Institutional Sales at Bao Viet Securities, BAOVIET Securities

Dylan Waller

Institutional Sales at Bao Viet Securities

The 1st Established Securities House in Vietnam

BAOVIET Securities

Bao Viet Securities Joint Stock Company (BVSC) is one of the leading and most prestigious securities companies in Vietnam, providing professional financial and investment services for domestic and foreign individuals and institutions, investment funds and banks. BVSC is a member of Bao Viet Holdings, the leading financial &amp; insurance conglomerate under the control of Vietnam’s MOF. During its 13 years of development, as the first securities company in the Vietnamese stock market, BVSC has continuously increased its financial capacity, strengthened its operations and developed a modern information technology system in order to improve the quality of service and become a leading brokerage company in Vietnam. BVSC has received a number of awards and recognitions from foreign and local prestigious institutions. In advisory activities, with highly experienced experts who were educated at foreign and local prestigious universities, BVSC was honored to receive the “Outstanding M&amp;A Advisory Firm” Award in 2011 and 2012, granted by the Securities Investment newspaper and the Ministry of Planning and Investment. BVSC was also recently named Best Equity House and Best Brokerage House in Vietnam in 2016 by Global Banking; Finance Review. Mergers and acquisitions (M&A) deals under BVSC consultancy were also selected as the most typical deals in the market. BVSC has also upheld its position among the top 10 securities companies by brokerage market share on the HSX and HNX. Notably, BVSC is among the three biggest bond brokerage houses in the market.

Thematic (Sector/Industry)

Vietnam Joint Stock Commercial Bank For Industry and Trade (CTG VN)

Vietnam Joint Stock Commercial Bank For Industry and Trade

Macroeconomy Vietnam's GDP growth rate in H1 2017 fell short of expectations, which will make it difficult for Vietnam to reach its growth target of 6.7% this year. Although the government is working towards short-term solutions such as increasing crude oil production and accelerating public investment, the growth target of 6.7% this year remains extremely challenging.  The World Bank is currently forecasting a 6.3% GDP growth this year. CPI cooled down rapidly in Q2, leading to a significant reduction of inflation risks this year. Given the favorable inflation movements, the State Bank of Vietnam can execute further monetary easing policies in the last 6 months of 2017.  The exchange rate was relatively stable in the first 6 months. Although the trade balance shifted to a deficit, Vietnam still had a surplus capital balance thanks to the disbursements of FDI and FII and overseas remittances. Stock Market Vietnam's stock market rallied in H1 2017 with growth in both trading volume and trading value, and the index has currently delivered a YTD return of 14%.  In the first 6 months, foreign traders were net buyers of VND8.7 billion on the HoSE, hitting a record high on Vietnam's stock market.  Foreign investors were previously net sellers in H2 2016.  Revenue growth and profit growth of listed companies on both exchanges were impressive in Q1 2017 compared to the same period last year.  As average stock prices are not high, the SBV’s monetary policy, the launch of derivatives market and new solution on bad debt settlement will support the market in the medium term.

Macroeconomy  Vietnam's GDP growth rate in H1 2017 fell short of expectations, which will make it difficult for Vietnam to reach its growth target of 6.7% this year. Although the government is working towards short-term solutions such as increasing crude oil production and accelerating public investment, the growth target of 6.7% this year remains extremely challenging.  The World Bank is currently forecasting a 6.3% GDP growth this year.  CPI cooled down rapidly in Q2, leading to a significant reduction of inflation risks this year. Given the favorable inflation movements, the State Bank of Vietnam can execute further monetary easing policies in the last 6 months of 2017.  The exchange rate was relatively stable in the first 6 months. Although the trade balance shifted to a deficit, Vietnam still had a surplus capital balance thanks to the disbursements of FDI and FII and overseas remittances.   Stock Market  Vietnam's stock market rallied in H1 2017 with growth in both trading volume and trading value, and the index has currently delivered a YTD return of 14%.  In the first 6 months, foreign traders were net buyers of VND8.7 billion on the HoSE, hitting a record high on Vietnam's stock market.  Foreign investors were previously net sellers in H2 2016.  Revenue growth and profit growth of listed companies on both exchanges were impressive in Q1 2017 compared to the same period last year.  As average stock prices are not high, the SBV’s monetary policy, the launch of derivatives market and new solution on bad debt settlement will support the market in the medium term.

Refrigeration Electrical Engineering (REE VN)

Thanh Cong Textile Garment Investment Trading JSC (TCM VN)

Thanh Cong Textile Garment Investment Trading JSC

Vietnam H1 2017 Update