Ministry of Finance (MOF): Delays the merger between HNX and HOSE for one more year
Following the Circular No.139/2025/TT-BTC, the MOF amended the deadline for the merger of the two corresponding equity markets belong to HOSE and HNX, from 31 December 2025 to 31 December 2026. The MOF explained that there were some technical issues related to infrastructure capabilities and also market stability.
Since 1 July 2025, HNX has been no longer authorized to approve stocks to be listed on HNX Equity Market but still able to approve stocks to be publicly traded on UPCoM until 31 December 2026. From 2027, all issues related to equity instruments, fund securities, and coverred warrants will be handled by HOSE while HNX will handle all the others, including bonds and futures.
Hoa Binh Construction (HBC): 2026 objectives
The construction contractor expects FY2026 revenue of VND10 trillion (about USD380.2 million) with total current backlog value for FY2026 estimated at over VND10 trillion, and FY2026 net income of VND250 billion (about USD9.5 million). Hoa Binh also considers its associates and joint ventures as a revenue growth driver in Infrastructure business (i.e. the Can Gio – HCMC expressway). HBC closed at VND6,300 per share on 12 January 2026, hence 6.1x P/E and 1.1x P/B.
BVBank (BVB): Changes in top management
The bank appointed (1) Mr. Nguyen Hoang Son as DCEO and Head of Finance; and (2) Ms. Tran Thi Kim Thu as the new Chief Accountant and also Deputy Head of Finance, replacing Mr. Ly Cong Nha who are also the Head of Supervisory Board. After these appointments, its Board of Managers consists of 9 members, with Mr. Ly Hoai Van as CEO and 8 others in charge of core operations. BVB was last traded at VND13,300 per share on 12 January 2026, suggesting 16.5x P/E and 1.2x P/B.
HDBank (HDB): Offered USD100M worth green bonds to international investors
The bank completed two greend bond issues with principal value of USD50 million each, meaning that USD100 million in total, in which Dutch Entrepreneurial Development Bank (FMO) invested USD30 million, the government-backed British International Investment (BII) invested USD20 million, and the International Finance Corporation (IFC) invested USD50 million. These green bonds are both non-convertible and unsecured with 3-year tenor. HDB closed at VND28,200 per share on 12 January 2026, leading to 9.7x P/E and 2.1x P/B.
