Banking Academy of Vietnam

International School of Business

CASE STUDY ASSIGNMENT

Teacher:

Students: Phung Chau Anh - CA12-210

Bui Thi Anh Duong - CA11-038

Pham Thuy Linh - CA11-111

Tran Thi Thu Phuong - CA11-150

Class: CA11A

Course: Market Securities

Hanoi, 6/12/2024
TABLE OF CONTENT
CONTENT................................................................................................................................
2 I. An Overview of Vietnam's Economy and Stock Market: Identifying Potential
Industries...................................................................................................................................2
1.1. Overview of Vietnam's Economy........................................................................................2
1.2. Overview of Vietnam's Stock Market................................................................................. 2
1.3. Potential Industries for Investment..................................................................................... 2
II. Analysis of Selected Companies: VietinBank and FPT Corporation............................3
2.1. FPT Corporation (FPT)....................................................................................................3
2.1.1 Company Overview...........................................................................................................3
2.1.2 Stock Issuance...................................................................................................................
3 2.1.3 Operational
Performance...................................................................................................3 2.2. VietinBank
(CTG)............................................................................................................. 4 2.2.1 Company
Overview...........................................................................................................4 2.2.2 Stock
Issuance................................................................................................................... 4 2.2.3
Operational Performance...................................................................................................4 2.3.
VietinBank is a solid investment choice due to its stability, profitability, and strategic
role in Vietnam’s economy:......................................................................................5 III.
Investment Recommendations Based on Comprehensive Analysis............................. 6 3.1.
Introduction to the Techcom Securities Trading App....................................................6
3.1.1. Key Features of the TCB Securities App.........................................................................
6 3.1.2. Benefits of Using the TCBS Trading App.......................................................................
6 3.2. Procedure for Opening a Trading
Account.....................................................................6 3.3 Trading
Experience............................................................................................................ 7 3.3.1
Description of the Trading Process................................................................................... 7
3.3.2. Experience......................................................................................................................
11 REFERENCE.........................................................................................................................
13

1
 CONTENT
I. An Overview of Vietnam's Economy and Stock Market: Identifying
Potential Industries
1.1. Overview of Vietnam's Economy
Vietnam has consistently achieved strong GDP growth, averaging around 6–7% annually
before the pandemic, with a robust recovery in 2022–2023. As of 2024, the economy is
buoyed by industrialization, export-led growth, and a growing middle class. Vietnam's
strategic location in ASEAN and its participation in trade agreements like CPTPP
(Comprehensive and Progressive Agreement for Trans-Pacific Partnership) and RCEP
(Regional Comprehensive Economic Partnership) enhance its appeal for foreign investment.
Key strengths include a stable political environment, favorable demographics with a young
labor force, and government incentives to attract foreign direct investment (FDI), especially
in technology, manufacturing, and infrastructure. However, challenges such as inflationary
pressures and global economic uncertainty persist.
1.2. Overview of Vietnam's Stock Market
Vietnam's stock market has evolved into a dynamic and growing financial hub. The Ho
Chi Minh Stock Exchange (HOSE) and the Hanoi Stock Exchange (HNX) are the primary
trading platforms, with the VN-Index and HNX-Index as key indicators of market
performance.
The market capitalization has grown significantly, with active participation from domestic
and foreign investors. Recent reforms, such as enhanced transparency and digitization, aim to
align Vietnam with global financial standards. Sectors like banking, real estate, and
manufacturing dominate trading volumes. Foreign ownership limits in certain sectors remain
a consideration for investors but are gradually easing.
1.3. Potential Industries for Investment
Banking and Finance: Vietnam’s banking sector presents strong investment
opportunities, supported by robust digital transformation initiatives and expanded financial
services. The State Bank of Vietnam reports that banks are integrating advanced technologies
to improve retail banking and support SMEs, fostering wider access to capital. Additionally,
ongoing restructuring in the banking system, which aims to reduce non-performing loans, has
contributed to a more stable financial environment, appealing to foreign investors looking for
reliable growth prospects.
Technology and IT: Vietnam's IT sector is experiencing rapid expansion, underpinned by
a vibrant startup ecosystem and supportive government policies like the National Digital
Transformation Program. This program provides incentives for tech-driven innovation,
making Vietnam a hub for software development, fintech, and e-commerce. The
government's commitment to digital infrastructure enhances opportunities for foreign
investors seeking entry into Southeast Asia’s digital markets.
Renewable Energy: Vietnam has positioned itself as a regional leader in renewable
energy, particularly in solar and wind power. Large-scale clean energy projects, as
highlighted by the World Bank, address domestic energy needs while decreasing dependence
on fossil fuels. Government policies favoring renewable energy development are drawing
substantial foreign investments, making this sector attractive for investors focused on
sustainable and green technologies.

