Good Morning - Mirae Asset

See the last page of this report for important disclosures

July 9, 2021 Good Morning Vietnam

To subscribe to our report, please contact us at [email protected]

VIETNAM STOCK MARKET

Decrease amid HCMC raised social distancing level Vietnam stock market continued going down after strong recovery on Wednesday.

Decreasing gradually from the start, VN-Index saw somewhat recovery near

lunchbreak after being dipped in the afternoon. The index recovered near the end

and closed at 1,374.88 points (-1.00% DoD). Notably, the trading volume and value

sharply dropped to 552mn (-29.6% DoD) and VND20,198bn (-24% DoD),

respectively.

Real Estate stocks tumbled that was the main cause of market decline: NVL (-6.1%),

VIC (-2.6%), VHM (-1.7%), GVR (-2.0%), VRE (-3.2%).

Overseas investors recorded a net-selling worth of VND238.52bn on HOSE.

Accordingly:

- Net-inflow: VHM (VND173.3bn), HPG (VND115.7bn), MBB (VND110.1bn), GEX

(VND102.5bn), MSN (VND83.1bn).

- Net-outflow: NVL (VND625.5bn), CTG (VND98.5bn), E1VFVN30 (VND67bn),

VPB (VND52.4bn), VRE (VND41.2bn).

Market highlight: HCMC imposes another 15-day social distancing HCMC will impose its second 15-day citywide social distancing order starting 9 July

as the current epicenter seeks to curb the spread of the novel coronavirus Municipal

Chairman Nguyen Thanh Phong said that the decision has been taken towards

ensuring the health and lives of local residents. The campaign, imposed under

Directive 16 which comprises the most stringent social distancing regulations,

requires residents to stay at home and only go out for basic necessities such as

buying food or medicines or to work at factories or businesses that are allowed to

open. Since May 31, social distancing measures have been adopted but most parts

of the city followed more relaxed measures under Directive 15, which allows

gatherings of less than 20 people in one place and less than 10 outside workplaces,

schools and hospitals.

Chau Bui, +84 28 3910 2222, [email protected]

VN-Index valuation: 10-year band chart

Source : Bloomberg, Mirae Asset Research

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8

10

12

14

16

18

20

22

Jul 11 Jul 13 Jul 15 Jul 17 Jul 19 Jul 21

P/E -2SD -1SD AVG +1SD +2SD(x)

Market performance

Last trade 1D (%) 1M (%) 1Y (%)

VN-INDEX 1,374.68 -1.00 4.15 59.01

HNX 315.98 -1.20 3.13 176.28

UPCOM 88.49 -0.73 2.41 55.84

MSCI EM 1,340.68 -0.44 -2.67 25.28

NIKKEI 28,118.03 -0.88 -2.92 25.31

HANG SENG 27,153.13 -2.89 -5.66 3.92

KOSPI 3,252.68 -0.99 0.15 50.67

FTSE 7,063.92 -1.22 -0.44 14.75

S&P 500 4,358.13 0.34 3.10 37.48

NASDAQ 14,665.06 0.01 5.32 39.77

Valuation

P/E (x) P/B (x) ROE (%)

VN-INDEX 19.01 2.80 14.91

SET INDEX 28.97 1.65 5.97

JCI INDEX #N/A N/A 2.04 -7.29

PCOMP INDEX

29.60 1.70 5.95

Key rates

Last trade 1D (bps) 1M (bps) 1Y (bps)

Policy rate 4.00 0 0 -50

5-year 1.07 -1 -4 -84

10-year 2.16 0 -6 -75

FX Last trade 1D (%) 1M (%) 1Y (%)

US$/VND 23,017 -0.02 -0.23 0.73

US$/KRW 1,145 -0.61 -2.69 4.41

US$/JPY 110 0.77 -0.28 -2.32

US$/EUR 0.85 -0.22 3.01 -4.12

US$/GBP 0.73 0.12 2.69 -8.51

US$/SGD 1.35 -0.22 -2.08 2.89

Daily trading value (turnover)

Today (US$mn) 1M Avg (mn) 1Y Avg (mn)

VN-INDEX 822 932 525

HNX 95 141 73

UPCOM 38 63 33

Daily foreign trading value Buy Sell Net (US$mn)

