fig 14: 10 Year Gov’t bond yields (US, EU, JP) vs FED Fund Rate ................................................................................................................................. 5 Fig 15: S&P 500 & Forward 12M EPS (USDc) ............................................................................................................................................................... 5 Fig 16: US – Inflation rate (YoY) ................................................................................................................................................................................... 5 Fig 17: US - Non Farm Payrolls (person thousand) ...................................................................................................................................................... 6 Fig 18: US – Weekly Initial Jobless Claims.................................................................................................................................................................... 6 Fig 19: Global Manufacturing PMI, IP & Trade Growth ............................................................................................................................................... 6 Fig 20: iTraxx Asia IG CDS Spreads ............................................................................................................................................................................... 6 Fig 21: ASEAN 4 – Sovereign CDS spreads ................................................................................................................................................................... 6 Fig 22: Vietnam – FTAs between Vietnam and Other Countries.................................................................................................................................. 6 Fig 23: Share of people vaccinated against COVID - 19 ............................................................................................................................................... 6

VIETNAM MACRO INDICATORS ............................................................................................................................................................................................. 7

Fig 24: 2021 Government targets vs VinaCapital forecasts ......................................................................................................................................... 7 Fig 25: Vietnam – Annual GDP YoY Growth (%) ........................................................................................................................................................... 7 Fig 26: Vietnam – Quarterly GDP YoY Growth (%) ....................................................................................................................................................... 7 Fig 27: Vietnam - GDP per Capita (USD) ...................................................................................................................................................................... 7 Fig 28: ASEAN – Real GDP YoY Growth (%) .................................................................................................................................................................. 7 Fig 29: Vietnam – Real GDP by Industry GDP .............................................................................................................................................................. 7 Fig 30: ASEAN – Real GDP (%) ..................................................................................................................................................................................... 8 Fig 31: Vietnam – CPI, PPI (YoY, Quarterly, %) ............................................................................................................................................................. 8 Fig 32: Vietnam – CPI (%) ............................................................................................................................................................................................ 8 Fig 33: Vietnam – CPI Key Categories (%) .................................................................................................................................................................... 8 Fig 34: ASEAN – CPI (YoY, %) ....................................................................................................................................................................................... 8 Fig 35: Vietnam – CPI Breakdown (%) ......................................................................................................................................................................... 9 Fig 36: Vietnam – PMI ................................................................................................................................................................................................. 9 Fig 37: Vietnam vs. Asia PMI ....................................................................................................................................................................................... 9 Fig 38: Currency (%, vs USD) ....................................................................................................................................................................................... 9 Fig 39: DXY Index & VND/USD Exchange Rate ............................................................................................................................................................. 9 Fig 40: VND Trading Bands ........................................................................................................................................................................................ 10 Fig 41: Vietnam – Bond Yields (%) ............................................................................................................................................................................. 10 Fig 42: Vietnam – Government bond issuing rate ..................................................................................................................................................... 10 Fig 43: Vietnam - Total value of OMO and T-bill issued ............................................................................................................................................. 10 Fig 44: VN – Top Imports Products in 9M2021 .......................................................................................................................................................... 10 Fig 45: VN – Top Exports Products in 9M2021 .......................................................................................................................................................... 10 Fig 46: Vietnam – Top Imports Countries in 8M2021 ................................................................................................................................................ 10 Fig 47: Vietnam – Top Exports Countries in 8M2021 ................................................................................................................................................ 10 Fig 48: Vietnam – Overview of Imports/Exports ........................................................................................................................................................ 11 Fig 49: Vietnam - Investment YoY Growth by Sector (%) ........................................................................................................................................... 11 Fig 50: Vietnam – Investment Weight By Sector (%) ................................................................................................................................................. 11 Fig 51: VN-Registered & Disbursed FDI (USDbn) ....................................................................................................................................................... 11

September 2021 –

September 2021

Vietnam by Numbers

Classified: Public

Fig 52: Vietnam – Registered FDI Breakdown in 9M2021 ......................................................................................................................................... 11 Fig 53: Vietnam – Top FDI Countries ......................................................................................................................................................................... 11 Fig 54: Vietnam – Direct Investment vs Portfolio Investment ................................................................................................................................... 11 Fig 55: Vietnam – Current Account & BoP/GDP (%) .................................................................................................................................................. 12 Fig 56: Vietnam – Balance of Payment Accounts ...................................................................................................................................................... 12 Fig 57: Vietnam – Foreign Reserves .......................................................................................................................................................................... 12 Fig 58: Vietnam – Debt (as % GDP)............................................................................................................................................................................ 12 Fig 59: Vietnam – External Debt Breakdown ............................................................................................................................................................. 12 Fig 60: Vietnam – Budget Balance (VND bn) ............................................................................................................................................................. 12 Fig 61: Vietnam – Remittances (USD bn) ................................................................................................................................................................... 13 Fig 62: ASEAN - Remittances (USD bn) ...................................................................................................................................................................... 13 Fig 63: Vietnam – Urbanization rate (%) ................................................................................................................................................................... 13 Fig 64: VN – Employment & Labour Force Participation Rate ................................................................................................................................... 13 Fig 65: Vietnam – Labour Force & Unemployment Rate ........................................................................................................................................... 13 Fig 66: Vietnam – Monthly Minimum Wages by Region (VND mn) ........................................................................................................................... 13 Fig 67: Vietnam - Business registration situation ...................................................................................................................................................... 13 Fig 68: Vietnam - Google COVID-19 Community Mobility ......................................................................................................................................... 13 Fig 69: ASEAN – Stringency Index .............................................................................................................................................................................. 14 Fig 70: Vietnam – Vaccination rate (at least one COVID vaccine dose) ..................................................................................................................... 14

VIETNAM BANKING SYSTEM ............................................................................................................................................................................................... 15

Fig 71: VND Interbank Deposit Rate by Term ............................................................................................................................................................ 15 Fig 72: ASEAN – Lending Rate (%) ............................................................................................................................................................................. 15 Fig 73: Vietnam – Loans/GDP % ................................................................................................................................................................................ 15 Fig 74: ASEAN – Loans/GDP % ................................................................................................................................................................................... 15 Fig 75: Vietnam – Mortgage Loans/GDP % ................................................................................................................................................................ 15 Fig 76: ASEAN – Mortgage Loans/GDP (%, YE19) ...................................................................................................................................................... 15 Fig 77: Vietnam – Loan Breakdown (%) ..................................................................................................................................................................... 15 Fig 78: Vietnam – NIM (%) ........................................................................................................................................................................................ 15 Fig 79: Vietnam – Credit YoY Growth (%) .................................................................................................................................................................. 16 Fig 80: Vietnam – Credit & Deposit YoY Growth (%) ................................................................................................................................................. 16 Fig 81: Vietnam – LDR (%) ......................................................................................................................................................................................... 16 Fig 82: VN – Current Account & Savings Account, % share of deposits ..................................................................................................................... 16 Fig 83: Vietnam – CAR (%) ......................................................................................................................................................................................... 16 Fig 84: VN – Total Assets & Regulatory Capital YoY Growth (%) ................................................................................................................................ 16 Fig 85: Vietnam – Banks ROA (%) .............................................................................................................................................................................. 16 Fig 86: Vietnam – Banks ROE (%) .............................................................................................................................................................................. 16 Fig 87: Vietnam – Fee to Total Income (%) ................................................................................................................................................................ 17 Fig 88: Vietnam – Reserve Cover (%) ......................................................................................................................................................................... 17 Fig 89: Vietnam – NPL Ratio (%) ................................................................................................................................................................................ 17 Fig 90: Vietnam – New NPL Formation Rate (%) ....................................................................................................................................................... 17

VIETNAM DOMESTIC CONSUMPTION ................................................................................................................................................................................ 18

Fig 91: Vietnam - Consumer Loans/GDP (%) ............................................................................................................................................................. 18 Fig 92: Vietnam - Consumer Loans & Credit Growth (%, yoy) ................................................................................................................................... 18 Fig 93: Retail Sales & GDP per Capita (USD) .............................................................................................................................................................. 18 Fig 94: Vietnam - Retail Sales (RS) & Consumer Confidence (%) ............................................................................................................................... 18 Fig 95: ASEAN – % Share of E-Commerce to Total Retail Sales .................................................................................................................................. 18 Fig 96: ASEAN – YoY Growth of E-Commerce Value .................................................................................................................................................. 18 Fig 97: Vietnam – Number of Supermarkets & Shopping Centers ............................................................................................................................. 18 Fig 98: Vietnam – Motor Vehicle Sales (Incl MBV & Lexus, unit) ............................................................................................................................... 18 Fig 99: Vietnam – Number of Visitor Arrival .............................................................................................................................................................. 19 Fig 100: Vietnam – Visitor Arrival YoY Growth by Country (%) .................................................................................................................................. 19 Fig 101: Vietnam -- New Supply and Sold Units in HCMC .......................................................................................................................................... 19 Fig 102: Vietnam -- New Supply and Sold Units in Hanoi........................................................................................................................................... 19 Fig 103: Vietnam – Condo Primary Selling Price in HCMC (USD/sqm) ....................................................................................................................... 19 Fig 104: Vietnam – Condo Primary Selling Price in Hanoi (USD/sqm) ........................................................................................................................ 19 Fig 105: Projects advertised by District in HCMC, YTD-June 21 ................................................................................................................................. 19 Fig 106: Projects advertised by District in Hanoi, YTD-July 21 ................................................................................................................................... 19 Fig 107: Projects advertised by Month in HCMC, YTD-21 .......................................................................................................................................... 20 Fig 108: Projects advertised by Month in Hanoi, YTD-21 .......................................................................................................................................... 20 Fig 109: ASEAN – Internet Use .................................................................................................................................................................................. 20

