External broker reports(aggregated public sources), Rong Viet Securities

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External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>VCB was amongst the few banks that could maintain growth momentum until the last quarter of the year.</li><li>Both quarterly and yearly bottom line growth were driven by tailwinds in interest income (+25.6% YoY) and credit cost (-19.5% YoY).</li><li>On a quarterly basis, credit growth ticked up 1.5% alongside a 10bps expansion in NIM, resulting in a single- digit growth in NII (8% QoQ).</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

VCB was amongst the few banks that could maintain growth momentum until the last quarter of the year.Both quarterly and yearly bottom line growth were driven by tailwinds in interest income (+25.6% YoY) and credit cost (-19.5% YoY).On a quarterly basis, credit growth ticked up 1.5% alongside a 10bps expansion in NIM, resulting in a single- digit growth in NII (8% QoQ).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

Leading full-service brokerage firm in Vietnam. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>By end-2022, the total assets of JSCB for Foreign Trade of Vietnam (VCB) reached VND1,814tr (US$77.2bn, +28.2% YoY), recording a five-year-high growth rate.</li><li>Loans to customers reached VND1,145tr (US$48.7bn), up by 19.2% YoY.Key driversof loan growth included retail banking (+19.6% YoY) and corporate (+18.3% YoY).</li><li>Notably, netlending to other credit institutions increased by 38.9% YoY to VND313.6tr (US$13.3bn).</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

By end-2022, the total assets of JSCB for Foreign Trade of Vietnam (VCB) reached VND1,814tr (US$77.2bn, +28.2% YoY), recording a five-year-high growth rate.Loans to customers reached VND1,145tr (US$48.7bn), up by 19.2% YoY.Key driversof loan growth included retail banking (+19.6% YoY) and corporate (+18.3% YoY).Notably, netlending to other credit institutions increased by 38.9% YoY to VND313.6tr (US$13.3bn).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

JSCB for Foreign Trade of Vietnam (VCB – Hold) - Keep moving forward 

Thematic (Sector/Industry)

<ul><li>By the end of 4Q22, credit growth reached 14.5%, the highest since 2018.</li><li>Credit growth was lower than expected, in light of the high credit growth cap of 16% granted at end-2022.</li><li>The SBV has implied that high credit growth will be tolerated, but that the systemic stability of the financial industry will remain the top priority: The Standing Deputy Governor of the State Bank of Vietnam has said credit growth in the banking sector in 2023 could reach about 14–15%.</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

By the end of 4Q22, credit growth reached 14.5%, the highest since 2018.Credit growth was lower than expected, in light of the high credit growth cap of 16% granted at end-2022.The SBV has implied that high credit growth will be tolerated, but that the systemic stability of the financial industry will remain the top priority: The Standing Deputy Governor of the State Bank of Vietnam has said credit growth in the banking sector in 2023 could reach about 14–15%.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Banking Sector - 2022 Update and Outlook - Aftermath of cheap money cycle and real estate boom

<ul>
<li>Credit momentum should slow progressively in 3Q22: Due to high funding demand from both corporate and retail customers, credit growth in 1H22 reached a new high of 9.35% YTD.</li>
<li>However, because of high uncertainty in the global economy, as well as the fear of systematic risk over local real-estate credit exposure, the State Bank of Vietnam (SBV) has intentionally curbed credit growth using a credit growth cap.</li>
<li>Exceptional credit growth will continue in 2022: Regardless of the SBV’s intentions regarding credit growth limits, total credit growth in 2022 is still expected to exceed 14%, based on the extraordinary performance in 1H22.</li>
</ul>
<div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>


Credit momentum should slow progressively in 3Q22: Due to high funding demand from both corporate and retail customers, credit growth in 1H22 reached a new high of 9.35% YTD.
However, because of high uncertainty in the global economy, as well as the fear of systematic risk over local real-estate credit exposure, the State Bank of Vietnam (SBV) has intentionally curbed credit growth using a credit growth cap.
Exceptional credit growth will continue in 2022: Regardless of the SBV’s intentions regarding credit growth limits, total credit growth in 2022 is still expected to exceed 14%, based on the extraordinary performance in 1H22.

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<p><strong>Another rate cut could come in handy</strong>: In order to mitigate the effects of the pandemic, the State Bank of Vietnam (SBV) has conducted three central rate cuts totalling more than 150bps for all tenors.</p>

Another rate cut could come in handy: In order to mitigate the effects of the pandemic, the State Bank of Vietnam (SBV) has conducted three central rate cuts totalling more than 150bps for all tenors.

Vietnam Banking Industry 2021 Outlook: Challenges Ahead

Vietnam

JSC Bank for Foreign Trade of Vietnam is a commercial bank.  The Bank attracts deposits and offers consumer and corporate loans, and foreign exchange services, and sponsors credit cards.

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Vietcombank (VCB VN)

VCB - Resilient amidst uncertainties

VCB was amongst the few banks that could maintain growth momentum until the last quarter of the year. Both quarterly and yearly bottom line growth...

Rong Viet Securities

JSCB for Foreign Trade of Vietnam (VCB – Hold) - Keep moving forward

By end-2022, the total assets of JSCB for Foreign Trade of Vietnam (VCB) reached VND1,814tr (US$77.2bn, +28.2% YoY), recording a five-year-high...

Mirae Asset Securities

Banking Sector - 2022 Update and Outlook - Aftermath of cheap money cycle and real estate boom

By the end of 4Q22, credit growth reached 14.5%, the highest since 2018. Credit growth was lower than expected, in light of the high credit growth...

Mirae Asset Securities

Banking Sector - 1H22 Update & Outlook

Credit momentum should slow progressively in 3Q22: Due to high funding demand from both corporate and retail customers, credit growth in 1H22...

Mirae Asset Securities

Vietnam Banking Industry 2021 Outlook: Challenges Ahead

Another rate cut could come in handy: In order to mitigate the effects of the pandemic, the State Bank of Vietnam (SBV) has conducted three central...

Mirae Asset Securities

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VCB ­- Resilient amidst uncertainties

VCB was amongst the few banks that could maintain growth momentum until the last quarter of the year. Both quarterly and yearly bottom line growth...

Rong Viet Securities

JSCB for Foreign Trade of Vietnam (VCB – Hold) - Keep moving forward

By end-2022, the total assets of JSCB for Foreign Trade of Vietnam (VCB) reached VND1,814tr (US$77.2bn, +28.2% YoY), recording a five-year-high...

Mirae Asset Securities

Banking Sector - 2022 Update and Outlook - Aftermath of cheap money cycle and real estate boom

By the end of 4Q22, credit growth reached 14.5%, the highest since 2018. Credit growth was lower than expected, in light of the high credit growth...

Mirae Asset Securities

Banking Sector - 1H22 Update & Outlook

Credit momentum should slow progressively in 3Q22: Due to high funding demand from both corporate and retail customers, credit growth in 1H22...

Mirae Asset Securities

Vietnam Banking Industry 2021 Outlook: Challenges Ahead

Another rate cut could come in handy: In order to mitigate the effects of the pandemic, the State Bank of Vietnam (SBV) has conducted three central...

Mirae Asset Securities

VCB - Resilient amidst uncertainties