VN-INDEX 83.25 90.23 -6.98

HNX 1.49 2.35 -0.87

UPCOM 1.44 1.38 0.06

Institutional client contacts

Head of Wholesale and Korean Clients

Mr. Ahn Jong Hoon [email protected]

Head of Institutional (ex Korea)

Mr. Steven Derek Brown [email protected]

mailto:[email protected]




2

July 9, 2021

Mirae Asset Vietnam Research

Good Morning Vietnam Short news

High freight, container shortage to hit seafood exports: VASEP

Rising freight costs and the continuing shortage of containers can severely affect seafood exports, the Vietnam Association of Seafood Exporters and Producers has warned. By May, freight costs had doubled for the year at some ports and were up six times from early last year, VASEP said. For instance, refrigerated container freight from Vietnam to the British port of Southampton was US$9,100 per container in May as against US$5,000 last December. Many shipping lines increased rate restoration for shipments from Vietnam to Asian destinations to US$50-100 per container. But despite the higher rates, seafood exporters have found it very hard to get containers for hire, VASEP said.

Vietnam Government to keep 65% stake in banks, airport operators

The government will retain a minimum ownership of 65% in state-owned banks and airport operators that privatize from now through 2025. It will keep a similar rate in large mining companies. The rates will be 50-65% in airlines and water utilities, basic chemical production and fuel importing companies. But companies that have a bearing on national security, such as landmine producers and map makers, will not be privatized. Others where it will continue to own 100% are power transmission and national grid management, currency printing and gold bullion production.

NVL VN: raises US$300mn convertible bonds

With a maturity of five years and fixed coupon rate of 5.25% a year, the bonds are convertible into common No Va Land Investment Group Corp (NVL VN/TRADING BUY/TP: VND131,700/CP: VND110,800) shares. The conversion price is VND135,700 (US$5.90) per share – 15% higher than the closing price of the company’s shares at the launching date (July 7). The denomination of each bond is US$200,000 in principal amount. Credit Suisse (Singapore) Ltd. is the sole global coordinator and sole bookrunner for this transaction. The issuance received great interest from reputable international investors. The order book was multiple times oversubscribed relative to the deal size of US$300mn. According to NVL, the capital raised from this issuance will be allocated to landbank acquisition and project development to achieve its 3-year earnings target. Additionally, the success of this transaction will strengthen the company’s debt profile with the dominance of mid- and long-term borrowings. Source: VnExpress, VIR, Mirae Asset Research

3

July 9, 2021


Upcoming market events

Ex-rights date Exercise date Ticker Exchange Event type

Friday, July 09, 2021

07/09/2021 07/09/2021 DC4 VN HOSE Stock dividend (ratio: 5%)

07/09/2021 07/22/2021 HLC VN HNX Cash dividend (VND600/share)

07/09/2021 07/28/2021 HVT VN HNX Cash dividend (VND500/share)

Source: Mirae Asset Research, FiinPro

Good Morning Vietnam Market events

4

July 9, 2021


Summary

Item Data Item Views

Close (08 July, 2021) 1,374.68 (-1.00%) Short-term Sideways

Resistance 1,400 Medium-term Sideways

Support 1,350 Long-term Sideways

VN-INDEX TECHNICAL CHART

Source: Fdata, Mirae Asset Research

Good Morning Vietnam Technical analysis

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July 9, 2021


Good Morning Vietnam Equity market indicators

Figure 1. VN-Index and MSCI Emerging Markets Index Figure 2. VN-Index performance

Source: Bloomberg, Mirae Asset Research

Source: Bloomberg, Mirae Asset Research Note: Relative to MSCI Emerging Markets Index

Figure 3. Foreign investors’ net purchases Figure 4. Vietnam weekly net fund flows

Source: Bloomberg, Mirae Asset Research Source: Bloomberg, Mirae Asset Research

Figure 5. VN Index vs. US$/VND Figure 6. Regional market multiples


700

800

900

1,000

1,100

1,200

1,300

1,400

1,500

Jul-20 Oct-20 Jan-21 Apr-21 Jul-21

(points)VN-INDEX MSCI Emerging markets

-1.0-3.0

4.2

24.5

59.0

0.8 0.8

8.6

22.6

36.0

1D 1W 1M YTD 1Y

Absolute (%) Relative (%p)