2
Consumer Goods: As disposable incomes rise and the middle class expands, demand for
consumer goods, especially in food, beverages, and retail, is growing significantly in
Vietnam. According to McKinsey, this surge presents a “golden opportunity” for investors, as
Vietnamese consumers are increasingly willing to spend on premium products. This shift in
consumer behavior indicates a trend toward higher consumption levels, which foreign
investors can capitalize on to penetrate this evolving market.
Logistics and Infrastructure: Vietnam’s logistics sector is undergoing rapid growth due
to major infrastructure projects, such as the North-South Expressway and new international
seaports. The government's emphasis on developing infrastructure enhances connectivity both
domestically and internationally, strengthening Vietnam’s role in global supply chains. This
focus on logistics and infrastructure makes Vietnam an attractive destination for foreign
investors seeking to leverage improved trade and transportation networks.
II. Analysis of Selected Companies: VietinBank and FPT Corporation
2.1. FPT Corporation (FPT)
2.1.1 Company Overview
General Information: FPT Corporation is Vietnam's leading technology conglomerate,
founded in 1988. It operates primarily in information technology, telecommunications, and
education.
Market Position: FPT leads in providing technology solutions and digital transformation
services, with a presence in over 26 countries.
Clients: Its clientele includes major corporations domestically and internationally,
especially in key markets like Japan, the United States, and Europe.
2.1.2 Stock Issuance
Stock Code: FPT is listed on the HOSE (Ho Chi Minh Stock Exchange).
Stock Performance: FPT’s stock consistently ranks among Vietnam's large-cap stocks,
attracting investors due to its sustainable growth potential.
Dividend Policy: FPT maintains a high dividend payout policy, averaging over 40% of
post-tax profits, distributed in both cash and stock.
2.1.3 Operational Performance
● Financial Results:
○ Revenue in 2023 surpassed 50,000 billion VND, a 20% increase year-on-year.
○ Net profit after tax reached 7,000 billion VND, with 30% growth primarily
driven by the technology segment.
● Growth Opportunities:
○ Increasing domestic and international demand for digital transformation
services.
○ Expanding cloud computing, artificial intelligence, and software export
services.
● Investment in Education:
○ FPT continues to enhance its network for training high-quality tech talent. 3