VIETNAM POWER INDUSTRY .............................................................................................................................................................................................. 21

Fig 110: Vietnam – Total Power Production & Demand (kWh bn)............................................................................................................................. 21 Fig 111: Vietnam – Power Production and Purchase 7M2021 .................................................................................................................................. 21 Fig 112: VN – Electricity Generation Capacity by Investors 2020 .............................................................................................................................. 21 Fig 113: Vietnam - Electricity Demand by Sector (kWh mn) ...................................................................................................................................... 21 Fig 114: Vietnam – Estimated Volume Deficiency (kWh bn) ..................................................................................................................................... 21

September 2021 –

September 2021

Vietnam by Numbers

Classified: Public

Fig 115: Vietnam – Electricity Imports/Exports (kWh mn)......................................................................................................................................... 21 Fig 116: VN - Market Ceiling Price for Competitive Generation Market .................................................................................................................... 21 Fig 117: Average Retail Price – All Users ($c/kWh) .................................................................................................................................................... 21 Fig 118: Vietnam – Direct Generators (mn W) .......................................................................................................................................................... 22 Fig 119: Registered wind capacity for COD in 2021 by province (MW) ..................................................................................................................... 22 Fig 120: Vietnam power generation capacity and utilization rate ............................................................................................................................. 22 Fig 121: ASIA – LNG Demand .................................................................................................................................................................................... 22 Fig 122: ASEAN – Wind capacity ................................................................................................................................................................................ 22 Fig 123: ASEAN – Power generation .......................................................................................................................................................................... 22 Fig 124: ASEAN – Annual power consumption per capita ......................................................................................................................................... 22

VIETNAM CAPITAL MARKETS .............................................................................................................................................................................................. 23

Fig 125: MSCI Index vs. VNIndex (%, USD term) ........................................................................................................................................................ 23 Fig 126: VN-Index & MSCI Global Index Performance ............................................................................................................................................... 23 Fig 127: Stock Market Performance (%, USD term) ................................................................................................................................................... 23 Fig 128: PER (x) – Vietnam vs ASEAN ......................................................................................................................................................................... 23 Fig 129: PER (x) – Vietnam vs ASEAN ......................................................................................................................................................................... 23 Fig 130: ASEAN – PER (x) ........................................................................................................................................................................................... 23 Fig 131: Valuation Band of VNIndex .......................................................................................................................................................................... 23 Fig 132: VN Historical Discount to ASEAN ................................................................................................................................................................. 23 Fig 133: ASEAN – Net Profit Growth (%) .................................................................................................................................................................... 24 Fig 134: Vietnam – Consensus Net Profit Growth ..................................................................................................................................................... 24 Fig 135: ASEAN – Consensus Net Profit Growth ........................................................................................................................................................ 24 Fig 136: VN – Average Daily Turnover (USD mn) ....................................................................................................................................................... 24 Fig 137: VN – Average Daily Turnover by Sector (USD mn) ....................................................................................................................................... 24 Fig 138: ASEAN – Average Daily Turnover (USD mn) ................................................................................................................................................. 24 Fig 139: Market Turnover by Investors (%) ............................................................................................................................................................... 24 Fig 140: Number of Trading Accounts ....................................................................................................................................................................... 24 Fig 141: Vietnam – Margin leverage.......................................................................................................................................................................... 25 Fig 142: Vietnam – Brokers Margin Loans ................................................................................................................................................................. 25 Fig 143: Number of State Divestment 2016 – 2020: Actual vs Plan ........................................................................................................................... 25 Fig 144: Number of SOE IPOs 2016 – 2020: Actual vs Plan ........................................................................................................................................ 25 Fig 145: DXY vs VNI ................................................................................................................................................................................................... 25 Fig 146: DXY vs MSCI EM ........................................................................................................................................................................................... 25 Fig 147: ASEAN – Market Cap ................................................................................................................................................................................... 25

SECTOR VALUATION BANDS ............................................................................................................................................................................................... 26

Fig 148: Aviation – PER (x) ......................................................................................................................................................................................... 26 Fig 149: Aviation – EV/EBITDA (x) .............................................................................................................................................................................. 26 Fig 150: Banks – PER (x) ............................................................................................................................................................................................ 26 Fig 151: Banks – PBR (x) ............................................................................................................................................................................................ 26 Fig 152: Brokers – PER (x) .......................................................................................................................................................................................... 26 Fig 153: Brokers – PBR (x) ......................................................................................................................................................................................... 26 Fig 154: Consumer Discretionary – PER (x)................................................................................................................................................................ 27 Fig 155: Consumer Discretionary – EV/EBITDA (x) .................................................................................................................................................... 27 Fig 156: Consumer Staples – PER (x) ......................................................................................................................................................................... 27 Fig 157: Consumer Staples – EV/EBITDA (x) .............................................................................................................................................................. 27 Fig 158: Industrial Parks – PER (x) ............................................................................................................................................................................. 27 Fig 159: Industrial Parks – PBR (x) ............................................................................................................................................................................. 27 Fig 160: Materials & Cyclicals – PER (x) ..................................................................................................................................................................... 27 Fig 161: Materials & Cyclicals – EV/EBITDA (x) .......................................................................................................................................................... 27 Fig 162: Oil & Gas – PER (x) ....................................................................................................................................................................................... 28 Fig 163: Oil & Gas – EV/EBITDA (x) ............................................................................................................................................................................ 28 Fig 164: Ports & Logistics – PER (x) ............................................................................................................................................................................ 28 Fig 165: Ports & Logistics – EV/EBITDA (x) ................................................................................................................................................................. 28 Fig 166: Property (Non Vingroup) – PER (x) ............................................................................................................................................................... 28 Fig 167: Property (Non Vingroup) – PBR (x) .............................................................................................................................................................. 28 Fig 168: Property (Vingroup Family) – PER (x) ........................................................................................................................................................... 28 Fig 169: Property (Vingroup Family) – PBR (x) ........................................................................................................................................................... 28 Fig 170: Tech & Telecom – PER (x) ............................................................................................................................................................................ 29 Fig 171: Tech & Telecom – EV/EBITDA (x) ................................................................................................................................................................. 29 Fig 172: Utilities – PER (x) .......................................................................................................................................................................................... 29 Fig 173: Utilities – EV/EBITDA (x) ............................................................................................................................................................................... 29

September 2021 –

September 2021

Vietnam by Numbers

Classified: Public

GLOBAL MACRO INDICATORS Fig 1: Global GDP Forecast (%)

2.8

-3.6

6.0

1.8

-6.0

4.7 5.4

-0.9

7.55.0

-4.1

4.32.3

-3.4

7.0 6.0

2.3

8.1

-10

-5

0

5

10

2019

2020

E20

21E

2019

2020

2021

E20

1920

2020

21E

2019

2020

2021

E20

1920

2020

21E

2019

2020

2021

E

World EU EmergingAsia

ASEAN-5 US China

Fig 2: OECD Leading Indicator

101.0

92

94

96

98

100

102

104

2000 2003 2006 2009 2012 2015 2018 2021

Source: CEIC, VinaCapital As of August 2021 Source: Bloomberg, VinaCapital

Fig 3: OECD Business & Consumer Confidence Indicator

94

96

98

100

102

104

2000 2003 2006 2009 2012 2015 2018 2021

Consumer Confidence Business Confidence

Fig 4: VIX, S&P 500

21.0

4359.5

500

1,500

2,500

3,500

4,500

5,500

0

20

40

60

80

100

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

VIX Index (LHS) S&P 500

As of August 2021 Source: Bloomberg, VinaCapital As of 30/09/2021 Source: Bloomberg, VinaCapital Fig 5: Nasdaq & Dow Jones Industrial Average

Fig 6: Brent Oil Price vs. Bbg Industrial Metals Index

162.2

78.9

0

50

100

150

200

250

Bbg Industrial Metals Index Brent oil price USD/barrel

As of 30/09/2021 Source: Bloomberg, VinaCapital As of 30/09/2021 Source: Bloomberg, VinaCapital Fig 7: Gold & Silver Prices

10.0

20.0

30.0

40.0

500

1000

1500

2000

2500Gold: 1726.4 USD/ozSi lver: 21.6 USD/oz

Gold Silver (RHS)

Fig 8: Bitcoin & Gold Prices

43126.3

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

500

1000

1500

2000

2500

2017 2018 2019 2020 2021

Gold Bitcoin (RHS) As of 30/09/2021 Source: Bloomberg, VinaCapital As of 30/09/2021 Source: Bloomberg, VinaCapital

0

10,000

20,000

30,000

40,000

0

5,000

10,000

15,000

20,000

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

Nasdaq: 14,512.4DJIA: 34,390.7

Nasdaq DJIA (RHS)

September 2021 –

September 2021

Vietnam by Numbers

Classified: Public

Fig 9: SJC Gold Premium to Spot Gold

(5)