-425.6

-64.2

-56.4

-845.4

-176.5

-63.4

-8.1

167.08

24.7

88.5

9.1

-182.0

-0.1

-25.1

-16.8

-6.98

S.Korea

India

Indonesia

Taiwan

Thailand

Malaysia

Phillipines

Vietnam

1 Day 5 Day (US$mn)

-3,000

-2,500

-2,000

-1,500

-1,000

-500

0

-300

-250

-200

-150

-100

-50

0

50

100

150

200

Jun

-20

Jul-

20

Au

g-20

Sep

-20

Oct

-20

No

v-20

Dec

-20

Jan

-21

Feb

-21

Mar

-21

Ap

r-21

Ap

r-21

May

-21

Jun

-21

(US$mn) (US$mn)Weekly Net Flows (L) 12 mth trailing (R)

22,900

22,950

23,000

23,050

23,100

23,150

23,200

23,250

600

700

800

900

1,000

1,100

1,200

1,300

1,400

1,500


(points)(VND)VN-INDEX US$/VND (R)

19.0 19.6

29.0 29.6

16.7

-

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

-

5

10

15

20

25

30

35

VN

Ind

ex

HN

X In

dex

Thai

lan

d

Ph

ilip

pin

es

Mal

aysi

a

Ind

on

esia

(x)(x)P/E (L) P/B (R)

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July 9, 2021


Good Morning Vietnam Fixed income indicators

Figure 7. Vietnam bond yields Figure 8. Vietnam bond yield curve


Figure 9. Vietnam interbank rates Figure 10. Interbank rate curve


Figure 11. US$/VND exchange rate Figure 12. Global vs. domestic gold price

Source: SBV, Mirae Asset Research Source: Bloomberg, Mirae Asset Research

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5


(%) 1Y 2Y 3Y 5Y 7Y 10Y

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

1Y 2Y 3Y 5Y 7Y 10Y 15Y

(%) Current 3 months ago

6 months ago 1 year ago

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

Jul 20 Oct 20 Jan 21 Apr 21 Jul 21

ON 1W 2W(%)

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

ON 1W 2W 1M 3M 6M

(%) Current 3 months ago

6 months ago 1 year ago

22,200

22,400

22,600

22,800

23,000

23,200

23,400

23,600

23,800

24,000

24,200

Jun 19 Oct 19 Feb 20 Jun 20 Oct 20 Feb 21 Jun 21

(VND)Official rate (SBV) Unofficial rate Commercial banks

-60

-10

40

90

140

190

240

290

340

1,150

1,350

1,550

1,750

1,950

2,150

2,350

Jun-19 Oct-19 Feb-20 Jun-20 Oct-20 Feb-21 Jun-21

(US$) (US$)Spread (R) Domestic (L) Global (L)

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July 9, 2021


Good Morning Vietnam Commodities indicators

Figure 13. Oil and gas prices Figure 14. Energy prices


Figure 15. Non-ferrous metal prices Figure 16. Precious metal prices


Figure 17. Grain prices Figure 18. Soft commodity prices


0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

-40

-20

0

20

40

60

80


(US$/bbl.) (US$/MMBtu.)WTI Crude oil (L) Natural gas (R )

30

80

130

180

230

280

45

65

85

105

125

145

165


(US$/MT) (US$/gal.)Coal (L) Gasoline (R )

60

110

160

210

260

310

360


(D-12M=100)Copper Nickel Tin Steel

60

80

100

120

140

160

180

200

220


(D-12M=100) Gold Silver Platinum

0

50

100

150

200

250


(D-12M=100) Corn Wheat Soybean

60

80

100

120

140

160

180

200


(D-12M=100) Coffee Sugar Rubber

8

July 9, 2021

Table 1. VN30 key valuation metrics

Name Ticker Price Mkt cap Foreign ownership Price performance (%) P/E (x)* P/B (x)* EPS growth (%)* ROE (%)*

(VND) (VND bn) (%) 1D 1W 1M 1Y FY21 FY22 FY21 FY22 FY21 FY22 FY21 FY22

VN30 Index VN30 Index 1,521.21 3,700,090 -1.1 -1.5 5.7 89.0 14.8 12.7 2.7 2.3 15.1 16.6 23.3 20.7

