Danh mục: Vietnam Market Insights

One of only two cargo terminals at Tan Son Nhat airport, with margins in the seventies and a long cash dividend record. But the entire business sits on land it does not own.

A deep dive into REE, Vietnam’s leading infrastructure holding: the iron-lady Mai Thanh legacy and the 2026 generational handover, the four pillars of power-water-office leasing-M&E, a record 2025 profit, why NAV/SOTP beats P/E, the Platinum Victory foreign anchor, and every pro and con weighed for each investor type.

Vietnam venture capital in numbers: USD 509m across 103 deals in 2025, plus the active funds, hot sectors, legal structures and the exit map.

The only Vietnamese contractor that owns offshore rigs, and the only one that survived two oil price collapses with its fleet intact. But it cannot set its own price.

A deep dive into SSI, Vietnam’s number-one securities firm: the Nguyen Duy Hung legacy and the Daiwa alliance, the brokerage-margin-proprietary machine, record 2025 profit, the FTSE upgrade and KRX catalysts, and why the P/E is a cycle trap for a high-beta stock — a leveraged bet on the market, pros and cons weighed.

A quiet port operator on the Cam River spent three years buying terminals and ordering ships. VSC is no longer the company it was, and that changes everything.

A deep dive into VJC, Vietnam’s number-one private budget carrier: the Nguyen Thi Phuong Thao and Sovico-HDBank ecosystem, the LCC model and the controversial sale-leaseback machine, the international pivot, a ~2.4% margin with 2.25x leverage, and why the ~50x P/E is priced on the future — a cyclical high-growth high-risk stock, pros and cons weighed.

The purest retail bank in Vietnam: homes, cars and credit cards. Its Australian teacher sold every share after fifteen years. Should you buy VIB stock in 2026?

A deep dive into HVN, the national flag carrier back from a near-fatal fall: the state-controlled ownership, the COVID negative-equity crisis and rescue issue, a record 2025 with one-off factors, the high-margin service ecosystem, the $8.1bn fleet bet, and why P/E and P/B are meaningless here — a high-risk recovery/speculative stock, pros and cons weighed.

Founded by a city government fund, raised by a foreign fund manager, once number one and now fifth on market share. Should you buy HCM stock of HSC in 2026?