-

5

10

15

20

25Se

p-17

Dec-

17M

ar-1

8Ju

n-18

Sep-

18De

c-18

Mar

-19

Jun-

19Se

p-19

Dec-

19M

ar-2

0Ju

n-20

Sep-

20De

c-20

Mar

-21

Jun-

21Se

p-21

Fig 10: US Treasury Yields

0

1

2

3

4

5

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

10Y Bond Yield 30Y Bond Yield2Y Bond Yield

As of 30/09/2021 Source: Bloomberg, VinaCapital As of 30/09/2021 Source: Bloomberg, VinaCapital Fig 11: US Treasury & Real Yields

-2-1012345

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

10Y Bond Yield 10Y Real Yield

Fig 12: US Real Yields (Inverted) & Equities

-3

-2

-1

0

1

2

30

1000

2000

3000

4000

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

SPX Index 10Y Real Yield (RHS)

As of 30/09/2021 Source: Bloomberg, VinaCapital As of 30/09/2021 Source: Bloomberg, VinaCapital Fig 13: US Treasury and Breakeven Yields

-1

0

1

2

3

4

5

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

10Y US Breakeven Yield 10Y Bond Yield

Fig 14: 10 Year Gov’t bond yields (US, EU, JP) vs FED Fund Rate

-1

0

1

2

3

4

2014 2015 2016 2017 2018 2019 2020 2021

10Y US Gov't Yield 10Y Japan Gov't Yield10Y EU Gov't Yield FED Fund rate

As of 30/09/2021 Source: Bloomberg, VinaCapital As of 30/09/2021 Source: Bloomberg, VinaCapital Fig 15: S&P 500 & Forward 12M EPS (USDc)

0

50

100

150

200

250

0

1000

2000

3000

4000

S&P 500 Forward EPS (RHS)

Fig 16: US – Inflation rate (YoY)

5.3

-1

0

1

2

3

4

5

6

Dec-

16M

ar-1

7Ju

n-17

Sep-

17De

c-17

Mar

-18

Jun-

18Se

p-18

Dec-

18M

ar-1

9Ju

n-19

Sep-

19De

c-19

Mar

-20

Jun-

20Se

p-20

Dec-

20M

ar-2

1Ju

n-21

As of 30/09/2021 Source: Bloomberg, VinaCapital As of August 2021 Source: Bloomberg, VinaCapital

September 2021 –

September 2021

Vietnam by Numbers

Classified: Public

Fig 17: US - Non Farm Payrolls (person thousand)

235

-25000

-20000

-15000

-10000

-5000

0

5000

10000Fe

b-17

May

-17

Aug-

17N

ov-1

7Fe

b-18

May

-18

Aug-

18N

ov-1

8Fe

b-19

May

-19

Aug-

19N

ov-1

9Fe

b-20

May

-20

Aug-

20N

ov-2

0Fe

b-21

May

-21

Aug-

21

Fig 18: US – Weekly Initial Jobless Claims

0

1

2

3

4

5

6

7

Mill

ions

362k

As of August 2021 Source: Bloomberg, VinaCapital As of 25/09/2021 Source: Bloomberg, VinaCapital

Fig 19: Global Manufacturing PMI, IP & Trade Growth

0

20

40

60

-20

0

20

CPB Trade Vol index YoY CPB World IP YoYJPM global mfg PM SA (RHS)

Fig 20: iTraxx Asia IG CDS Spreads

0

50

100

150

200

250

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

iTraxx Asia IG CDS spreads

As of 30/09/2021 Source: Bloomberg, VinaCapital As of 30/09/2021 Source: Bloomberg, VinaCapital

Fig 21: ASEAN 4 – Sovereign CDS spreads

0

50

100

150

200

250

300

350

2015 2016 2017 2018 2019 2020 2021

Philippines Thailand Indonesia Vietnam

Fig 22: Vietnam – FTAs between Vietnam and Other Countries

As of 30/09/2021 Source: Bloomberg, VinaCapital Source: VCCI, Houselink

Fig 23: Share of people vaccinated against COVID - 19

Source: ourworldindata.org

September 2021 –

September 2021

Vietnam by Numbers

Classified: Public

VIETNAM MACRO INDICATORS Fig 24: 2021 Government targets vs VinaCapital forecasts

2021 Government Plans vs VinaCapital Forecasts Government targets VinaCapital Forecasts

GDP Growth 6.5% 1.5%VND NA VND to appreciate 1-2%

4% (on adjusted GDP)5% (on unadjusted GDP)46.1% (on adjusted GDP)59.6% (on unadjusted GDP)41.9% (on adjusted GDP)53.2% (on unadjusted GDP)

Budget Deficit/GDP NA

Public Debt/GDP NA

Government Debt/GDP NA

Source: VinaCapital

Fig 25: Vietnam – Annual GDP YoY Growth (%)

2.9

1.5

0

1

2

3

4

5

6

7

8

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021FVNC

Fig 26: Vietnam – Quarterly GDP YoY Growth (%)

-6.2-8-6-4-202468

10

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

2017 2018 2019 2020 2021

Source: GSO, CEIC, VinaCapital Source: CEIC, VinaCapital Fig 27: Vietnam - GDP per Capita (USD)

Fig 28: ASEAN – Real GDP YoY Growth (%)

7.0

2.91.5

5.0

-2.1

3.9 4.4

-5.6

4.75.9

-9.6

5.4

1.3

-5.4

5.2

2.3

-6.1

2.1

-15

-10

-5

0

5

10

2019

2020

2021

E20

1920

2020

21E

2019

2020

2021

E20

1920

2020

21E

2019

2020

2021

E20

1920

2020

21E

Vietnam Indonesia Malaysia Philippines Singapore Thailand

Source: CEIC, Statista for 2021E, VinaCapital Source: CEIC, VinaCapital Fig 29: Vietnam – Real GDP by Industry GDP

2015 2016 2017 2018 2019 2020 Dec-20 Mar-21 Jun-21 Sep-21GDP, YoY Growth 6.7 6.2 6.8 7.1 7.0 2.9 4.5 4.5 6.6 -6.2Agri., Forestry and Fishery 2.4 1.4 2.9 3.8 2.0 2.7 4.7 3.2 4.1 1.0Industry and Construction 9.6 7.6 8.0 8.9 8.9 4.0 5.6 6.3 10.3 -5.0Services 6.3 7.0 7.4 7.0 7.3 2.3 4.3 3.3 4.3 -9.3Net indirect taxes 5.5 6.4 6.3 6.1 6.5 1.7 1.1 4.3 5.5 -6.2% share of GDPAgri., Forestry and Fishery 16.1 15.3 14.8 14.3 13.7 13.6 13.0 10.6 11.0 13.0Industry and Construction 34.2 34.6 35.0 35.6 36.2 36.6 37.4 36.6 38.3 37.5Services 38.3 38.6 38.8 38.8 38.9 38.7 39.1 42.8 41.3 40.1Net indirect taxes 11.5 11.5 11.4 11.3 11.3 11.1 10.5 10.1 9.4 9.4 Source: CEIC, VinaCapital

12731517

17481907 2052 2097 2202

23732570 2715 2779

3609

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

September 2021 –

September 2021

Vietnam by Numbers

Classified: Public

Fig 30: ASEAN – Real GDP (%)

Source: CEIC, VinaCapital

Fig 31: Vietnam – CPI, PPI (YoY, Quarterly, %)

2.1

0.70.3

-4

-2

0

2

4

6

Mar

-17

Jun-

17Se

p-17

Dec-

17M

ar-1

8Ju

n-18

Sep-

18De

c-18

Mar

-19

Jun-

19Se

p-19

Dec-

19M

ar-2

0Ju

n-20

Sep-

20De

c-20

Mar

-21

Jun-

21Se

p-21

CPI Core CPI PPI

Fig 32: Vietnam – CPI (%)

2.1

-0.6

-2.0-1.5-1.0-0.50.00.51.01.52.0

-2

0

2

4

6

8

Jun-

17

Sep-

17

Dec-

17

Mar

-18

Jun-

18

Sep-

18

Dec-

18

Mar

-19

Jun-

19

Sep-

19

Dec-

19

Mar

-20

Jun-

20

Sep-

20

Dec-

20

Mar

-21

Jun-

21

Sep-

21

YoY MoM (RHS) As of September 2021 Source: CEIC, VinaCapital As of September 2021 Source: CEIC, VinaCapital Fig 33: Vietnam – CPI Key Categories (%)

-3

-1

1

3

5

7

Others TransportationHealthcare Housing & Const'n MaterialsFoods CPI

Fig 34: ASEAN – CPI (YoY, %)