● Financial Analysis and Stock Trends of FPT

○ Key Financial Indicators (2023):
 1. Net Revenue: Exceeded 52,000 billion VND, a ~20% growth compared to 2022.
2. Profit Before Tax: 9,800 billion VND, an 18% increase, with 60% of profits
stemming from technology exports and digital transformation services.
3. Return on Equity (ROE): Maintained at a high ~25%, indicating robust
profitability.
4. Dividends: A high payout ratio of 40% of post-tax profits, distributed through both
cash and stock dividends.
○ Stock Trends:
1. Stable Growth: FPT stock steadily appreciates, fueled by the surging demand for
digital transformation and software exports.
2. Positive Price Trends: Share prices have shown consistent upward trends in recent
quarters, supported by expanding profitability and international market reach.
3. Investor Sentiment: FPT's long-term development potential in artificial intelligence
and cloud computing has earned strong investor confidence.
2.2. VietinBank (CTG)
2.2.1 Company Overview
General Information: Vietnam Joint Stock Commercial Bank for Industry and Trade
(VietinBank) was established in 1988. It is one of the largest banks in Vietnam in terms of
total assets, equity, and profitability. VietinBank offers a comprehensive range of financial
services, including credit, foreign exchange, payments, and insurance.
Scale: VietinBank operates more than 150 branches and 1,000 transaction offices
nationwide, alongside an extensive network of international partners.
Strategic Partnership: The Bank of Tokyo-Mitsubishi UFJ (MUFG), Japan’s largest
bank, is a major shareholder, providing support in technology and corporate governance.
2.2.2 Stock Issuance
Stock Code: CTG, listed on the Ho Chi Minh Stock Exchange (HOSE).
Stock Performance: VietinBank boasts high market capitalization and liquidity. In 2023,
it raised capital by issuing shares to existing shareholders, strengthening its capital base to
meet Basel II requirements.
Dividend Policy: The bank regularly pays dividends in cash or stock, making it appealing
to long-term investors.
2.2.3 Operational Performance
● Financial Results:
○ Revenue growth of 15% in 2023.
○ Pre-tax profit exceeded 20,000 billion VND.
○ ROE ~18%, among the highest in the banking sector.

4
● Growth Opportunities:
○ Benefits from Vietnam’s economic recovery and government policies
promoting credit expansion.
 ○ Accelerating digital banking services to attract younger customers.
● Financial Analysis and Stock Trends of VietinBank (CTG)
○ Key Financial Indicators (2023):
1. Total Assets: Surpassed 2 trillion VND, a 12.5% increase compared to 2022.
2. Credit Exposure: Reached nearly 1.5 trillion VND, a growth of almost 16%, with
priority sector loans accounting for 40% of total loans.
3. Pre-Tax Profit: 24,990 billion VND, an 18.3% increase, exceeding the initial target
of 22,500 billion VND.
4. Non-Performing Loans (NPL): Maintained at 1%, lower than the safe threshold of
1.8% as per the State Bank of Vietnam’s requirements.
5. Charter Capital: Increased to 53 trillion VND through a stock dividend
issuance. ○ Stock Trends:
1. High Liquidity: VietinBank (CTG) maintains high liquidity and consistently ranks
as a blue-chip stock on the VN-Index.
2. Positive Price Movement: Stock prices showed an upward trend in the second half
of 2023, driven by strong credit growth and exceeding profit expectations.
3. Dividend Stability: Regular dividend payouts, both in cash and stock, continue to
attract long-term investors.
2.3. VietinBank is a solid investment choice due to its stability, profitability, and
strategic role in Vietnam’s economy:
Stability and Government Support: As one of Vietnam’s largest state-owned banks,
VietinBank benefits from strong government backing and plays a key role in priority sectors
like agriculture and exports, providing stability in both good and challenging economic times
Strong Financial Performance: With a significant increase in total assets and pre-tax
profit, VietinBank outperforms many competitors in terms of profitability, offering a secure
and reliable investment
Low Risk and Consistent Dividends: The bank’s excellent risk management (low NPL
ratio) and regular dividend payouts make it an attractive option for investors seeking stability
and steady returns
Growth Potential: VietinBank’s focus on both traditional banking and digitalization
aligns with market trends, ensuring future growth and relevance
In conclusion, VietinBank’s combination of strong financials, low risk, and government
support makes it a superior choice for long-term investors.

