BSC Vietnam Sector Outlook 3Q2022_EN

Dear Investors,

The stock market in Q2/2022 recorded a negative movement with a sharp decline due to many "black swan" factors both at home and abroad.

In the context of uncertain risk factors, BSC believes that it is necessary to determine which cycle the world and Vietnam's market and economy is in? BSC believes that it is possible that Vietnam has entered a strong recovery cycle and entered the pre-crisis zone as well as the Vietnamese market has experienced a bear market and is entering the post-growth phase, while the stock market move faster.

Where is the "storm shelter" place in the economic downturn? Utilities, essential and non-essential consumption, information technology, pharmaceuticals, services, retail, and energy will be the industry groups with the best resilience during the crisis.

As usual, BSC will continue to provide major updates on the macro and stock markets in Q2/2022.

1. Vietnam's economic growth forecast remains positive.

2. The Government continues to accelerate the disbursement of public investment.

3. The total number of accounts by the end of Q2/2022 continued to record a strong increase, especially in T5-June 2022, however, the liquidity did not record a commensurate increase.

4. Foreign capital flows have a positive improvement.

5. The divestment and equitization activities have not had any positive developments.

6. Positive profit growth in 2022 is a supportive factor for the market, BSC adjusted the growth of profit after tax of the companies that BSC tracks from 22% to 28% (Figure 11).

Following the Vietnam Sector Outlook 2022 Report Quarter 2, 2022, BSC would like to send to investors Vietnam Sector Outlook Quarter 3 2022. In the 3rd Quarter Sector Outlook Report, BSC gave comments for economic sectors with 12 groups of Positive and 8 groups of Neutral.

BSC wishes all investors a wise, lucky and successful investment year!