2.1

1.62.0

4.9

2.4

-6

-4

-2

0

2

4

6

8

2017 2018 2019 2020 2021Vietnam Indonesia Malaysia

Philippines Singapore Thailand As of September 2021 Source: CEIC, VinaCapital

As of August 21; VN as of September 21 Source: CEIC, VinaCapital

VN ID MY PH SG TH VN ID MY SG THGDP, YoY Growth 7.0 5.0 4.3 5.9 1.3 2.3 2.9 -2.1 -5.6 -5.4 -6.1Government consumption 5.8 3.3 2.0 10.5 3.4 1.7 6.2 1.9 4.1 12.6 0.8Private consumption 7.4 5.0 7.6 5.8 3.3 4.0 0.6 -2.6 -4.3 -14.1 -1.0Gross Capital Formation 8.3 4.5 -2.1 1.5 1.2 2.0 - -4.9 -14.5 -13.7 -4.8Change in stocks 3.8 -34.2 - -195.7 -27.5 -57.1 - -60.5 - -35.3 38.9Net Exports: Goods & Services - 172.3 9.7 - -0.2 22.8 - 55.5 -12.3 11.6 -74.5% share of GDPGovernment consumption 6.3 7.8 12.2 11.6 10.3 14.6 6.5 8.1 13.4 12.2 15.7Private consumption 67.9 54.2 58.7 68.4 37.5 51.8 66.4 53.9 59.5 34.0 54.6Gross Capital Formation 31.7 32.9 23.1 29.2 24.6 23.8 - 31.9 20.9 22.5 24.2Change in stocks 2.9 1.2 -1.0 -0.3 1.5 1.0 - 0.5 -0.4 1.0 1.5Net Exports: Goods & Services - 2.1 7.0 - 26.9 7.1 - 3.3 6.5 31.7 1.9

2019 2020

September 2021 –

September 2021

Vietnam by Numbers

Classified: Public

Fig 35: Vietnam – CPI Breakdown (%)

2017 2018 2019 2020 May-21 Jun-21 Jul-21 Aug-21 Sep-21CPI, yoy Growth 3.5 3.5 2.8 3.2 2.9 2.4 2.6 2.8 2.1Core inflation yoy Growth 1.4 1.5 2.0 2.3 1.1 1.1 1.0 1.0 0.7Foods and Foodstuffs -1.1 3.2 4.1 10.0 1.0 -0.3 0.5 1.2 1.3Housing & Const'n Materials 4.3 3.3 3.0 1.8 2.9 4.0 4.4 4.3 1.6Health and Personal Care 42.3 10.8 3.8 2.2 0.2 0.2 0.2 0.2 0.2Transportation 6.8 6.4 -1.0 -11.2 21.2 15.5 13.8 13.6 13.6% contribution for yoy growthFoods and Foodstuffs -11.1 33.0 52.5 111.8 11.6 -4.6 6.6 13.7 21.1Housing & Const'n Materials 19.1 14.8 17.1 8.7 19.0 31.4 31.7 29.0 14.9Health and Personal Care 60.4 15.4 6.9 3.6 0.3 0.4 0.3 0.3 0.5Transportation 18.0 16.9 -3.5 -32.5 70.8 62.4 50.6 46.7 63.8Others 13.5 20.0 27.0 8.4 -1.7 10.5 10.8 10.3 -0.3

Source: CEIC, VinaCapital Fig 36: Vietnam – PMI

40.2

30

35

40

45

50

55

60

2013 2014 2015 2016 2017 2018 2019 2020 2021

Fig 37: Vietnam vs. Asia PMI

50.8

40.2

3034384246505458

Jun-

18

Sep-

18

Dec-

18

Mar

-19

Jun-

19

Sep-

19

Dec-

19

Mar

-20

Jun-

20

Sep-

20

Dec-

20

Mar

-21

Jun-

21

Sep-

21Asia Vietnam

As of September 21 Source: IHS Markit As of September 21 Source: IHS Markit Fig 38: Currency (%, vs USD)

0.1 0.3 1.54.2

-0.6-2.7

1.1 1.7

-3.9

3.35.7

-6.0

1.4 1.8

-2.7

8.6

-0.8

-10.9

0.2

-6.7

4.8

-15

-10

-5

0

5

10

2019

2020

YTD

-21

2019

2020

YTD

-21

2019

2020

YTD

-21

2019

2020

YTD

-21

2019

2020

YTD

-21

2019

2020

YTD

-21

2019

2020

YTD

-21

VN ID MY PH SG TH DXY

Fig 39: DXY Index & VND/USD Exchange Rate

94.3

72

77

82

87

92

97

102

107

20000

21000

22000

23000

24000

VND/USD DXY (RHS) As of 30/09/2021 Source: Bloomberg, VinaCapital As of 30/09/2021 Source: Bloomberg, VinaCapital

Updated weights of CPI basket 2020-2025Overal CPI index YoY 100.00

Food and foodstuffs 33.56 Food 3.67 Foodstuffs 21.28

Food services 8.61Beverage and tobacco 2.73Garment. footwear. 5.70Housing & material construction 18.82Household goods 6.74Medicaments and health care 5.39Transportation 9.67Telecommunication 3.14Education 6.17Culture. sport. entertainments 4.55Other consumer goods & services 3.53

September 2021 –

September 2021

Vietnam by Numbers

Classified: Public

Fig 40: VND Trading Bands

Fig 41: Vietnam – Bond Yields (%)

0

1

2

3

4

5

6

Mar

-18

Jun-

18

Sep-

18

Dec-

18

Mar

-19

Jun-

19

Sep-

19

Dec-

19

Mar

-20

Jun-

20

Sep-

20

Dec-

20

Mar

-21

Jun-

21

Sep-

21

1Y 2Y 3Y 5Y 10Y 15Y

As of 30/06/2021 Source: Bloomberg, VinaCapital As of 30/09/2021 Source: Bloomberg, VinaCapital Fig 42: Vietnam – Government bond issuing rate

Fig 43: Vietnam - Total value of OMO and T-bill issued

Source: SBV, VBMA, SSI Source: SBV, Bloomberg, SSI

Fig 44: VN – Top Imports Products in 9M2021

22%

14%

6%4%4%4%

3%3%

2%

38%

PCs & electronic itemsMachinery & equipmentMobile &spare partsFabricsPlasticsIron & steelOther Base MetalsAutomobiles (AM)Plastics ProductsOthers

Fig 45: VN – Top Exports Products in 9M2021

17%

15%

11%

10%5%5%3%

3%

3%

28%

Mobile & Spare partsPCs & electronic itemsMachinery & EquipmentTextiles & GarmentsFootwearWood & Wooden productsIron & SteelTransportation vehiclesFisheryOthers

Source: Customs (Preliminary), VinaCapital Source: Customs (Preliminary), VinaCapital

Fig 46: Vietnam – Top Imports Countries in 8M2021

33%

16%13%

7%

6%

5%

5%

3% 12%

China

South Korea

ASEAN

Japan

Taiwan

EU

US

Australia

Others

Fig 47: Vietnam – Top Exports Countries in 8M2021

29%

16%

12%9%

7%

6%

3%

2%1% 15%

US

China

EU

ASEAN

South Korea

Japan

HongKong

India

UAE

Others

Source: Customs, VinaCapital Source: Customs, VinaCapital

19500

20500

21500

22500

23500

24500

2014 2015 2016 2017 2018 2019 2020 2021

Interbank rate Lower band Uer Band Unofficial Mkt

September 2021 –

September 2021

Vietnam by Numbers

Classified: Public

Fig 48: Vietnam – Overview of Imports/Exports

(USD bn) 2013 2014 2015 2016 2017 2018 2019 2020 YTD-21

Total Imports and Exports 264.1 298.1 327.6 351.4 428.1 480.6 517.7 545.3 483.2Total Exports 132.0 150.2 162.0 176.6 215.1 243.7 264.3 282.6 240.5

%yoy 15.3 13.8 7.9 9.0 21.8 13.3 8.4 6.9 18.8Total Imports 132.0 147.8 165.6 174.8 213.0 236.9 253.4 262.7 242.7

%yoy 16.0 12.0 12.0 5.6 21.9 11.2 7.0 3.7 30.5Trade Surplus/ Deficit 0.0 2.4 -3.6 1.8 2.1 6.8 10.9 19.9 -2.1

Domestic Companies -6.5 -7.4 -16.9 -19.7 -22.6 -23.0 -23.6 -13.9 -21.0

FDI Companies 6.5 9.7 13.3 21.4 24.7 29.8 34.5 33.8 18.9 Source: Customs, YTD-September 21 GSO, VinaCapital

Fig 49: Vietnam - Investment YoY Growth by Sector (%)

2016 2017 2018 2019 2020 YTD-21

Total investment 8.9 12.3 11.2 10.3 5.7 0.4

State 7.3 6.9 3.8 2.9 14.5 -4.7

Non-State 9.5 17.1 18.5 17.3 3.1 3.9

Foreign-Sector 10.4 12.8 9.8 7.9 -1.3 -3.4

Total investment/GDP 33.0 33.4 33.5 33.9 34.4 31.2

Fig 50: Vietnam – Investment Weight By Sector (%)

38.5 38.1 37.7 38.4 38.7 38.9 40.6 43.3 46.0 44.9 58.9

24.5 21.6 21.9 21.7 23.3 23.6 23.7 23.4 22.9 21.4 16.5

36.9 40.2 40.4 39.9 38.0 37.5 35.7 33.3 31.1 33.7 24.6

State Non State FDI As of September 2021 Source: GSO, CEIC, VinaCapital As of September 2021 Source: GSO, CEIC, VinaCapital Fig 51: VN-Registered & Disbursed FDI (USDbn)

8.716.0 9.0 10.8 9.1 6.7

-2.0 -3.5-6.5 12.5

-8.0

41.7

-13.9 -11.8 -6.6

22.3

-40

-20

0

20

40

60

80

(20)

(10)

