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1Q24 Banking sector results:

Squeezing Lemons

The results for banks in our coverage universe were generally in line with what we had anticipated. Earnings recovery was slow (+8.3% YoY
and +4.6% QoQ), as NIM continued to be under pressure (-8 bps QoQ) in a weak credit demand environment (+2% YTD or 15% YoY). Meanwhile,
asset quality deteriorated after a brisk seasonal improvement in 4Q23. The deterioration, however, was at a greater magnitude than we expected.
At 1Q24, special mention loans (SMLs) and NPLs to total loans were 2.23% (+24 bps QoQ) and 1.94% (+23 bps QoQ, close to the 3Q23 high of
1.98%) respectively. The good news is forex trading gains partly offset stagnant bancassurance sales and weak write-backs. In addition, banks in
general successfully curbed OPEX, with a CIR of 30.7% (vs. 31% in 1Q23 and 36% in 4Q23).

Table 1: Summary of 1Q24 results

PBT YTD change QoQ change QoQ change (bps)

NPL LLR NIM CASA ROE CIR
VND tn % YoY % QoQ Credit Deposit NPL Group 2 NIM CoF IEA
SoCBs 24.3 1% -11% 1.1% -0.3% 1.37% 0.24% 0.23% 188% 2.8% (4) (66) (61) 25% 17% 29%
BID 7.4 7% -6% 0.9% 1.1% 1.51% 0.25% 0.47% 153% 2.4% (34) (68) (96) 19% 19% 31%
CTG 6.2 4% -19% 2.8% 0.2% 1.35% 0.22% 0.04% 151% 3.0% (2) (70) (65) 22% 15% 25%
VCB 10.7 -4% -8% -0.4% -2.7% 1.22% 0.24% 0.12% 200% 3.2% 34 (62) (16) 35% 20% 29%
JSCBs 36.4 14% 18% 3.0% 0.3% 2.60% 0.20% 0.23% 64% 4.5% (17) (87) (110) 23% 18% 32%
ACB 4.9 -5% -3% 3.8% 1.3% 1.45% 0.24% 0.13% 79% 3.9% 4 (85) (72) 23% 21% 34%
STB 2.7 11% -4% 3.7% 4.7% 2.28% 0.00% 0.13% 73% 3.9% 9 (123) (107) 19% 18% 52%
MBB 5.8 -11% -8% 0.4% -4.7% 2.49% 0.88% 0.02% 80% 4.4% (40) (54) (73) 37% 19% 29%
TCB 7.8 39% 35% 7.1% 2.3% 1.13% -0.03% 0.23% 106% 4.4% 19 (75) (49) 40% 19% 26%
VPB 4.2 64% 54% 2.0% 2.4% 4.84% -0.17% 1.41% 53% 5.9% (3) (88) (89) 14% 10% 26%
MSB 1.5 0% 152% 4.7% 2.5% 3.18% 0.31% -0.02% 54% 3.7% (26) (67) (86) 29% 15% 34%
OCB 1.2 23% 441% 2.5% -2.8% 3.88% -0.80% 0.49% 41% 3.5% 90 (122) (24) 12% 13% 38%
HDB 4.0 47% -8% 6.2% 0.8% 2.24% 0.45% -0.52% 57% 5.5% (79) (118) (177) 8% 27% 32%
TPB 1.8 4% 190% -3.0% -4.2% 2.23% 0.19% -0.12% 60% 4.3% (84) (91) (177) 24% 17% 36%
VIB 2.5 -7% 5% 0.4% -1.2% 3.60% 0.45% 0.08% 50% 4.1% (60) (66) (131) 13% 21% 35%
Total 60.7 8.3% 4.6% 2.0% 0.0% 1.94% 0.23% 0.24% 102% 3.6% (8) (76) (76) 24% 18% 31%

Source: Banks, SSI Research

On credit growth: Credit growth remained weak QoQ for most banks. TCB and HDB had the strongest QoQ growth of between 6.2 – 7.1%. The
driver for growth continued to be corporate clients, mostly in short-term tenures. Though new disbursement of mortgage lending showed recovery,
the ending balance was flat QoQ due to solid prepayment from clients. In terms of sector, the primary growth engine(s) was trading & services, real
estate developers and securities brokers at VPB, manufacturing & real estate at MBB, real estate & technology at TCB, construction at HDB, &
working capital loans at ACB. Consumer finance credit nudged up at HDSaison & Mcredit, while remained flat at FeCredit.

