External broker reports(aggregated public sources), Vietcap

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External broker reports(aggregated public sources)

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<ul><li>Primary condo transactions in Hanoi and HCMC ended 2024 with a strong Q4 performance. </li><li>Based on our estimates from CBRE data charts, Q4 2024 primary condo transactions in Hanoi and HCMC combined were ~14,200 units (+43% QoQ and +150% YoY).</li><li>Hanoi recorded new supply of 11,900 units in Q4 2024 – the highest quarterly figure since 2019 – mainly from new launches from Masterise and MIK in Global Gate, and Capitaland’s The Senique in Ocean Park 1.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Primary condo transactions in Hanoi and HCMC ended 2024 with a strong Q4 performance. Based on our estimates from CBRE data charts, Q4 2024 primary condo transactions in Hanoi and HCMC combined were ~14,200 units (+43% QoQ and +150% YoY).Hanoi recorded new supply of 11,900 units in Q4 2024 – the highest quarterly figure since 2019 – mainly from new launches from Masterise and MIK in Global Gate, and Capitaland’s The Senique in Ocean Park 1.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Vietnam Residential Real Estate Sector Flash - 2025 to Witness Increased Market Activities

External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives

<ul><li>In recent months, China has introduced several policies to support and stabilize the property market, responding to challenges in the sector and aiming to restore confidence among buyers and investors.</li><li>Key measures announced over the last three months include: Mortgage rate adjustments: The People’s Bank of China (PBOC) mandated that commercial banks lower mortgage rates for first–time homebuyers and allow adjustments for existing mortgage rates (no lower than 30 bps below LPR), effective by end-October 2024.</li><li>The goal is to ease the financial burden on borrowers and stimulate demand in the housing sector.</li></ul><div class="content-highlight">Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</div>

In recent months, China has introduced several policies to support and stabilize the property market, responding to challenges in the sector and aiming to restore confidence among buyers and investors.Key measures announced over the last three months include: Mortgage rate adjustments: The People’s Bank of China (PBOC) mandated that commercial banks lower mortgage rates for first–time homebuyers and allow adjustments for existing mortgage rates (no lower than 30 bps below LPR), effective by end-October 2024.The goal is to ease the financial burden on borrowers and stimulate demand in the housing sector.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Sector Report - Recovery Is Not as Good as Expected, Challenges Remain Throughout 2025

<ul><li>Overview: Joint Stock Commercial Bank For Foreign Trade Of Vietnam (Vietcombank - VCB) officially came into operation on 1 April 1963.</li><li>Being the first state commercial bank chosen for pilot privatization by the Government, JSCB for Foreign Trade of Vietnam has come into operation as a commercial joint stock bank since June 02, 2008, after successfully implementing the equitization plan through IPO.</li><li>VCB has been listed and traded on the Ho Chi Minh City Stock Exchange since 2009.</li></ul><div class="content-highlight">Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</div>

Overview: Joint Stock Commercial Bank For Foreign Trade Of Vietnam (Vietcombank - VCB) officially came into operation on 1 April 1963.Being the first state commercial bank chosen for pilot privatization by the Government, JSCB for Foreign Trade of Vietnam has come into operation as a commercial joint stock bank since June 02, 2008, after successfully implementing the equitization plan through IPO.VCB has been listed and traded on the Ho Chi Minh City Stock Exchange since 2009.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Stock Recommendations (Vietnam Market) - November 2024

<ul><li>New project preparations and launches have ramped up in 2024 YTD: The housing market in Vietnam bottomed out in 2023 and has since shown a gradual recovery in primary transactions, beginning in Q3 2023 and continuing throughout 2024 YTD, with the condo segment in Hanoi leading the recovery.</li><li>The rise in preparation activities for new project launches, along with ongoing improvement in homebuyer confidence in 2024 YTD, reaffirms our expectation for growth in primary property transactions in 2024F vs 2023.</li><li>We project market transactions to strengthen in Q4 2024 and 2025, led by our expectations for: (1) sustained demand for real living purposes, particularly targeting mid-end condo projects; (2) a return of investment buyers to select landed property products; (3) growth in new primary supply driven by more project launches and smoother legal procedures; and (4) improving homebuyer confidence, driven by the continuous recovery of the overall property market, a stable mortgage rate outlook, and the acceleration of key infrastructure development.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

New project preparations and launches have ramped up in 2024 YTD: The housing market in Vietnam bottomed out in 2023 and has since shown a gradual recovery in primary transactions, beginning in Q3 2023 and continuing throughout 2024 YTD, with the condo segment in Hanoi leading the recovery.The rise in preparation activities for new project launches, along with ongoing improvement in homebuyer confidence in 2024 YTD, reaffirms our expectation for growth in primary property transactions in 2024F vs 2023.We project market transactions to strengthen in Q4 2024 and 2025, led by our expectations for: (1) sustained demand for real living purposes, particularly targeting mid-end condo projects; (2) a return of investment buyers to select landed property products; (3) growth in new primary supply driven by more project launches and smoother legal procedures; and (4) improving homebuyer confidence, driven by the continuous recovery of the overall property market, a stable mortgage rate outlook, and the acceleration of key infrastructure development.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Vietnam Residential Real Estate Sector Flash - Market Transactions to Strengthen in Q4 2024 and 2025

<ul><li>HSX recently announced updates to VN30 Index, VNDiamond Index, and VNFin Lead Index components, including changes in stocks and calculation factors.</li><li>The new indexes will take effect on November 4, 2024, with rebalancing set for November 1.</li><li>ETFs tracking these indexes will adjust their portfolios from October 28 to November 1.</li></ul><div class="content-highlight">Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</div>

HSX recently announced updates to VN30 Index, VNDiamond Index, and VNFin Lead Index components, including changes in stocks and calculation factors.The new indexes will take effect on November 4, 2024, with rebalancing set for November 1.ETFs tracking these indexes will adjust their portfolios from October 28 to November 1.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Vietnam

Vinhomes is Vietnam's leading mixed-use residential developer and operator, specializing in the development, sale, and management of real estate properties including apartments, villas, shophouses, and offices. The company also provides real estate management, general contractor, and construction consulting services. Vinhomes was incorporated in 2008 and is headquartered in Hanoi, Vietnam.

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Vinhomes (VHM VN)

Vietnam Residential Real Estate Sector Flash - 2025 to Witness Increased Market Activities

Based on our estimates from CBRE data charts, Q4 2024 primary condo transactions in Hanoi and HCMC combined were ~14,200 units (+43% QoQ and +150%...

Vietcap

Sector Report - Recovery Is Not as Good as Expected, Challenges Remain Throughout 2025

China has introduced several policies to support and stabilize the property market, responding to challenges in the sector and aiming to restore...

Mirae Asset Securities

Stock Recommendations (Vietnam Market) - November 2024

Overview: Joint Stock Commercial Bank For Foreign Trade Of Vietnam (Vietcombank - VCB) officially came into operation on 1 April 1963.

Mirae Asset Securities

Vietnam Residential Real Estate Sector Flash - Market Transactions to Strengthen in Q4 2024 and 2025

The housing market in Vietnam bottomed out in 2023 and has since shown a gradual recovery in primary transactions, beginning in Q3 2023 and...

Vietcap

ETFs Monitor in 4Q24

HSX recently announced updates to VN30 Index, VNDiamond Index, and VNFin Lead Index components, including changes in stocks and calculation factors.

Mirae Asset Securities

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