0

10

20

30

2014 2015 2016 2017 2018 2019 2020 YTD-21

(%)USD bn

FDI Disbursement (USD bn)FDI Registered (exl. Purchased stocks) (USD bn)%yoy FDI Disb. (RHS)%yoy FDI Regis.(RHS)

Fig 52: Vietnam – Registered FDI Breakdown in 9M2021

54%25%

8%

3%

3%3% 4% Manufacturing

Electricity, Gas, Air Con Supply

Real Estate Activities

Whsle, Retail Trade, MVRepairProfessional, Scientific, Tech

Transportation, Storage

As of September 2021 Source: CEIC, VinaCapital Source: CEIC, VinaCapital Fig 53: Vietnam – Top FDI Countries

0

2000

4000

6000

8000

10000

2014 2015 2016 2017 2018 2019 2020 9M21

Singapore Korea Japan China HK

SG: 29.5%KR: 18.0%JP: 16.3%CH: 12%HK: 9.3%

Fig 54: Vietnam – Direct Investment vs Portfolio Investment

3.8

8.110.7 11.6

13.614.9 15.7 15.4

7.3

0.3 0.1

-0.1

0.22.1 3.0 3.0

-1.3

0.2

-5

0

5

10

15

20

Direct investment (USD bn) Portfolio investment (USD bn) Source: SBV, CEIC, VinaCapital Source: SBV, CEIC, VinaCapital

September 2021 –

September 2021

Vietnam by Numbers

Classified: Public

Fig 55: Vietnam – Current Account & BoP/GDP (%)

-2.3

2.9

-4-202468

10

Current Account/GDP (%) BOP/GDP (%)

Source: SBV, CEIC, VinaCapital Source: SBV, CEIC, VinaCapital

Fig 56: Vietnam – Balance of Payment Accounts

USD mn 2015 2016 2017 2018 2019 2020 YTD-Jun21Current account -2,039 625 -1,651 5,769 12,168 14,967 -3,972

Goods trade balance (f.o.b.) 7,375 11,042 10,845 16,540 21,221 30,615 5,540Services trade balance -4,765 -4,258 -4,030 -3,810 -1,501 -10,287 -7,702Investment income (primary) -12,150 -14,144 -16,994 -15,818 -16,795 -14,817 -7,932Transfers (secondary) 7,501 7,985 8,528 8,857 9,243 9,456 6,122

Financial account 967 10,726 20,027 8,466 18,971 8,484 16,161Direct investment (net) 10,700 11,600 13,620 14,902 15,670 15,420 7,284Portfolio investment (net) -65 228 2,069 3,021 2,998 -1,256 217Other investment (net) -9,668 -1,102 4,338 -9,457 303 -5,681 8,660

Net errors and omissions -4,959 -2,961 -5,832 -8,204 -7,885 -6,819 -7,248Overall balance -6,032 8,390 12,544 6,031 23,254 16,632 4,941Current Account/GDP (%) -1.1 0.3 -0.7 2.4 4.6 5.5 -2.3BOP/GDP (%) -3.1 4.1 5.6 2.5 8.9 6.1 2.9 Source: SBV, CEIC, VinaCapital

Fig 57: Vietnam – Foreign Reserves

0

1

2

3

4

5

0

20,000

40,000

60,000

80,000

100,000

120,000

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

YTD-

Jun2

1

Total Reserve Minus Gold (USD bn) (LHS)Import Cover (RHS)

Fig 58: Vietnam – Debt (as % GDP)

Source: SBV, CEIC, VinaCapital Source: SBV, CEIC, VinaCapital

Abc Fig 59: Vietnam – External Debt Breakdown

Fig 60: Vietnam – Budget Balance (VND bn)

-4.7 -4.3 -3.6-2.7 -2.8 -2.7

-4.0

2.2

-4.0

-12

-9

-6

-3

0

3

6

-400,000

-300,000

-200,000

-100,000

0

100,000

200,000

Budget Balance % GDP (RHS) Source: MOF, VinaCapital Source: MOF, VinaCapital

55.059.6

48.053.2

30

40

50

60

70

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019P2020E

Public Debt: % of GDPGovernment Debt: % of GDPNational External Debt: % of GDPExternal Debt CapPublic Debt Cap

49% 47% 42% 42% 44%

51% 53% 58% 58% 56%

2015 2016 2017 2018 2019

Government Enterprise

September 2021 –

September 2021

Vietnam by Numbers

Classified: Public

Fig 61: Vietnam – Remittances (USD bn)

Fig 62: ASEAN - Remittances (USD bn)

Source: World Bank, VinaCapital Source: World Bank, VinaCapital

Fig 63: Vietnam – Urbanization rate (%)

18.319.9

37.0

0.0

10.0

20.0

30.0

40.0

1949

1954

1959

1964

1969

1974

1979

1984

1989

1994

1999

2004

2009

2014

2019

Fig 64: VN – Employment & Labour Force Participation Rate

Source: CEIC As of June 2021 Source: GSO, VinaCapital

Fig 65: Vietnam – Labour Force & Unemployment Rate

Fig 66: Vietnam – Monthly Minimum Wages by Region (VND mn)

Source: GSO, VinaCapital Source: GSO, VinaCapital

Fig 67: Vietnam - Business registration situation

2014: 52,192 2015: 68,347

2016: 81,451 2017: 93,967

2018: 96,611

2019: 102,300

2020:134,900

YTD-21: 85,500

2014: 41,303 2015: 47,604

2016: 45,097

2017: 49,345

2018: 73,103

2019: 49,400

2020: 84,300

YTD-21: 77,489

Newly established enterprisesEnterprises suspending operation

Fig 68: Vietnam - Google COVID-19 Community Mobility

-100-80-60-40-20

02040

Retail and recreation Grocery and pharmacyResidential Transit stationsParks Workplaces

As of September 2021 Source: GSO, VinaCapital Source: Google, VinaCapital

4.33.4

5.0 5.34.7

5.5 5.7

8.0

6.9

5.7

7.16.3 6.4 6.4 6.4 6.7 6.8 6.7 6.5 6.5

5.8

0

2

4

6

8

10

0

5

10

15

20

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

E

VN as % of GDP

14.015.015.917.015.7

8.9 9.011.211.7

9.8

1.6 1.6 1.7 1.7 1.4

31.132.833.8

35.233.3

6.3 6.7 7.5 7.1 6.1

2016

2017

2018

2019

2020

E20

1620

1720

1820

1920

20E

2016

2017

2018

2019

2020

E20

1620

1720

1820

1920

20E

2016

2017

2018

2019

2020

E

VN ID MY PH TH

% of GDP in 2019 VN: 6.5%; ID: 1%; MY: 0.5%; PH: 9.3%; TH: 1.3%

74.4

68

70

72

74

76

78

46

48

50

52

54

56

Dec-

16M

ar-1

7Ju

n-17

Sep-

17De

c-17

Mar

-18

Jun-

18Se

p-18

Dec-

18M

ar-1

9Ju

n-19

Sep-

19De

c-19

Mar

-20

Jun-

20Se

p-20

Dec-

20M

ar-2

1Ju

n-21

Employment (person mn)Labour Force Participation Rate (RHS)

49.8

0.0

1.0

2.0

3.0

46

48

50

52

54

56

Employment (person mn)Unemployment rate (%, RHS)Underemployment Rate (% RHS)

1.49

4.42

3.923.43

3.07

0

1

2

3

4

5

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

VND mn

General Region I Region IIRegion III Region IV

September 2021 –

September 2021

Vietnam by Numbers

Classified: Public

Fig 69: ASEAN – Stringency Index

Fig 70: Vietnam – Vaccination rate (at least one COVID vaccine dose)

Source: ourworldindata.org Source: ourworldindata.org

September 2021 –

September 2021

Vietnam by Numbers

Classified: Public

VIETNAM BANKING SYSTEM Fig 71: VND Interbank Deposit Rate by Term

(1.00)

-

1.00

2.00

3.00

4.00

5.00

ON 1W 1M 3M

Fig 72: ASEAN – Lending Rate (%)

-

5

10

15

20

VN ID MYPH SG TH

As of 30/09/2021 Source: Bloomberg, VinaCapital Source: SBV, Bloomberg, VinaCapital

Fig 73: Vietnam – Loans/GDP %

Fig 74: ASEAN – Loans/GDP %

Source: SBV, CEIC, VinaCapital Source: Bloomberg, CEIC, VinaCapital

Fig 75: Vietnam – Mortgage Loans/GDP %

Fig 76: ASEAN – Mortgage Loans/GDP (%, YE19)

5.9% 3.5%

39.8%

4.1%

49.3%

23.4%

0%

10%

20%

30%

40%

50%

60%

VN ID MY PH SG TH

Source: Euromonitor International Source: Euromonitor International

Fig 77: Vietnam – Loan Breakdown (%)

Fig 78: Vietnam – NIM (%)

3.1

4.8

3.8

1.01.52.02.53.03.54.04.55.0

2015 2016 2017 2018 2019 2020 6M21

SOCBs Private Banks 12 Banks

Source: Data of 11 banks under VinaCapital coverage Source: Data of 12 banks under VinaCapital coverage abc