On asset quality: After the seasonal drop during 4Q23, Group 2 loans and NPLs surged QoQ at most banks under coverage, except for OCB in
1Q24. The quarterly NPL formation rate soared to 2.01% (vs. 1.12% in 4Q23 and 1.9% in 2Q and 3Q23). The impact from the CIC downgrade
became larger both amongst retail & certain large corporate clients, especially at names like MBB, VPB, MSB and HDB. However, the credit cost
did not rise in tandem with NPL formation rate (except for CTG) during the period, which could imply further provisioning burden in the coming
quarters. For reference to our dear readers, please be reminded that loans categorized as Pass/Special Mention/Substandard/Doubtful/Loss in
international parlance for the sake of simplicity are called Group 1-5 in Vietnam.

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On NIM trend: Though average deposit rates declined significantly to 3.81% (-210 bps compared to the peak in 2Q23 and -85 bps QoQ), NIM
continued to be under stress (3.47%, -8 bps QoQ) given weak credit demand and strong price competition amongst banks. VCB, TCB, and OCB
were the few names to benefit from a wider NIM. While the rise at OCB mostly came from a low base during 4Q23, improvement in NIM at TCB
came with a significant rise in accruals (+20% QoQ) for bullet payment loans, which need to be further watched.

All in all, recovery is slow and clearer improvement in fundamentals should be expected in late 2024, as discussed in our recent report. Our
projections are under review either due to weaker-than-expected credit demand (VCB), lower-than-expected NIM (MBB, ACB, MSB), higher-
than-expected NPL formation rate (MBB), larger-than-expected credit provision (TPB, STB, ACB), or robust non-interest income (TCB, TPB).

