Key Takeaways
- Stronger-than-expected H1 GDP data: Q2 GDP growth reached 6.9% YoY and 6.4% for 1H24. Consequently, the Government has revised its FY24 GDP growth target to 6.5-7.0%. Other development banks (ADB) and institutions (HSBC) have followed suit.
- Stock performances are diverging in line with earnings, a dynamic we expect to see for the rest of the year. The 15-18% NPAT growth for our Top 80 universe is unchanged driven by consistent recovery in manufacturing and domestic consumption.
- While global financial markets have been volatile in the past week, we believe the impact on Vietnam will be moderate and temporary. With global rate cuts on the horizon, Vietnam can sustain supportive policies and focus on growth…
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