95.2 97.0 100.8111.0

122.3130.0 130.3 135.7

146.0

0

30

60

90

120

150

180

2012 2013 2014 2015 2016 2017 2018 2019 2020E

130 136146

32 33 32

117 120 121

46 4859

121 119 121112 112 111

2018

2019

2020

E

2017

2018

2019

2017

2018

2019

2017

2018

2019

2017

2018

2019

2017

2018

2019


4

4.6

5.25.5 5.7 5.9

0

1

2

3

4

5

6

7

2014 2015 2016 2017 2018 2019

25 30 33 37 40 35 45

52 51 51 49 49 51 40

20 16 13 11 8 108

2014 2015 2016 2017 2018 2019 2020Retail loans (% of loans) SOE loans (% of loans)FDI loans (% of loans) Corp loans (% of loans)

September 2021 –

September 2021

Vietnam by Numbers

Classified: Public

Fig 79: Vietnam – Credit YoY Growth (%)

Fig 80: Vietnam – Credit & Deposit YoY Growth (%)

12.514.2

17.318.3 18.2

13.9

13.712.2

15.3

23.0 19.4

14.3

17.7

14.112.8

13.9 14.0

12.6

0

5

10

15

20

25

2013 2014 2015 2016 2017 2018 2019 2020 YTD-21

Credit Growth Deposit Growth

Source: SBV As of July 2021 Source: SBV, GSO, VinaCapital Fig 81: Vietnam – LDR (%)

97.4

100.498.6

70

75

80

85

90

95

100

105

2016 2017 2018 2019 2020 6M21


Fig 82: VN – Current Account & Savings Account, % share of deposits

20.3

19.5

20.520.0

20.6

23.2 23.1

2015 2016 2017 2018 2019 2020 6M21

Source: Data of 12 banks under VinaCapital coverage Source: Data of 12 banks under VinaCapital coverage Fig 83: Vietnam – CAR (%)

Fig 84: VN – Total Assets & Regulatory Capital YoY Growth (%)

Source: IMF, CEIC, VinaCapital Source: IMF, CEIC, SBV, VinaCapital

Fig 85: Vietnam – Banks ROA (%)

1.2

2.4

1.7

0.0

0.5

1.0

1.5

2.0

2.5

3.0

2015 2016 2017 2018 2019 2020 6M21


Fig 86: Vietnam – Banks ROE (%)

19.1

24.2

21.9

0

5

10

15

20

25

30

2015 2016 2017 2018 2019 2020 6M21


Source: Data of 12 banks under VinaCapital coverage Source: Data of 12 banks under VinaCapital coverage

abc

21.0

37.7

29.8

10.98.9

12.514.2

17.3 18.3 18.2

13.9 13.712.2 12.0

6

11

16

21

26

31

36

41

10.310.9

9.4 9.49.9 9.5 9.5 10.2

9.0

14.0

12.612.1

12.711.8 11.5 11.2

10.5 10.9

6

8

10

12

14

16

2012 2013 2014 2015 2016 2017 2018 2019 2020

State-Owned Banks JSC Banks

40.4

18.9 5.413.9

10.3

15.7

16.4 18.6

10.9

17.711.5

30.5

34.0

-5.8

27.5

2.8

20.4

10.412.4

12.017.9

31.6

-10

0

10

20

30

40

50

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Total Assets Growth Regulatory Capital Growth

September 2021 –

September 2021

Vietnam by Numbers

Classified: Public

Fig 87: Vietnam – Fee to Total Income (%)

10.1

12.311.3

0

2

4

6

8

10

12

14

2015 2016 2017 2018 2019 2020 6M21


Fig 88: Vietnam – Reserve Cover (%)

166.6

102.5139.7

0

50

100

150

200

2015 2016 2017 2018 2019 2020 6M21


Source: Data of 12 banks under VinaCapital coverage Source: Data of 12 banks under VinaCapital coverage Fig 89: Vietnam – NPL Ratio (%)

1.3

1.41.3

0.0

0.5

1.0

1.5

2.0

2.5

3.0

2016 2017 2018 2019 2020 6M21


Fig 90: Vietnam – New NPL Formation Rate (%)

1.00.9

1.21.1 1.1 1.1

2016 2017 2018 2019 2020 6M21

Source: Data of 12 banks under VinaCapital coverage Source: Data of 12 banks under VinaCapital coverage

September 2021 –

September 2021

Vietnam by Numbers

Classified: Public

VIETNAM DOMESTIC CONSUMPTION Fig 91: Vietnam - Consumer Loans/GDP (%)

Fig 92: Vietnam - Consumer Loans & Credit Growth (%, yoy)

Source: CEIC, VinaCapital Source: CEIC, VinaCapital

Fig 93: Retail Sales & GDP per Capita (USD)

Fig 94: Vietnam - Retail Sales (RS) & Consumer Confidence (%)

50

70

90

110

130

150

-15

-10

-5

0

5

10

15

Jan-

15

Jun-

15

Nov

-15

Apr-

16

Sep-

16

Feb-

17

Jul-1

7

Dec-

17

May

-18

Oct

-18

Mar

-19

Aug-

19

Jan-

20

Jun-

20

Nov

-20

Apr-

21

Sep-

21

Consumer confidence (RHS) Retail Sales: YoY: ytd (Vietnam)

RS: -7.1% yoyRS (inflation adj.): -8.7% yoy


Fig 95: ASEAN – % Share of E-Commerce to Total Retail Sales

Fig 96: ASEAN – YoY Growth of E-Commerce Value

Source: Euromonitor International Source: Euromonitor International

Fig 97: Vietnam – Number of Supermarkets & Shopping Centers

Fig 98: Vietnam – Motor Vehicle Sales (Incl MBV & Lexus, unit)

157,485

-

50,000

100,000

150,000

200,000

250,000

300,000

350,000


abc

5.9 5.8 5.5 5.2

10.4

14.3

21.1

25.227.7

29.4

0

5

10

15

20

25

30

35

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

0

30

60

90

120

2012 2013 2014 2015 2016 2017 2018 2019 2020

Consumer loans growth System credit growth

0

500

1000

1500

2000

2500

3000

2013 2014 2015 2016 2017 2018 2019 2020

Retail sales per capita (USD) GDP per capita (USD)

1.9 2.3 2.5 3.1 2.8 3.34.7

7.3 6.88.3 9.1

15.6

1.9 2.84.4

8.0

0

4

8

12

16

20

2017

2018

2019

2020

2017

2018

2019

2020

2017

2018

2019

2020

2017

2018

2019

2020

Vietnam Malaysia Singapore Thailand

32.925.0

18.0

29.636.5

25.4

48.7 47.9

31.423.8

10.5

53.7

21.1

53.060.6

71.0

01020304050607080

2017

2018

2019

2020

2017

2018

2019

2020

2017

2018

2019

2020

2017

2018

2019

2020

Vietnam Malaysia Singapore Thailand

0

300

600

900

1,200

1,500

1,800

No. of Supermarkets No. of Commercial Centers

September 2021 –

September 2021

Vietnam by Numbers

Classified: Public

Fig 99: Vietnam – Number of Visitor Arrival

18.0

-0.226.0 29.1

19.9

16.2

-78.7-97.0

-

5

10

15

20

(150)

(100)

(50)

-

50mn people

Visitor Arrival (person mn)By Airways (person mn)

Fig 100: Vietnam – Visitor Arrival YoY Growth by Country (%)

16.9

-83.5 -95.1

6.4

-69.0

-98.4

15.2

-78.4-97.1

23.1

-80.4

-97.2

12.2

-80.7-99.3

45.9

-74.9

-98.3

29.8

-78.8-95.8

8.6

-76.7

-98.4-120-100

-80-60-40-20

0204060

Y19

Y20

YTD

-21

Y19

Y20

YTD

-21

Y19

Y20

YTD

-21

Y19

Y20

YTD

-21

Y19

Y20

YTD

-21

Y19

Y20

YTD

-21

Y19

Y20

YTD

-21

Y19

Y20

YTD

-21

CN EU JP KR MY TH TW US

Source: CEIC, VinaCapital As of September 21 Source: CEIC, VinaCapital

Fig 101: Vietnam -- New Supply and Sold Units in HCMC

Fig 102: Vietnam -- New Supply and Sold Units in Hanoi

Source: CBRE Source: CBRE

Fig 103: Vietnam – Condo Primary Selling Price in HCMC (USD/sqm)

Fig 104: Vietnam – Condo Primary Selling Price in Hanoi (USD/sqm)


Fig 105: Projects advertised by District in HCMC, YTD-June 21

Fig 106: Projects advertised by District in Hanoi, YTD-July 21


-

5,000

10,000

15,000

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2018 2019 2020 2021

New supply Sold volume

- 3,000 6,000 9,000

12,000 15,000

Q1

Q2

Q3

Q4 Q1

Q2

Q3

Q4 Q1

Q2

Q3

Q34 Q

1

Q2

2018 2019 2020 2021

New supply Sold volume

-

2,000

4,000

6,000

8,000

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2017 2018 2019 2020 2021

Luxury High-end Mid-end Affordable

US$ per sqm

-

500

1,000

1,500

2,000

2,500

3,000

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2017 2018 2019 2020 2021High-end Mid-end Affordable