BIDV BID VN 45,800 184,208 16.6 0.7 -3.2 2.2 12.9 19.5 14.3 2.1 1.8 62.2 36.8 12.0 14.6

Bao Viet Holdings BVH VN 54,900 40,754 27.0 0.7 -6.9 -3.7 16.3 23.8 21.1 1.9 1.8 11.1 12.8 8.4 9.0

VietinBank CTG VN 38,600 185,503 24.8 -1.2 -4.9 1.7 110.7 11.4 9.4 1.9 1.6 18.5 21.0 19.8 20.0

FPT Corp FPT VN 89,800 81,491 49.0 -0.8 1.0 11.1 116.5 20.4 16.7 4.5 3.9 22.8 21.9 25.6 26.4

PetroVietnam Gas JSC GAS VN 93,000 177,997 2.8 1.6 -1.3 5.6 27.6 17.8 16.3 3.4 3.1 29.4 9.7 19.9 20.2

HDBank HDB VN 35,950 57,296 17.6 -1.5 -1.4 11.3 127.7 10.4 8.7 2.0 1.6 29.4 20.3 21.3 20.2

Hoa Phat Group JSC HPG VN 49,000 219,173 26.3 -1.8 -7.2 -2.0 183.0 7.9 7.5 2.4 1.9 117.7 6.0 42.3 28.9

Khang Dien House Trading and Investment KDH VN 36,750 22,898 32.0 0.1 -2.5 4.9 76.9 19.0 14.1 2.5 2.1 3.2 35.2 14.2 17.0

MBBank MBB VN 42,100 117,828 21.1 0.0 -3.1 12.9 184.9 10.7 9.1 2.0 1.7 33.2 17.0 21.4 20.8

Masan Group Corp MSN VN 119,800 141,428 33.1 3.3 5.6 15.2 110.2 51.0 29.6 6.9 5.5 123.0 72.3 12.9 17.9

Mobile World Investment Corp MWG VN 172,500 81,991 49.0 4.0 14.2 26.8 106.3 15.8 13.2 4.1 3.3 25.9 20.2 26.7 27.0

No Va Land Investment Group Corp NVL VN 110,800 163,276 10.1 -6.1 -7.7 10.5 136.5 30.0 32.9 4.7 4.6 26.1 -8.8 16.2 13.0

Phat Dat Real Estate Development Corp PDR VN 94,700 46,097 4.0 -1.6 -1.3 15.1 403.0 NA NA NA NA NA NA NA NA

Vietnam National Petroleum Group PLX VN 52,300 65,051 17.2 -1.7 -5.8 -4.4 12.5 19.3 16.0 2.7 2.6 295.9 20.5 15.7 16.7

Phu Nhuan Jewelry JSC PNJ VN 105,600 24,010 49.0 -0.8 5.4 10.0 78.4 18.1 14.3 3.9 3.2 35.5 26.7 24.1 23.8

PetroVietnam Power Corp POW VN 11,350 26,580 2.9 -0.4 -6.2 -6.2 15.1 12.7 10.8 0.9 0.9 -10.7 17.8 7.3 8.1

Refrigeration Electrical Engineering Cor REE VN 53,000 16,380 49.0 -1.7 -8.0 -5.4 65.6 9.0 7.3 1.1 1.1 11.6 23.7 13.4 15.2

Thanh Thanh Cong - Bien Hoa JSC SBT VN 19,300 11,911 8.4 -0.5 -9.6 -9.0 34.0 NA NA NA NA NA NA NA NA

SSI Securities Corp SSI VN 54,400 35,627 47.1 -0.2 -5.4 23.6 246.5 22.3 17.4 NA NA 24.5 28.2 14.3 16.2

Sacombank STB VN 30,200 54,470 12.7 -2.7 -2.6 5.6 162.6 26.0 17.7 1.8 1.6 -6.8 46.3 8.8 11.0

Techcombank TCB VN 56,600 198,378 22.5 0.0 6.2 14.3 181.6 12.2 10.4 2.2 1.8 31.8 17.4 19.8 19.2

Hoang Huy Investment Financial Services JSC TCH VN 21,050 8,403 13.4 -3.9 -3.9 -3.9 1.4 NA NA NA NA NA NA NA NA