Table 2: Summary of 1Q24 results, by bank

Key highlights Key concerns

BID posted VND 7.4 tn (+7% YoY) in pretax profit during 1Q24 despite a pullback in TOI (-0.6%
YoY or -16.7% QoQ), as provision expenses were curtailed at VND 4.4 tn (-20.6% YoY).
A sharp QoQ drop in NIM (-34 bps QoQ to 2.38%) and increase +27% QoQ in DQs caught our Higher-than-expected overdue loan formation
BID
attention this quarter. Group 2 and NPL ratios were 2.1% and 1.5% respectively. As for NIM, this rate; lower-than-expected NIM.
was the lowest quarterly NIM since 2020 which might be explained by low lending rate applied to
newly disbursed short-term loans.
CTG performance was broadly in line with PBT expectations, attaining VND6.2 tn (+3.7% YoY).
Credit growth was the most solid amongst SoCBs at +2.7% YTD. According to management, credit
growth continued to be solid at +4.1% YTD in Apr driven by large corporate and FDI clients. NIM
was relatively stable at 3.04% (-2 bps YoY). On asset quality, the bank continued its bad debt
cleaning process with aggressive write-offs (VND 5 tn, or 0.3% of total loans) and additional
CTG
provisioning (+20% YoY). By the end of 1Q24, the NPL ratio was 1.35% (+22bps QoQ) and LLCR
stood at 151%.
On earnings capacity, although fee-based services (-11% YoY) and writeback income (+2% YoY),
TOI was still solid at +12% YoY thanks to strong NII (+20% YoY) and forex trading gains (+15%
YoY).
VCB recorded VND 10.7 tn (-4.5% YoY) in pretax profit for 1Q24 – in line with our expectation. In
the limelight was an improvement in the NIM (3.23%, up +34 bps QoQ) which supported NII (-1%
YoY or +10% QoQ). NPL formation rate was on an upward trend (+18 bps QoQ), but at a slower Corporate bonds issued by a renewable company
VCB pace compared to peer (+89 bps QoQ). We believe the bank might make a write-off during 2Q24, (which was downgraded to Group 2 in 3Q23)
which will lower NPLs from the current 1.22% (vs. 0.98% by end-2023). need watching.
However, sluggish credit growth was a concern (-0.3% YTD), as it could be a hindrance to TOI
growth as well as the bank’s capacity to write-off and provision.
ACB reported a pretax profit of VND 4.9 tn (-5.1% YoY) - in line with our expectation, due to
provision burden (+100% YoY), the deceleration in FX trading (-46.7% YoY) and the lack of debt
collection (-89% YoY) despite NIM recovering 4bps to 3.87% in 1Q24 after decreasing for four
consecutive quarters.
Higher-than-expected NPL ratio and credit
ACB ACB achieved credit growth of 3.8% YTD to VND 506.1 tn, which was mainly driven by the corporate
provision.
sector including construction and installation related to public investment, import & export, FDI, and
medical services. Exposure to real estate developers and mortgage loans stabilized at 2% and 22%
of total outstanding respectively. NPL ratio soared to 1.45% in 1Q24 (vs.1.21% in 4Q23), which
made LLCR drop to 78.6%.
MBB delivered a disappointing set of results with PBT of VND 5.8 tn (-11% YoY vs. our estimate of
MBB -3% YoY). This was driven by (i) sluggish credit growth of 0.4% YTD, (ii) thinner NIM (4.1% vs. Exposure to Trung Nam Group & NVL.
4.3% in 4Q23 and 5.7% in 1Q23) and (iii) mounting NPLs with higher provision expenses (+46%