US$ per sqm

21%

16%

12%11%

9%

14%

8%

3%6% District 9

District 2Thu DucDistrict 8Binh ThanhDistrict 7Binh ChanhDistrict 5District 12

33%

17%10%

9%

9%

7%

7%4% 4%

Nam Tu Liem Others

Hoang Mai Hoai Duc

Gia Lam Dong Da

Long Bien Ha Dong

Ecopark

September 2021 –

September 2021

Vietnam by Numbers

Classified: Public

Fig 107: Projects advertised by Month in HCMC, YTD-21

Fig 108: Projects advertised by Month in Hanoi, YTD-21


Fig 109: ASEAN – Internet Use

Source: internetworldstats.com

010203040506070

Jan

Feb

Mar

Apr

May Jun Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

June

2020 2021

No. of projects No. of advertisements

0102030405060708090

Jan

Feb

Mar Ap

rM

ay Jun Jul

Aug

Sep

Oct

Nov De

cJa

nFe

bM

ar Apr

May Jun Jul

2020 2021

No. of projects No. of advertisements

75.9 212.4 29.2 91.0 5.2 58.5

77.4 76.889.0 81.9 87.7 83.6


Internet Users (mn) Internet Penetration (%)

September 2021 –

September 2021

Vietnam by Numbers

Classified: Public

VIETNAM POWER INDUSTRY Fig 110: Vietnam – Total Power Production & Demand (kWh bn)

115129 144

160 175193

209 216

130128143

160177

193212

231 245

157

0

50

100

150

200

250

300

2013 2014 2015 2016 2017 2018 2019 2020 YTD7M21

TWh

Total demand Total Production & Purchases

Fig 111: Vietnam – Power Production and Purchase 7M2021

Source: EVN Source: EVN

Fig 112: VN – Electricity Generation Capacity by Investors 2020

36%88.0

15%36.8

7%17.7

14%33.3

8%19.2

20%50.0

0102030405060708090

100

EVN GENCO1 GENCO2 GENCO3 POW Others

Fig 113: Vietnam - Electricity Demand by Sector (kWh mn)


Fig 114: Vietnam – Estimated Volume Deficiency (kWh bn)

Fig 115: Vietnam – Electricity Imports/Exports (kWh mn)

Source: MOIT Source: MOIT

Fig 116: VN - Market Ceiling Price for Competitive Generation Market

Fig 117: Average Retail Price – All Users ($c/kWh)

Source: EVN Source: MOIT

Abc

50.7%

25.3%

11.8%

11.4%

0.5%

CoalHydroGasOther renewablesImport

3.7

10.0

12.0

7.0

3.5

0

2

4

6

8

10

12

14

2021 2022 2023 2024 2025

-2,000

-1,000

0

1,000

2,000

3,000

2014 2015 2016 2017 2018 2019 2020E

Import from China Import from LaosExporting to Cambodia Exporting to Laos

4.0

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

Jan-

19

Mar

-19

May

-19

Jul-1

9

Sep-

19

Nov

-19

Jan-

20

Mar

-20

May

-20

Jul-2

0

Sep-

20

Nov

-20

Jan-

21

Mar

-21

May

21

Jul 2

1

USce

nt/k

Wh

5.65.9

6.5

7.1 7.2 7.4 7.4 7.3 7.57.9 8.0

4

5

6

7

8

9

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

USce

nt/k

Wh

September 2021 –

September 2021

Vietnam by Numbers

Classified: Public

Fig 118: Vietnam – Direct Generators (mn W)

69,300

26,989

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

2012 2013 2014 2015 2016 2017 2018 2019 2020

MW

Fig 119: Registered wind capacity for COD in 2021 by province (MW)

1,043

752

462410400397373337302276235224199

86605050


Fig 120: Vietnam power generation capacity and utilization rate

82%

37.9

46.4

0%

50%

100%

150%

200%

250%

0.05.0

10.015.020.025.030.035.040.045.050.0

Jul-1

4

Nov

-14

Mar

-15

Jul-1

5

Nov

-15

Mar

-16

Jul-1

6

Nov

-16

Mar

-17

Jul-1

7

Nov

-17

Mar

-18

Jul-1

8

Nov

-18

Mar

-19

Jul-1

9

Nov

-19

Mar

-20

Jul-2

0

Nov

-20

Mar

-21

GW

Utilization rate (RHS) Maximum demand Usable capacity excl. small HPP, import, oil

Source: MOIT

Fig 121: ASIA – LNG Demand

68.19

54.70

8.351.30 1.43

6.82

16.61

1.84

China Japan Malaysia Myanmar Philippines Singapore Thailand Vietnam

mn

ton

2010 2015 2020 2025

Fig 122: ASEAN – Wind capacity

154 443 1,508

477 829 1,908 1,796

12,599

Indonesia Philippines Thailand Vietnam

MW

2015 2020 2025 2030 Source: Bloomberg Source: Bloomberg

Fig 123: ASEAN – Power generation

275

176 160

234

102

53

Indonesia Thailand Malaysia Vietnam Philippines Singapore

TWh

2000 2005 2010 2015 2020

Fig 124: ASEAN – Annual power consumption per capita

1.0

4.8

0.9

9.2

2.4

Indonesia Malaysia Philippines Singapore Vietnam

MW

h/pe

r cap

ita

2000 2005 2010 2015 2020

Source: Bloomberg Source: Bloomberg

September 2021 –

September 2021

Vietnam by Numbers

Classified: Public

VIETNAM CAPITAL MARKETS Fig 125: MSCI Index vs. VNIndex (%, USD term)

24.0

14.310.5

25.2

14.1 12.615.4 15.8

-3.1

5.2

-9.3-4.3

7.7

15.2

23.4

-15-10

-505

1015202530

2019

2020

YTD

-21

2019

2020

YTD

-21

2019

2020

YTD

-21

2019

2020

YTD

-21

2019

2020

YTD

-21

Global DevelopedMkt.

Emerging Mkt. ASEAN VN-Index

Fig 126: VN-Index & MSCI Global Index Performance

-10%-5%0%5%

10%15%20%25%30%35%

Developed Mkt. ASEAN GlobalEmerging Mkt. VN-Index

As of 30/09/2021 Source: Bloomberg, VinaCapital As of 30/09/2021 Source:Bloomberg,VinaCapital Fig 127: Stock Market Performance (%, USD term)

VN IN MY PH SG TH2018 -11.2 -8.8 -7.6 -17.0 -11.6 -10.82019 7.7 6.1 -5.0 8.2 6.5 9.72020 15.2 -5.9 4.2 -3.3 -10.2 -8.3YTD-21 23.4 3.1 -9.2 -8.5 5.5 -1.4

-20

0

20

40

Fig 128: PER (x) – Vietnam vs ASEAN

12 x 16 x 15 x16 x 17 x 18 x18 x 18 x 20 x

29%

9% 17%

35%

16%

22%

0%

10%

20%

30%

40%

0 x

5 x

10 x

15 x

20 x

25 x

2011-15 2016-19 2021

Vietnam ASEAN-5 TIP Discount to ASEAN-5 Discount to TIP

As of 30/09/2021 Source: Bloomberg, VinaCapital As of 30/09/2021 Source: Fiinpro, VinaCapital Fig 129: PER (x) – Vietnam vs ASEAN

9 x

12 x 13 x 13 x 13 x15 x 15 x

17 x15 x 14 x

15 x14 x

16 x 15 x

18 x 18 x16 x 16 x

18 x 18 x 18 x

-3 x

2 x

7 x

12 x

17 x

22 x

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

Vietnam ASEAN-5

Fig 130: ASEAN – PER (x)

As of 30/09/2021 Source: Bloomberg, VinaCapital As of 30/09/2021 Source: Bloomberg, VinaCapital Fig 131: Valuation Band of VNIndex

-2std

-1std

+1std

+2std

Mean

8

10

12

14

16

18

20

22

24

Sep-16 Sep-17 Sep-18 Sep-19 Sep-20 Sep-21

Fig 132: VN Historical Discount to ASEAN

38%

28% 19%31% 30%

8%5%

7%

16% 17%

46%

35%

17%

38% 39%

19%

15%

8%

22% 22%

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

ASEAN-5 TIP

As of 30/09/2021 Source: Bloomberg, VinaCapital As of 30/09/2021 Source: Bloomberg, VinaCapital

VN IN MY PH SG TH2020 17.3 38.9 22.9 32.5 38.2 36.42021F 15.1 18.1 14.4 19.7 14.3 19.32022F 12.5 15.0 14.6 15.6 12.5 17.2

0

20

40

60

September 2021 –

September 2021

Vietnam by Numbers

Classified: Public

Fig 133: ASEAN – Net Profit Growth (%)

VN ID MY PH SG TH2020 (0.7) (52.7) (19.2) (48.8) (70.7) (54.8)2021F 35.8 175.2 27.0 50.8 167.3 92.82022F 22.6 19.5 12.5 25.8 15.2 12.8

-100

-50

0

50

100

150

200

Fig 134: Vietnam – Consensus Net Profit Growth

10%

15%

20%

25%

30%

35%

40%

Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21

As of 30/09/2021 Source: Bloomberg, VinaCapital As of 30/09/2021 Source: Fiinpro, Bloomberg, VinaCapital

Fig 135: ASEAN – Consensus Net Profit Growth

0%

50%

100%

150%

200%

30%

60%

90%

120%

150%

180%

210%

Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21

ID MY PH TH SG (RHS)

Fig 136: VN – Average Daily Turnover (USD mn)