Tien Phong Commercial JSB TPB VN 37,750 40,456 30.0 0.7 1.5 7.9 115.5 8.8 7.5 1.8 1.5 25.9 17.9 23.0 21.4

Vietcombank VCB VN 111,000 411,685 23.6 -2.1 -4.6 11.0 33.7 18.1 15.1 3.5 2.9 37.4 19.7 22.1 21.7

Vinhomes JSC VHM VN 115,000 378,294 23.0 -1.7 -1.9 9.2 43.0 12.3 11.0 3.3 2.6 12.4 11.9 31.5 27.5

Vingroup JSC VIC VN 111,000 375,450 15.8 -2.6 -6.4 -7.3 22.2 80.1 50.6 4.1 3.7 -18.1 58.5 7.7 9.0

Vietjet Aviation JSC VJC VN 120,300 65,156 18.3 -1.2 -0.3 2.6 11.8 160.4 24.6 3.5 2.9 472.5 552.9 3.8 16.6

Vietnam Dairy Products JSC VNM VN 88,400 184,752 54.9 -1.6 -2.8 -1.4 -8.2 18.0 16.9 5.5 5.3 3.0 6.3 33.9 34.5

VPBank VPB VN 69,300 170,114 15.4 -2.0 -1.6 -3.1 216.4 12.2 11.6 2.3 1.9 32.5 5.2 21.6 18.5

Vincom Retail JSC VRE VN 29,900 67,942 30.5 -3.2 -6.0 -5.5 8.9 24.3 19.8 2.2 1.9 17.5 22.7 8.8 10.1

Source: Bloomberg, Mirae Asset Research. Metrics (*) based on Bloomberg consensus estimates

9

July 9, 2021

Table 2. Industry performance: Key valuation metrics

Industry group Index impact Mkt cap Price performance (%) P/E (X)* P/B (X)* EPS growth (%)* ROE (%)*

(index pts 1D) (VND bn) 1D 1W 1M 1Y FY21 FY22 FY21 FY22 FY21 FY22 FY21 FY22

VN-Index -13.87 5,212,655 -1.0 -3.0 4.2 59.0 16.7 13.8 2.7 2.3 14.2 20.4 20.1 18.9

Automobiles & Components -0.02 8,192 -0.9 -5.8 2.1 43.2 6.0 5.5 1.2 1.1 34.5 9.7 12.3 11.8

Banks -4.63 1,783,881 -1.0 -2.2 6.9 88.4 14.7 11.8 2.4 2.0 31.5 22.0 19.1 18.8

Capital Goods 0.05 173,010 0.1 -4.2 -2.1 62.2 6.0 4.2 0.4 0.3 9.3 29.0 5.5 6.1

Commercial & Professional Services 0.01 4,636 0.6 -1.2 3.3 18.2 7.4 5.8 NA NA 18.8 27.9 10.2 12.3

Consumer Durables & Apparel -0.12 46,183 -0.9 1.1 7.3 141.2 13.9 11.2 2.7 2.3 41.6 22.2 18.1 18.1

Consumer Services -0.01 8,195 -0.5 -2.2 2.1 14.2 NA NA NA NA NA NA NA NA

Diversified Financials -0.31 95,526 -1.0 -6.6 25.5 218.6 13.7 7.3 0.6 NA 23.2 28.2 9.1 6.8

Energy -0.37 82,184 -1.6 -6.6 -5.6 26.6 20.1 15.0 2.3 2.2 NA 31.3 13.6 14.6

Food, Beverage & Tobacco 0.16 526,379 0.2 -1.1 3.8 29.5 25.5 18.5 4.8 4.2 43.6 29.6 20.6 21.9

Health Care Equipment & Services 0.01 827 5.2 -7.0 -19.9 16.9 NA NA NA NA NA NA NA NA

Household & Personal Products 0.00 1,831 0.5 -0.5 -0.9 -3.4 NA NA NA NA NA NA NA NA

Insurance 0.10 48,652 0.7 -5.9 -1.1 19.7 21.2 18.7 1.7 1.6 11.6 13.9 7.8 8.4

Materials -2.34 491,180 -1.7 -6.1 3.9 162.7 13.8 13.2 2.0 1.0 92.4 -2.8 26.2 18.9