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Key highlights Key concerns

YoY). NPL ratio surged to 2.5% (vs. 1.6% by end-2023), while LLCR dropped to 80% (vs. 117% at
end-2023).
On earnings capacity, though NII slid -11% YoY, non-NII soared by +73.5% YoY with a bond trading
gain of VND 1.1 tn and NFI up by +37% YoY.
STB recorded 1Q24 PBT of VND 2.65 tn (+11.4% YoY) - in line with our expectations due to a
lower credit provision (-32.3% YoY), while NIM was still under pressure (-49bps YoY) and non-NII
slid 4.1% YoY.
• Credit and deposit growth was 3.7% YTD to VND 500.4 tn and 4.7% YTD to VND 565.2 tn
respectively. Loans to real estate and related sector accounted for 20% of total credit,
equivalent to VND 100 tn, of which mortgage loans totaled VND 60 tn.
• NPLs went flat at 2.28% in 1Q24, while the LLCR improved to 72.5%. The restructured loans
Exposure to BAV should be closely watched.
STB (under Cir. 02) accounted for VND 5 tn, equivalent to 0.98% total credit in 1Q24. In addition,
direct exposure to troubled entities, including BAV and LDG, were VND 3.6 tn (0.72% total
credit) and VND 689 bn (0.14% total credit), respectively.
• Regarding legacy assets, after 18 auction attempts, STB finally sold Phong Phu Industrial
Park, with a total value of VND 7.9 tn. The settlement will be implemented as an installment
payment plan. As such, the big legacy asset leaves a certain 32.5% stake locked in VAMC
where STB is awaiting SBV’s and Prime Minister final approval to solve it entirely, and finish
the restructuring plan.
TCB released 1Q24 PBT of VND 7.8 tn (+38.7% YoY), stronger than our expectation of +24%
YoY. Though the results were vigorous, the surge of +37% in special mention Group 2 loans should
be closely watched.
Key takeaways:
• Robust credit growth of 7% YTD, fueled by loans to developers (up VND 17 tn), science &
technology sector (+ VND 10 tn), brokerage sector (+ VND 2.5 tn) and margin loan (+ VND
3.2 tn); The strong rise in NII was due to accruals from
TCB
• An expansion in NIM (4.4% in 1Q24 compared to 4.13% in 1Q23) as the bank was able to bullet payment loans.
trim down funding cost significantly (-75 bps QoQ or -164 bps YoY). NII, hence, was up
+30% YoY.
• Strong forex and govt bond trading income of VND 1.6 tn (vs. a loss of VND 260 bn in 1Q23);
• A reduction in OPEX (+3.4% YoY with total no. of employees down 5% YoY);
• Good management of asset quality with NPL ratio stayed at 1.13% (vs. 1.16% in 4Q23); and
• Strong result of TCBS (PBT of VND 1.16tn, up by +159% YoY).
VPB released 1Q24 pretax profit of VND 4.2 tn (+66% YoY) – higher than our estimate of VND 3.9
tn (+53% YoY). The difference lies mostly in the lower-than-expected provision expense of VND
5.8 tn (-10% YoY). However, this is not a welcome move, in our view, given asset quality was under
stress. NPLs remained high (4.8% vs. 5% in 4Q23), while Group 2 special mention loans soared
VPB
25% QoQ to 8% (VND 48 tn). Provision coverage was up slightly to 53%. NIM was still weak at
5.86% (vs. 5.9% in 4Q23 and 6.25% in 1Q23).
On a standalone basis, the parent bank posted VND 4.9 tn in PBT (+20% YoY); FeCredit lost 853
bn VND and VPBank result came in thin, at VND 182 bn (-44% YoY).
From the low base level in 1Q23, HDB recorded a strong PBT growth of 46.8% to VND 4 tn– in
line with our projection. This earnings growth was supported by a strong NIM recovery to 5.5% The rapid credit growth into property and
(+43bps YoY) despite non-NII weakened 27.5% YoY and provision expense soared 32.8% YoY. construction sector should be closely watched if
HDB • Credit growth increased 6.2% YTD to VND 375.4 tn in which the key engine of growth the market recovers more slowly than expected;
belonged to hospitality (+75.5% YTD), construction (+23.8% YTD), manufacturing (16% and higher-than-expected bad debts formation
YTD) and trading (+8.8% YTD). With abundant liquidity in 2023, deposit growth went flat at and credit provision.
0.8% YTD to VND 425 tn in 1Q24.

