Mr. Nguyen Thanh Ngoc, Head of Brokerage Department, VPBank Securities, analyzed the reasons why the investment portfolio in the first half of 2025 should have at least 1 bank code, 1 stock code, 1 technology code and 1 real estate code. At the same time, he suggested some stock codes that can be referred to before deciding to invest.

Technology

The technology industry is growing strongly with emerging fields such as data centers, semiconductors, AI (artificial intelligence) and 5G,... serving the digital economy and digital transformation. Technology businesses have attractive investment opportunities for 2025.

Notably, the Vietnamese data center market reached 557 million USD in 2022, expected to grow at a CAGR (compound growth rate) of over 10.8% until 2029, reaching 1.14 billion USD. 60% of the country's data centers are controlled by 4 large companies (Viettel, VNPT, FPT, CMC).

The data center market in Vietnam will grow strongly in the period 2025-2026, driven by the launch of many new data centers from major suppliers such as FPT, Viettel, VNG.

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Individual investors with small investment capital should only focus on a certain number of codes. Photo: Thach Thao

Some reference codes

* FPT (FPT Joint Stock Company)

Telecom revenue is forecast to grow 9.5% in 2025 and 9.1% in 2026 thanks to the expansion of data centers and a recovery in online advertising, as businesses restore advertising budgets.

The cooperation with NVIDIA (the world's leading chip manufacturer) will boost long-term revenue growth for FPT in the period 2025-2030, when AI becomes a new trend in the information technology sector.

FPT's net profit is forecast to grow 22.5% in 2024, 21.1% in 2025, and 21.4% in 2026 over the same period.

* CTR (Viettel Construction Joint Stock Corporation)

The trend of accelerating the 5G commercial wave is the main growth driver for CTR as more BTS stations are installed.

For the TowerCo segment (investing in leasing telecommunications infrastructure), CTR and OCK are the two main businesses operating in the industry, the remaining competitors own a relatively small number of stations.

Currently, most TowerCo markets in the region have passed the development stage, so the valuation space for young markets that are just starting the investment stage like Vietnam will be higher than saturated markets.

Bank

Banking remains a key sector of the economy. Last year, despite economic difficulties, banking profits continued to grow the best in the market compared to other sectors.

In 2024, pre-tax profit will grow by 15% over the same period; in 2025, it is expected to grow better, about 17.7%.

By 2025, investors' portfolios must have at least one bank code.

Some reference codes

* CTG (Vietnam Joint Stock Commercial Bank for Industry and Trade - VietinBank)

In 2025, profit after tax is expected to increase to 26.2% YoY thanks to net interest income and non-interest income growing 24.9% and 18.5% YoY.

Provisioning expenses increased by 11.7% over the same period. Loan loss provision ratio (LLR) is forecast to reach 136%, top 3 in the industry.

* HDB (Ho Chi Minh City Development Joint Stock Commercial Bank - HDBank)

In 2025, profit after tax is expected to accelerate to 29.7% YoY, mainly due to a forecasted 47.4% increase in non-interest income while net interest income decelerates slightly. NIM (net interest margin) is maintained at 5.4%, credit costs at 1.1% (equivalent to 2024).

The P/B ratio (an index used to compare the price of a stock with its book value) is higher than that of comparable banks such as MBB, ACB, TCB, reflecting the ability to maintain outstanding ROE, always above 20% since 2020.

* TCB (Technological and Commercial Joint Stock Bank - Techcombank)

In 2025, profit after tax is expected to maintain the same growth rate as in 2024 thanks to higher growth in non-interest income while net interest income has a lower growth rate than the previous year under pressure to increase NIM.

Provisioning costs are forecast to decrease slightly thanks to bad debt being controlled below 1%.

* MBB (Military Commercial Joint Stock Bank - MBBank)

Credit growth is among the highest in the industry. NIM is expected to improve thanks to an increase in CASA (demand deposits) ratio, improved profitability when customers return to repay debt and an increase in retail lending ratio.

Service fee income is very positive - MBB's cross-selling service activities will recover well in 2024 and are expected to continue to contribute positively to non-interest income.

Stock

Margin loans at Vietnamese securities companies by the end of 2024 reached a record of VND245,000 billion, equivalent to nearly USD10 billion, which is the driving force for securities industry profits.

Some reference codes

* SSI (SSI Securities Corporation)

Benefit the most from the positive market outlook in 2025. Be the leading securities company to benefit from market upgrade. There is still a lot of margin lending room, among the top securities companies.

* HCM (Ho Chi Minh City Securities Corporation)

Benefit from market upgrade with over 30% of transactions from foreign investors. Issue 50% increase in capital to increase margin lending.

* VCI (Vietcap Securities Joint Stock Company)

Benefiting from the market upgrade due to 50% of transactions from foreign investors. Boosting margin lending and reducing proprietary trading to help profit growth. The IB (investment banking) segment has positive signals in 2025.

Real estate

Residential real estate supply has recovered, although still modest. Real estate corporate bond risks are no longer a major concern. Capital restructuring and M&A activities in the residential real estate sector are expected to be vibrant in 2025.

The valuation of the residential real estate sector is currently at a relatively low level, and it is likely that the residential real estate group will be revalued to be more appropriate. The industry outlook is showing positive signs.

Some reference codes

* KDH (Khang Dien Group):

Privia projects handed over from Q4/2024 promote profit recovery.

Two projects expected to open for sale in the first quarter of 2025 include Emeria (with 60 low-rise units, 600 high-rise units) and Clarita (with 159 low-rise units) and the Solina project (phase 1 with 500 low-rise units) expected to open for sale in the first quarter of 2026 or earlier, which will boost the growth picture for the following years.

KDH's projects have solid legal status and good product absorption rate.

* PDR (Phat Dat Real Estate Development Joint Stock Company)

Basically complete financial restructuring and enter new investment cycle.

Bac Ha Thanh residential area (Binh Dinh) begins to bring in cash flow.

Expected profit from Thuan An 1 and 2 Building project (Binh Duong).