5
III. Investment Recommendations Based on Comprehensive Analysis
3.1. Introduction to the Techcom Securities Trading App
Techcom Securities (TCBS) will be a suitable choice if you want to:
 ● Save on transaction fees.
● Invest in bonds and leverage the Techcombank ecosystem.
● Experience modern, automated investment technology and services.
The Techcombank Securities Trading App (Techcom Securities - TCBS) is a smart
and modern platform for stock investors in Vietnam. This product is from Techcom Securities
Company (TCBS), a subsidiary of Techcombank, one of the leading commercial banks in
Vietnam.
3.1.1. Key Features of the TCB Securities App
Flexible stock and bond trading. The app provides quick and easy stock and bond order
placement. It supports conditional and limit orders to optimize investment strategies.
Real-time market information updates. Displays market indices, stock prices, trading
volumes, and important news accurately and promptly.
Investment analysis support. The app offers technical analysis tools and detailed
financial reports for each stock symbol. Investment suggestions are based on intelligent
algorithms and big data.
Investment portfolio and personal asset management. Monitor your investment
portfolio with information such as profit/loss and the current value of each stock symbol.
Easily manage assets and investment performance.
Diverse ecosystem. Integrated with other investment products such as open-end funds and
corporate bonds. Allows customers to access comprehensive financial solutions.
High security. The app uses multi-layer authentication technology (OTP, biometrics) to
ensure the security of transactions and personal information.
3.1.2. Benefits of Using the TCBS Trading App
● Convenience. Trade anytime, anywhere via phone or computer.
● Low cost. TCBS offers competitive transaction fees and margin interest rates compared
to many other securities companies, suitable for investors needing effective financial
leverage.
○ Stock transaction fee: 0.1% of the transaction value. This is one of the lowest
fees in the Vietnamese stock market, especially suitable for frequent traders or
those trading large volumes.
○ iBond bond transaction fee: Free of charge for buying and selling on the app. ○
Margin loan interest rate at TCBS: Currently ranging from 9% to 9.5% per year
(depending on the service package and the time of application). Compared to the
general level of other securities companies: SSI (11% - 12% per year), VNDirect
(11.5% - 13.5% per year), HSC (11% - 13% per year).
3.2. Procedure for Opening a Trading Account
● Step 1: Download and Install the TCBS Application
○ Access the App Store (iOS) or Google Play Store (Android).

6
○ Search for the TCInvest app (the official application of TCBS).
○ Download and install the application.
● Step 2: Register for a Stock Trading Account
○ Open the TCInvest app and select "Open an Account."
 ○ Enter personal information:
■ Phone number: Use your current phone number.
■ Email: Provide a valid email address.
■ ID Card/Passport Number: Ensure accurate details for verification.
○ Upload required documents:
■ Photos of the front and back of your ID card/passport.
■ A portrait photo (may be required to take directly via the app).
● Step 3: Identity Verification (eKYC)
○ Perform online identity verification:
■ The system will request eKYC by scanning your face and reading a
displayed prompt.
■ Ensure a well-lit environment and a clear view of your face.
○ Review the entered information and confirm.
● Step 4: Link a Bank Account
○ Enter the details of your Techcombank account (or another bank).
○ Select the initial deposit method to activate your trading account.
● Step 5: Sign the Stock Trading Agreement
○ Techcombank customers: The electronic agreement will be signed
automatically.
○ Non-Techcombank customers: A physical agreement may need to be signed
and sent to the nearest TCBS branch (if required).
● Step 6: Account Activation and Trading
○ After verification, the account will be activated within 1-2 working hours.
○ Log in to the TCInvest app and deposit funds:
■ Techcombank internal transfer (processed within minutes).
■ Transfer from other banks (processing time may vary).
○ Use your balance to start placing buy/sell orders for stocks.

3.3 Trading Experience

7
3.3.1 Description of the Trading Process
a. Trading Process
● Buying Stocks:
○ Purchased via TCBS on the first day of the
week (September 4, 2024).
○ Initial purchase amount: VND 3,450,000.
○ Stock price: VND 34,500 per share.
○ Quantity: 100 shares.
● Selling Stocks:
○ When to sell VietinBank (CTG) stocks?
1. Financial Analysis of VietinBank (CTG) from
September 2024 onward:
Asset and Credit Growth: Total assets grew by 9.7% YTD,
with credit balance reaching VND 1.6 quadrillion, up 9.0%.
Customer deposits increased by 7.5%, ensuring good capital
and liquidity balance.
Net Interest Income: Reached VND 46.1 trillion, a 19.7%
YoY increase, driven by preferential credit packages and
improved capital mobilization.
Non-Performing Loan (NPL) Coverage: High at 153%, reflecting effective risk
management and resilience to economic fluctuations.

