Macro/ Strategy

Keeping up the previous theme of "Kickstart economic growth“, in the second half of 2024, we adopt the theme “Fuel up" for this strategic report.

The Vietnamese economy maintained its recovery momentum in the first half of 2024, but numerous challenges and obstacles persist. Domestic consumption remains sluggish, the manufacturing sector's health has not yet to show significant improvement, public investment disbursement in several provinces and cities falls short of plans, the real estate sector exhibits limited progress, and credit growth remains subdued despite favorable interest rates, etc.

Therefore, the growth drivers of the economy need to be "fuel up" to recover synchronously, creating a solid foundation for the recovery and development of the stock market!

Building on the economic recovery momentum, the Vietnamese stock market is expected to continue to "fly" higher in the second half of 2024. The VNIndex is expected to reach the 1,340 - 1,390 range by the end of the year, driven by strong corporate earnings growth in Q1/2024 (+11.5% YoY) and are estimated to grow 15% by 2024. The implementation of the new trading system and Vietnam's upgrade to MSCI emerging market status are also expected to boost investor sentiment.

The Second Half of 2024 Strategic Report covers the Banking, Real Estate, Logistics, Retail, Steel, and Industrial Real Estate sectors. We focus on benefiting sectors from promoting investment and consumption; manufacturing and export prosper again; and especially, real estate sector starts a new cycle and prospect of banking sector becomes clearer.

#VHM, #HDB, #MBB, #STB, #ACB, #VPB, #VCB, #PNJ, #HPG, #NKG, #HSG, #BCM, #KBC