Media & Entertainment 0.00 1,428 0.0 -4.6 -10.0 -26.4 NA NA NA NA NA NA NA NA

Pharmaceuticals 0.02 35,645 -0.6 -4.6 -7.1 34.4 NA NA NA NA NA NA NA NA

Real Estate -8.07 1,231,851 0.3 -0.6 -1.1 25.4 8.9 7.6 1.5 1.0 10.4 14.2 9.1 9.6

Retailing 0.85 90,627 -2.2 -4.3 2.2 62.5 34.2 24.4 3.0 2.6 18.1 18.8 15.5 14.6

Software & Services -0.18 85,977 3.6 9.4 24.6 99.9 14.9 12.3 3.7 3.0 36.9 18.4 24.4 24.7

Technology Hardware & Equipment 0.11 6,343 -0.8 -2.5 10.9 112.6 19.2 15.7 4.2 3.7 29.9 19.3 24.1 24.8

Telecommunication Services -0.01 1,783 6.7 8.8 26.1 252.6 15.2 13.0 4.0 3.2 52.0 16.9 28.7 27.1

Transportation -0.11 162,194 -1.2 15.6 34.6 350.5 NA NA NA NA NA NA NA NA

Utilities 0.75 260,838 -0.2 -2.1 2.1 27.8 67.5 12.3 24.9 1.4 NA NA -68.1 -33.0

Table 3. Top 10 leading contributors Table 4. Top 10 lagging contributors Ticker Industry group

Price (VND)

% change (1D)

Volume (1D)

Index impact (pts.)

Ticker Industry group Price (VND)

% change (1D)

Volume (1D)

Index impact (pts.)

MSN VN Food, Beverage &

Tobacco 119,800 3.3 2,502,500 1.2 NVL VN Real Estate 110,800 -6.1 9,726,500 -2.9

MWG VN Retailing 172,500 4.0 1,585,700 0.9 VIC VN Real Estate 111,000 -2.6 1,480,900 -2.8

GAS VN Utilities 93,000 1.6 912,200 0.8 VCB VN Banks 111,000 -2.1 1,384,100 -2.4

VIB VN Banks 51,400 3.2 3,395,700 0.7 VHM VN Real Estate 115,000 -1.7 4,664,700 -1.8

BID VN Banks 45,800 0.7 2,127,400 0.3 HPG VN Materials 49,000 -1.8 30,632,700 -1.1

DXG VN Real Estate 22,950 4.8 7,530,600 0.1 VPB VN Banks 69,300 -2.0 19,600,100 -0.9

DGW VN Technology Hardware

& Equipment 143,500 6.7 983,800 0.1 VNM VN Food, Beverage & Tobacco 88,400 -1.6 1,908,900 -0.8

HVN VN Transportation 26,300 1.0 457,700 0.1 GVR VN Materials 33,950 -2.0 3,886,500 -0.8

VCG VN Capital Goods 44,900 1.6 390,200 0.1 VRE VN Real Estate 29,900 -3.2 3,603,700 -0.6

BVH VN Insurance 54,900 0.7 1,036,200 0.1 CTG VN Banks 38,600 -1.2 14,109,100 -0.6

10

July 9, 2021

Source: Bloomberg, Mirae Asset Research. Note: Metrics (*) based on Bloomberg consensus estimates

