BSC Vietnam Sector Outlook 2025_EN

Dear Investors,

Following the success of the Vietnam Sector Outlook Q4 Report, BSC is pleased to present the 2025 Outlook Report. In this report, we continue to maintain a positive outlook for 2025 for sectors such as Information Technology, Industrial Parks, Fisheries, F&B Retail, Building Materials, Textiles, Utilities, Banking, Chemicals – Fertilizers, Oil & Gas, and Maritime Transport. This assessment is based on the criterion that companies achieve a post-tax profit growth rate of over 15% in 2025.

Our recommended stock portfolio focuses on key factors:

1. Scale growth benefiting from a strong economic recovery cycle, potential for valuation increase

• Current investment yield at a reasonable level, anticipating economic growth recovery
• Scale growth capturing market share, creating competitive advantages
• Benefiting from low lending interest rates, similar to the Covid-19 period (8.5%-9.5%)
• Notable stocks: HPG, DGC, HAH, MWG, FRT, PNJ

2. Infrastructure investment disbursement + Real estate recovery boosting credit growth, consumption

Group of Building Materials + Infrastructure + Real Estate:

• Accelerating the pace of infrastructure investment disbursement after a quiet period
• Resolving legal bottlenecks, sales recovery, prioritizing companies with revenue from new projects, especially real estate companies in the South
• Building materials – construction – industrial parks – seaports sectors benefiting in the medium to long term
• Notable stocks: HPG, DXG, DPG, KBC, GMD

Group of Banking – Retail – Consumer:

• Promoting credit growth – Handling bad debts – Controlling credit costs
• Subsequent recovery of goods consumption
• Valuation at discounted & reasonable levels
• Notable stocks: CTG, TCB, VPB, STB

Investors can download the report for more detailed information.

BSC wishes investors an effective, lucky, and successful investment year!

Sincerely, BSC