924.3

0

200

400

600

800

1000

1200

2014

2015

2016

2017

2018

2019

2020

Jan-

21Fe

b-21

Mar

-21

Apr-2

1M

ay-2

1Ju

n-21

Jul-2

1Au

g-21

Sep-

21

As of 29/09/2021 Source: Bloomberg, VinaCapital As of 30/09/2021 Source: Fiinpro, Bloomberg, VinaCapital

Fig 137: VN – Average Daily Turnover by Sector (USD mn)

-

200

400

600

800

1,000

1,200

Jan 21 Feb 21 Mar 21 Apr 21 May 21 Jun 21 Jul 21 Aug 21 Sep 21

Materials Consumer Staples FinancialsConsumer Discretionary Real Estate IndustrialsEnergy Utilities Information TechnologyHealth Care

Fig 138: ASEAN – Average Daily Turnover (USD mn)

865.3 816.4

235.082.3

694.2

2,582.6

0

500

1,000

1,500

2,000

2,500

3,000

VN ID MY PH SG TH

2019 2020 YTD-21

As of 30/09/2021 Source: Bloomberg, VinaCapital As of 30/09/2021 Source: Fiinpro, Bloomberg, VinaCapital Fig 139: Market Turnover by Investors (%)

86%

6%8%

0%

20%

40%

60%

80%

100%

Local retail (%) Local institution (%) Foreign institution (%)

Fig 140: Number of Trading Accounts

020406080100120140160

1,500

2,000

2,500

3,000

3,500

4,000

Apr-

17Ju

n-17

Aug-

17O

ct-1

7De

c-17

Feb-

18Ap

r-18

Jun-

18Au

g-18

Oct

-18

Dec-

18Fe

b-19

Apr-

19Ju

n-19

Aug-

19O

ct-1

9De

c-19

Feb-

20Ap

r-20

Jun-

20Au

g-20

Oct

-20

Dec-

20Fe

b-21

Apr-

21Ju

n-21

Aug-

21

Retail No. new account-RHS As of 30/09/2021 Source: Fiinpro, Bloomberg Source: VSD

September 2021 –

September 2021

Vietnam by Numbers

Classified: Public

Fig 141: Vietnam – Margin leverage

Fig 142: Vietnam – Brokers Margin Loans

Source: Fiinpro Source: Fiinpro

Fig 143: Number of State Divestment 2016 – 2020: Actual vs Plan

Fig 144: Number of SOE IPOs 2016 – 2020: Actual vs Plan

Source: Fiinpro Source: Fiinpro

Fig 145: DXY vs VNI

70

80

90

100

110

120

300

500

700

900

1100

1300

1500

VNI DXY

1342.1

94.3

Fig 146: DXY vs MSCI EM

70

80

90

100

110

120

300

500

700

900

1100

1300

1500

1700

MSCI EM DXY As of 30/09/2021 Source: Bloomberg As of 30/09/2021 Source: Bloomberg

Fig 147: ASEAN – Market Cap

226

536

246

182

371

547

0

100

200

300

400

500

600

VN IN MY PH SG TH

As of 30/09/2021 Source: Bloomberg

1.8% 1.9%

1.0%

4.3%

5.0%

2.3%

0.0%1.0%2.0%3.0%4.0%5.0%6.0%

1Q14

3Q14

1Q15

3Q15

1Q16

3Q16

1Q17

3Q17

1Q18

3Q18

1Q19

3Q19

1Q20

3Q20

1Q21

Margin loans / mkt cap Margin loans / free float

45.8

-20%

0%

20%

40%

60%

80%

100%

0

20

40

60

80

1Q14

2Q14

3Q14

4Q14

1Q15

2Q15

3Q15

4Q15

1Q16

2Q16

3Q16

4Q16

1Q17

2Q17

3Q17

4Q17

1Q18

2Q18

3Q18

4Q18

1Q19

2Q19

3Q19

4Q19

1Q20

2Q20

3Q20

4Q20

1Q21

(VND tn)

Margin loans (VND trillion) YoY chg (RHS)

0 100 200 300 400 500

Total

2020

1H19

2018

2017

Planned divestment Actual divestment

0 50 100 150

Total

2020

1H19

2018

2017

Planned IPO Actual IPO

September 2021 –

September 2021

Vietnam by Numbers

Classified: Public

SECTOR VALUATION BANDS • Historical PER, PBR and/or EV/EBITDA valuation bands of sectors under VinaCapital coverage

as of end-Sep 30, 2021.

Fig 148: Aviation – PER (x)

-150

-100

-50

0

50

100

150

2016 2017 2018 2019 2020 2021

Fig 149: Aviation – EV/EBITDA (x)

-100

-50

0

50

100

150

200

250

300

350

2016 2017 2018 2019 2020 2021 Source: Bloomberg, VinaCapital Source: Bloomberg, VinaCapital

Fig 150: Banks – PER (x)

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

2016 2017 2018 2019 2020 2021

Fig 151: Banks – PBR (x)

4

6

8

10

12

14

16

18

20

22


Fig 152: Brokers – PER (x)

4

6

8

10

12

14

16

18

20

22

24

2016 2017 2018 2019 2020 2021

Fig 153: Brokers – PBR (x)

-2

0

2

4

6

8

10

2016 2017 2018 2019 2020 2021 Source: Bloomberg, VinaCapital

Source: Bloomberg, VinaCapital

September 2021 –

September 2021

Vietnam by Numbers

Classified: Public

Fig 154: Consumer Discretionary – PER (x)

4

9

14

19

24

29

2016 2017 2018 2019 2020 2021

Fig 155: Consumer Discretionary – EV/EBITDA (x)

0

5

10

15

20

25

30

35


Fig 156: Consumer Staples – PER (x)

4

9

14

19

24

29

34

39

44

2016 2017 2018 2019 2020 2021

Fig 157: Consumer Staples – EV/EBITDA (x)

0

5

10

15

20

25

30

35

40


Fig 158: Industrial Parks – PER (x)

0

10

20

30

40

50

60

2016 2017 2018 2019 2020 2021

Fig 159: Industrial Parks – PBR (x)

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0


Fig 160: Materials & Cyclicals – PER (x)

4

5

6

7

8

9

10

11

12

13

14

2016 2017 2018 2019 2020 2021

Fig 161: Materials & Cyclicals – EV/EBITDA (x)

3

4

5

6

7

8

9

10


September 2021 –

September 2021

Vietnam by Numbers

Classified: Public

Fig 162: Oil & Gas – PER (x)

4

9

14

19

24

29

34

39

44

49

54

2016 2017 2018 2019 2020 2021

Fig 163: Oil & Gas – EV/EBITDA (x)

0

5

10

15

20

25

30


Fig 164: Ports & Logistics – PER (x)

0

5

10

15

20

25

30

2016 2017 2018 2019 2020 2021

Fig 165: Ports & Logistics – EV/EBITDA (x)

0

5

10

15

20

25


Fig 166: Property (Non Vingroup) – PER (x)

4

9

14

19

24

29

34

39

2016 2017 2018 2019 2020 2021

Fig 167: Property (Non Vingroup) – PBR (x)

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0


Fig 168: Property (Vingroup Family) – PER (x)

-40

-20

0

20

40

60

80

100

120

140

2016 2017 2018 2019 2020 2021

Fig 169: Property (Vingroup Family) – PBR (x)

0

2

4

6

8

10

12

14

16

18


September 2021 –

September 2021

Vietnam by Numbers

Classified: Public

Fig 170: Tech & Telecom – PER (x)

-20

0

20

40

60

80

100

2016 2017 2018 2019 2020 2021

Fig 171: Tech & Telecom – EV/EBITDA (x)

0

5

10

15

20

25

30

35

40


Fig 172: Utilities – PER (x)

4

6

8

10

12

14

16

18

20

2016 2017 2018 2019 2020 2021

Fig 173: Utilities – EV/EBITDA (x)

3

4

5

6

7

8

9

10


September 2021 –

September 2021

Vietnam by Numbers

Classified: Public

Disclaimer

© 2021 VinaCapital Fund Management JSC (VCFM). All rights reserved. This report has been prepared and is being issued by VCFM or one of its affiliates for internal distribution in Vietnam. The information herein is based on public and other sources believed to be reliable. Except for information about VCFM, VCFM makes no representation about the accuracy of such information. Opinions, estimates and projections expressed in this report represent the current views of the author at the date of publication only. They do not necessarily reflect the opinions of VCFM and are subject to change without notice. VCFM has no obligation to update, amend or in any way modify this report or otherwise notify a reader thereof in the event that any of the subject matter or opinion, projection or estimate contained within it changes or becomes inaccurate. Neither the information nor any opinion expressed in this report constitutes an offer, or an invitation to make an offer, to buy or to sell any securities or any option, futures, or other derivative instruments in any jurisdiction. Nor should it be construed as an advertisement for any financial instruments. Officers of VCFM may have a financial interest in securities mentioned in this report or in related instruments. This research report is prepared for general circulation and for general information only. It does not have regard to the specific investment objectives, financial situation or particular needs of any person who may receive or read this report. Investors should note that the prices of securities fluctuate and may rise and fall. Past performance, if any, is no guide to the future. Financial instruments discussed in this note may not be suitable for all investors. Investors must make their own financial decisions based on their independent financial advisors as they believe necessary and based on their particular financial situation and investment objectives. This report may not be copied, reproduced, published, or redistributed by any person for any purpose without the express permission of VCFM in writing.

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