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Key highlights Key concerns

• Group 2 loans decreased slightly 4.6% YTD to VND 17.2 tn while NPLs rebounded 32.3% YTD
to VND 8.2 tn. As such, the NPL ratio jumped to 2.24% (vs. 1.79% in 4Q23) despite HDB
aggressively wrote-off VND 710 bn in bad debt during 1Q24. The LLCR plunged to 56.6% (vs.
65.8% in 4Q23).
• Regarding HDSaison, customer loans increased slightly 4.2%, helping the NPL ratio improve
to 7.55% in 1Q24 (vs. 7.61% in 4Q23).
MSB released 1Q24 PBT of VND 1.53 tn, flat relative to 1Q23 and meeting our forecast. NIM
dropped to 3.66% (-38 bps YoY or -26 bps QoQ), while NFI recovered by +11.4% YoY during
1Q24. FX trading shined, with a stellar growth of 4.3x YoY to VND 591.8 bn during 1Q24, while
debt collection was not favorable, with a loss of -155 bn VND.
Lower-than-expected NIM;
MSB • Credit growth was 4.7% YTD reaching VND 157.7 tn, supported by property developers
(+59.2% YTD to VND 21 tn) and technology (+77.7% YTD to VND 7.3 tn).
• Asset quality deteriorated, with a higher NPL ratio of 3.18% in 1Q24 (vs. 2.87% in 4Q23)
despite MSB writing-off VND 250 bn of bad debt during this period. As such, credit
provisioning soared 34% YoY to VND 540.5 bn in 1Q24.
OCB reported a pretax profit of VND 1.2 tn (+23.5% YoY) - a bit higher than our projection of VND
1.1 tn. This strong earnings growth was supported by strong earnings from FX trading (+140.4%
YoY) and debt collections (+247% YoY), and less pressure on provision expenses (-40.5% YoY)
while NIM dropped 46bps YoY to 3.49%
• OCB recorded credit growth of 2.5% YTD to VND 154.7 tn, in which medium- and long-term
loans were dominant with a growth of 3.4% YTD to 113 tn. A large maturity of certificate
deposits (-77% QoQ equivalent to VND 5.4 tn) during 1Q24 reduced total deposits 2.8% YTD, The settlement of the remaining foreclosed assets
OCB
lifting LDR to 97.2% (vs. 92.2% in 4Q23). of VND 1.5 tn, which was reclassified to loan
• With a vigorous purging of VND 1.46 tn in bad debt during 1Q24, the NPL ratio dropped to book.
3.88% (vs. 4.68% in 4Q23), allowing OCB to make a lower provision - in line with our
expectation. The LLCR also improved to 41% in 1Q24 (vs. 36.4% in 4Q23) but still ranked as
the lowest figure amongst bank coverage. However, special mention Group 2 loans continued
to rise 26.2% QoQ to nearly VND 4 tn, which could trigger higher NPL formation in the coming
quarter.
TPB recorded 1Q24 PBT of VND 1.8 tn (+3.6% YoY) – in line with our projection due to a strong
recovery in NIM to 4.26% (+39 bps YoY but -84bps QoQ) and stellar growth in non-NII (+70.3%
YoY).
• NFI increased 40% YoY, thanks to the strong recovery in trade finance and card fees, while
TPB earnings from securities trading were solid at VND 475 bn in 1Q24. Slower-than-expected credit growth.
• The rise in NPL ratio (2.22% in 1Q24 vs. 2.05% in 4Q23) as well as the aggresive bad debts
written-off (VND 1.15 tn) burdened on credit provision of VND 1.2 tn (+275% YoY).
• Credit growth was still sluggish at -3% YTD to VND 211 tn, of which corporate bonds
continued to drop 23.4% QoQ to VND 9.35 tn.
VIB released 1Q24 pretax profit of VND 2.5 tn (-7% YoY) – lower than our forecast of VND 2.6 tn.
The difference might be derived from a higher-than-expected credit provision after updating CIC.
Accordingly, the NPL ratio surged to 3.6% in 1Q24 after reducing to 3.14% in 4Q23, producing
Slower-than-expected credit growth; and higher
higher credit provision of VND 945.5 bn (+41.5% YoY). The NIM plummeted to 4.13% (-117bps
VIB bad debts formation.
YoY) while non-NII witnessed a stellar growth of 105% YoY, thanks to a strong recovery in NFI
(+22% YoY) and huge gains from FX trading and debt collection.
Credit growth was still weak at 0.4% YTD to VND 268.3 tn despite we observed that new
disbursement of mortgage lending showed recovery during 1Q24.

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APPENDIX

Chart 1: Credit & deposit growth in 1Q24 (YTD) Chart 2: Quarterly NPL formation rate & credit cost

10.0% 3.00%
8.0%
2.50%
6.0%
4.0% 2.00%
2.0%
1.50%
0.0%
-2.0% 1.00%
-4.0%
0.50%
-6.0%
VCB BID CTG ACB OCB HDB MBB MSB TCB TPB STB VIB VPB 0.00%

