The market continued to correct in December after a strong recovery in the second half of November. The US Federal Reserve (Fed) hiked interest rates according to the previous plan, causing the global stock market to fall sharply. Vietnam's GDP growth in 2022 reached a record high of 8.02% in the period 2011-2022 and inflation at 3.15% below the target set by the National Assembly. However, the growth rate showed signs of slowing down in the fourth quarter. In 2023, we forecast Vietnam's economic growth rate will slow down to 6% due to the increased risk of recession of global economy.
In 2023, national electricity consumption is expected to continue to grow above 6%. The gas-fired thermal power sector (POW, NT2) is expected to mobilize at a higher rate when the La Nina phenomenon is over. Besides, if the global economy falls into a recession, defensive stocks with abundant cash, low debt ratio, and a stable dividend will be the shelter of cash flow.
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