11

July 9, 2021


Upcoming economic events Date & time Country Event Data

Monday, July 05, 2021 Previous Forecast

6:00 AM AU Markit Services PMI Final (Jun.) 58 56

7:30 AM JP Jibun Bank Services PMI Final (Jun.) 46.5 47.2

8:30 AM AU Retail Sales MoM Final (May) 1.10% 0.10%

8:45 AM CN Caixin Services PMI (Jun.) 55.1 55

3:00 PM EA Markit Services PMI Final (Jun.) 55.2 58

3:30 PM GB Markit/CIPS UK Services PMI Final (Jun.) 62.9 61.7

Tuesday, July 06, 2021 Previous Forecast

8:00 AM PH Inflation Rate YoY (Jun.) 4.50%

11:30 AM AU RBA Interest Rate Decision 0.10% 0.10%

3:30 PM GB Construction PMI (Jun.) 64.2 59.8

4:00 PM EA Retail Sales YoY (May) 23.90% 4.50%

8:45 PM US Markit Composite PMI Final (Jun.) 68.7 63.9

8:45 PM US Markit Services PMI Final (Jun.) 70.4 64.8

9:00 PM US ISM Non-Manufacturing PMI (Jun.) 64 61

Wednesday, July 07, 2021 Previous Forecast

9:00 PM CA Ivey PMI s.a (Jun.) 64.7 65

Thursday, July 08, 2021 Previous Forecast

1:00 AM US FOMC Minutes

3:30 AM US API Crude Oil Stock Change 02/Jul

11:00 AM MY Unemployment Rate (May) 4.60%

2:00 PM MY Interest Rate Decision 1.75%

7:30 PM US Initial Jobless Claims 03/Jul

Friday, July 09, 2021 Previous Forecast

8:30 AM CN Inflation Rate YoY (Jun.) 1.30% 1.60%

8:30 AM CN PPI YoY (Jun.) 9.00% 9.50%

1:00 PM GB Balance of Trade (May) GPB-0.9bn

1:00 PM GB GDP 3-Month Avg (May) 1.50% 3.40%

1:00 PM GB Industrial Production YoY (May) 27.50% 26.20%

1:00 PM GB Manufacturing Production YoY (May) 39.70% 30.60%

1:00 PM GB Construction Output YoY (May) 77.90% 64%

7:30 PM CA Unemployment Rate (Jun.) 8.20% 7.90%

Source: Investing.com, Mirae Asset Research. All times are local for Vietnam.

Good Morning Vietnam Economic events

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July 9, 2021


APPENDIX 1

Important Disclosures & Disclaimers

The research analysts who prepared this report (the “Analysts”) are registered with the are subject to Vietnamese securities regulations. They are neither registered

as research analysts in any other jurisdiction nor subject to the laws and regulations thereof. Opinions expressed in this publication about the subject securities and

companies accurately reflect the personal views of the Analysts primarily responsible for this report. Mirae Asset Securities Vietnam Co., Ltd. (“Mirae Asset Securities”)

policy prohibits its Analysts and members of their households from owning securities of any company in the Analyst’s area of coverage, and the Analysts do not serve

as an officer, director or advisory board member of the subject companies. Except as otherwise specified herein, the Analysts have not received any compensation

or any other benefits from the subject companies in the past 12 months and have not been promised the same in connection with this report. No part of the

compensation of the Analysts was, is, or will be directly or indirectly related to the specific recommendations or views contained in this report but, like all employees

of Mirae Asset Securities, the Analysts receive compensation that is determined by overall firm profitability, which includes revenues from, among other business units,

the institutional equities, investment banking, proprietary trading and private client division. At the time of publication of this report, the Analysts do not know or have

reason to know of any actual, material conflict of interest of the Analyst or Mirae Asset Securities except as otherwise stated herein.

Disclaimers

This report is published by Mirae Asset Securities, a broker-dealer registered in the Socialist Republic of Vietnam and a member of the Vietnam Exchange. Information

and opinions contained herein have been compiled in good faith and from sources believed to be reliable, but such information has not been independently verified

and Mirae Asset Securities makes no guarantee, representation or warranty, express or implied, as to the fairness, accuracy, completeness or correctness of the

information and opinions contained herein or of any translation into English from the Vietnamese language. In case of an English translation of a report prepared in

the Vietnamese language, the original Vietnamese language report may have been made available to investors in advance of this report.

The intended recipients of this report are sophisticated institutional investors who have substantial knowledge of the local business environment, its common practices,

laws and accounting principles and no person whose receipt or use of this report would violate any laws and regulations or subject Mirae Asset Securities and its

affiliates to registration or licensing requirements in any jurisdiction shall receive or make any use hereof.

This report is for general information purposes only and it is not and shall not be construed as an offer or a solicitation of an offer to effect transactions in any securities

or other financial instruments. The report does not constitute investment advice to any person and such person shall not be treated as a client of Mirae Asset Securities

by virtue of receiving this report. This report does not take into account the particular investment objectives, financial situations, or needs of individual clients. The

report is not to be relied upon in substitution for the exercise of independent judgment. Information and opinions contained herein are as of the date hereof and are

subject to change without notice. The price and value of the investments referred to in this report and the income from them may depreciate or appreciate, and

investors may incur losses on investments. Past performance is not a guide to future performance. Future returns are not guaranteed, and a loss of original capital

may occur. Mirae Asset Securities, its affiliates and their directors, officers, employees and agents do not accept any liability for any loss arising out of the use hereof.