4Q19
1Q20
2Q20
3Q20
4Q20
1Q21
2Q21
3Q21
4Q21
1Q22
2Q22
3Q22
4Q22
1Q23
2Q23
3Q23
4Q23
1Q24
SOCBs JSCBs

Credit growth Deposit growth NPL formation Credit cost

Chart 3: NPL ratio & LLCR Chart 4: Quarterly NIM, funding costs and asset yields

250.0% 6.0% 9.0% 4.5%

8.0% 4.0%
200.0% 5.0%
7.0% 3.5%
4.0% 6.0% 3.0%
150.0%
5.0% 2.5%
3.0%
4.0% 2.0%
100.0%
2.0% 3.0% 1.5%
50.0% 2.0% 1.0%
1.0%
1.0% 0.5%
0.0% 0.0% 0.0% 0.0%
4Q19
1Q20
2Q20
3Q20
4Q20
1Q21
2Q21
3Q21
4Q21
1Q22
2Q22
3Q22
4Q22
1Q23
2Q23
3Q23
4Q23
1Q24
ACB BID CTG HDB MBB MSB TCB TPB OCB STB VCB VIB VPB

LLCR 4Q23 LLCR 1Q24

1Q24 NPL ratio - RHS 4Q23 NPL ratio - RHS Funding costs - LHS Asset yields - LHS NIM - RHS

Chart 5: NIM by banks coverage Chart 6: CASA by banks coverage

7.0% 45.0%
40.0%
6.0%
35.0%
5.0%
30.0%
4.0% 25.0%
3.0% 20.0%
15.0%
2.0%
10.0%
1.0%
5.0%
0.0% 0.0%
VCB BID CTG ACB OCB HDB MBB MSB TCB TPB STB VIB VPB VCB BID CTG ACB OCB HDB MBB MSB TCB TPB STB VIB VPB
SOCBs JSCBs SOCBs JSCBs

1Q24 4Q23 1Q24 4Q23

Source: Banks, SSI Research

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Chart 7: Quarterly NII Chart 8: NII growth by banks

60.0% 16 60.0%
100 50.0% 14 50.0%
40.0% 12 40.0%
80
30.0%
10 30.0%
60 20.0%
8 20.0%
40 10.0%
0.0% 6 10.0%
20 4 0.0%
-10.0%
- -20.0% 2 -10.0%
4Q19
1Q20
2Q20
3Q20
4Q20
1Q21
2Q21
3Q21
4Q21
1Q22
2Q22
3Q22
4Q22
1Q23
2Q23
3Q23
4Q23
1Q24
- -20.0%
VCB BID CTG ACB OCB HDB MBB MSB TCB TPB STB VIB VPB

SOCBs JSCBs
SOCBs (VND tn) - LHS JSCBs (VND tn) - LHS
SOCBs (YoY growth) - RHS JSCBs (YoY growth) - RHS NII 1Q24 (VND tn) YoY growth - RHS

Chart 9: Quarterly NFI Chart 10: NFI growth by banks

20.0 100.0% 2,500 60%

80.0% 2,000 40%

15.0
60.0% 20%
1,500
10.0 40.0% 0%
1,000
20.0% -20%
5.0
0.0% 500 -40%
- -20.0% - -60%
4Q19
1Q20
2Q20
3Q20
4Q20
1Q21
2Q21
3Q21
4Q21
1Q22
2Q22
3Q22
4Q22
1Q23
2Q23
3Q23
4Q23
1Q24

VCB BID CTG ACB OCB HDB MBB MSB TCB TPB STB VIB VPB

SOCBs (VND tn) - LHS JSCBs (VND tn) - LHS SOCBs JSCBs

SOCBs (YoY growth) - RHS JSCBs (YoY growth) - RHS NFI 1Q24 (VND bn) YoY growth - RHS

Chart 11: Quarterly CIR

140 45.0%

120
40.0%
100

80 35.0%

60 30.0%
40
25.0%
20

- 20.0%
4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24

TOI (VND tn) - LHS CIR - RHS

Source: Banks, SSI Research

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securities and/or the issuers and (2) no part of the research analyst(s)’ compensation was, is, or will be directly or indirectly related to the specific recommendation
or views contained in this research report.

RATING

Buy: Expected to provide price gains of at least 10 percentage points greater than the market over next 12 months

Outperform: Expected to provide price gains of up to 10 percentage points greater than the market over next 12 months.

Market Perform: Expected to provide price gains similar to the market over next 12 months.

Underperform: Expected to provide price gains of up to 10 percentage points less than the market over next 12 months.

Sell: Expected to provide price gains of at least 10 percentage points less than the market over next 12 months

In some cases, the recommendation based on 1Y return could be re-adjusted by the analysts after considering a number of market factors that could have impact
on the stock price in the short and medium term.

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accuracy completeness or correctness are not guaranteed, Expressions of opinion herein were arrived at after due and careful consideration and they were based
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Tel: (84-24) 3936 6321
Tel: (84-28) 3636 3688
Fax: (84-24) 3936 6311
Fax: (84-28) 3636 3668

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CONTACT INFORMATION

SSI Research & Advisory Center SSI Institutional Sales

Phuong Hoang Duc Nguyen
Head of Research, Equity Strategist Head of Institutional Sales
phuonghv@ssi.com.vn ducna1@ssi.com.vn
Tel: (+84 – 24) 3936 6321 ext. 8729 Tel: (+84 – 28) 3636 3688 ext. 3003

Macro Financials Oil&Gas

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Chief Economist Associate Director Director
hungpl@ssi.com.vn hant4@ssi.com.vn trangph@ssi.com.vn
Tel: (+84 – 24) 3936 6321 ext. 8711 Tel: (+84 – 24) 3936 6321 ext. 8708 Tel: (+84 – 24) 3936 6321 ext. 8712

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Senior Analyst Analyst Associate Director
trinhttv@ssi.com.vn duytmp@ssi.com.vn chaudm@ssi.com.vn
Tel: (+84 – 24) 3936 6321 ext. 8720 Tel: (+84 – 28) 3636 3688 ext. 3046 Tel: (+84 – 28) 3636 3688 ext. 3052

Consumer Real Estate Giang Hoang Nguyen, CFA

Trang Pham Tuan Trinh Research Manager
Director Research Manager giangnh@ssi.com.vn
trangph@ssi.com.vn tuanta2@ssi.com.vn Tel: (+84 – 24) 3936 6321 ext. 8703
Tel: (+84 – 24) 3936 6321 ext. 8712 Tel: (+84 – 24) 3936 6321 ext. 8713
Industrials
Trang Tran, BFP ACA Thanh Ngo Giang Hoang Nguyen, CFA
Senior Analyst Senior Analyst Research Manager
trangtt2@ssi.com.vn thanhntk@ssi.com.vn giangnh@ssi.com.vn
Tel: (+84 – 24) 3936 6321 ext. 8705 Tel: (+84 – 28) 3636 3688 ext. 3053 Tel: (+84 – 24) 3936 6321 ext. 8703

Nga Nguyen Materials Chau Dao, CFA

Senior Analyst Chau Dao, CFA Associate Director
ngantp@ssi.com.vn Associate Director chaudm@ssi.com.vn
Tel: (+84 – 28) 3636 3688 ext. 3050 chaudm@ssi.com.vn Tel: (+84 – 28) 3636 3688 ext. 3052
Tel: (+84 – 28) 3636 3688 ext. 3052
Tuan Hoang Hang Vo
Analyst Nga Nguyen Analyst
tuanha2@ssi.com.vn Senior Analyst hangvt1@ssi.com.vn
Tel: (+84 – 28) 3636 3688 ext. 3089 ngantp@ssi.com.vn Tel: (+84 – 24) 3936 6321 ext. 8709
Tel: (+84 – 28) 3636 3688 ext. 3050
Minh Dang
Analyst Healthcare Utilities
minhdt1@ssi.com.vn Minh Dang Thanh Ngo
Tel: (+84 – 24) 3936 6321 ext. 8671 Analyst Senior Analyst
minhdt1@ssi.com.vn thanhntk@ssi.com.vn
Tel: (+84 – 24) 3936 6321 ext. 8671 Tel: (+84 – 28) 3636 3688 ext. 3053

IT & Power Data & Support

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Analyst Senior Data/Admin Officer
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