Mirae Asset Securities may have issued other reports that are inconsistent with, and reach different conclusions from, the opinions presented in this report. The reports

may reflect different assumptions, views and analytical methods of the analysts who prepared them. Mirae Asset Securities may make investment decisions that are

inconsistent with the opinions and views expressed in this research report. Mirae Asset Securities, its affiliates and their directors, officers, employees and agents

may have long or short positions in any of the subject securities at any time and may make a purchase or sale, or offer to make a purchase or sale, of any such

securities or other financial instruments from time to time in the open market or otherwise, in each case either as principals or agents. Mirae Asset Securities and its

affiliates may have had, or may be expecting to enter into, business relationships with the subject companies to provide investment banking, market-making or other

financial services as are permitted under applicable laws and regulations.

No part of this document may be copied or reproduced in any manner or form or redistributed or published, in whole or in part, without the prior written consent of

Mirae Asset Securities.

As of the publication date, Mirae Asset Daewoo Co., Ltd. and/or its affiliates do not have any special interest with the subject company and do not own 1% or more of

the subject company's shares outstanding

Distribution

United Kingdom: This report is being distributed by Mirae Asset Securities (UK) Ltd. in the United Kingdom only to (i) investment professionals falling within Article

19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”), and (ii) high net worth companies and other persons to whom

it may lawfully be communicated, falling within Article 49(2)(A) to (E) of the Order (all such persons together being referred to as “Relevant Persons”). This report is

directed only at Relevant Persons. Any person who is not a Relevant Person should not act or rely on this report or any of its contents.

United States: This report is distributed in the U.S. by Mirae Asset Securities (USA) Inc., a member of FINRA/SIPC, and is only intended for major institutional investors

as defined in Rule 15a-6(b)(4) under the U.S. Securities Exchange Act of 1934. All U.S. persons that receive this document by their acceptance thereof represent and

warrant that they are a major institutional investor and have not received this report under any express or implied understanding that they will direct commission

income to Mirae Asset Daewoo or its affiliates. Any U.S. recipient of this document wishing to effect a transaction in any securities discussed herein should contact

and place orders with Mirae Asset Securities (USA) Inc., which accepts responsibility for the contents of this report in the U.S. The securities described in this report

may not have been registered under the U.S. Securities Act of 1933, as amended, and, in such case, may not be offered or sold in the U.S. or to U.S. persons absent

registration or an applicable exemption from the registration requirements.

Hong Kong: This document has been approved for distribution in Hong Kong by Mirae Asset Securities (HK) Ltd., which is regulated by the Hong Kong Securities and

Futures Commission. The contents of this report have not been reviewed by any regulatory authority in Hong Kong. This report is for distribution only to professional

investors within the meaning of Part I of Schedule 1 to the Securities and Futures Ordinance of Hong Kong (Cap. 571, Laws of Hong Kong) and any rules made

thereunder and may not be redistributed in whole or in part in Hong Kong to any person.

All Other Jurisdictions: Customers in all other countries who wish to effect a transaction in any securities referenced in this report should contact Mirae Asset Daewoo

or its affiliates only if distribution to or use by such customer of this report would not violate applicable laws and regulations and not subject Mirae Asset Daewoo and

its affiliates to any registration or licensing requirement within such jurisdiction.

13

July 9, 2021


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Korea

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China

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Mirae Asset Securities (USA) Inc. Mirae Asset Wealth Management (USA) Inc. Mirae Asset Wealth Management (Brazil) CCTVM

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USA

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USA

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Brasil

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PT. Mirae Asset Sekuritas Indonesia Mirae Asset Securities (Singapore) Pte. Ltd. Mirae Asset Securities (Vietnam) LLC

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Indonesia

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Singapore 049909

Republic of Singapore

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China

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Shanghai Representative Office Ho Chi Minh Representative Office

38T31, 38F, Shanghai World Financial Center

100 Century Avenue, Pudong New Area

Shanghai 200120

China

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Vietnam

Tel: 86-21-5013-6392 Tel: 84-8-3910-7715

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