8
Strategic Direction: The bank is advancing digital transformation with 45 initiatives
in 2023-2024, enhancing operational efficiency and growth potential.
2. When to Sell Stocks?
Stock Price Increases by 15%: A good opportunity to take profits, especially when
short-term profit targets are met. However, consider market trends and long-term financial
performance.
Stock Price Drops by 10%: Sell in case of significant risks, such as:
- Sharp decline in profitability.
- Rising NPL ratios, despite the current strong coverage.
- Adverse economic or regulatory developments.
3. When to Buy Stocks?
Slight price drop (<10%): Consider accumulating if fundamentals remain stable and
the bank pursues sustainable strategies.
Positive developments in digital transformation or new projects: Likely to drive
future stock price growth.

4. Charts and Data Illustration

The following chart illustrates the price fluctuations of VietinBank (CTG) stocks from
September to November 2024.

Analysis:
● Stable Growth:
○ The stock price increased from VND 31,500 in early September to VND
35,000 in early November, reflecting an approximate 11% rise.
○ This growth can be attributed to positive business performance and credit
growth.

9
● Minor Adjustment:
○ The stock price experienced a slight decline from VND 35,000 to VND 34,000
in mid-November due to profit-taking pressure or market corrections.
● Buy/Sell Opportunities:
○ Profit-Taking: When the stock price reached VND 34,500 in mid-October (a
 more than 15% increase from the lowest price).
○ Stop-Loss: If the stock price dropped below VND 28,350 (equivalent to a
10% decline from early September).

The CTG stock price over the past three months has shown stable growth, aligning
with the bank's favorable financial results. For example, during October-November 2024, the
stock rebounded well after a slight dip, supported by strong fundamentals.

b. Investment Performance

● Profit formula:
(�������������� ���������� −
Profit = x 100
������������ ����������) × ������������ ����

��ℎ������

������������ ���������� ×
������������ ���� ��ℎ������

● Example of profit calculation: CTG Stock:

○ Shares: 100.
○ Purchase price: VND 34,510 per share.
○ Selling price: VND 35,850 per share.
⇒Profit (%) = 3.9%.
● Data and illustrative charts:

This is a three-month candlestick chart of the stock price. After a significant drop in
early November, the stock rebounded from a key support level around VND 34,510. This
price level saw strong buying interest, evidenced by high trading volumes in the area,

10
indicating substantial capital accumulation. From this support zone, CTG began a clear
recovery trend, consistently forming bullish candlesticks with stable trading volumes. The
stock price subsequently rose and reached a resistance level near VND 35,850.

c. Chart Analysis and Insights

● The stock price of CTG has shown stable growth over the past three months, aligning
with the bank's positive financial results.
● For instance, between October and November 2024, the stock rebounded well after a
slight dip, supported by strong demand at key price levels.
● Key Analysis:
○ Stable Growth: Stock price increased from VND 31,500 in early September to
VND 35,000 in early November, reflecting an 11% rise.
○ Temporary Adjustment: The price dipped slightly from VND 35,000 to VND
34,000 in mid-November, likely due to profit-taking or market adjustments.
○ Buy/Sell Opportunities:
1. Profit-taking at VND 34,500 in mid-October (+15% from the lowest price).
2. Stop-loss if price falls below VND 28,350 (-10% from early September).
3.3.2. Experience
In the process of trading VietinBank (CTG) shares, several valuable lessons can be drawn
to improve practical trading strategies. First, understanding the company’s financial health
and strategic direction is crucial. For instance, in 2024, VietinBank reported strong growth,
with total assets increasing by 9.7% and a solid net interest income growth of 19.7%. These
positive financial indicators suggested that the bank was on a steady growth trajectory. This
insight helped investors understand that the stock was likely to continue performing well in
the medium to long term, even amidst short-term market fluctuations.
A practical example of knowing when to take profits or cut losses can be drawn from an
investor who purchased CTG shares at 34,500 VND per share in early September 2024. By
mid-October, the stock price had risen to 35,850 VND, a 15% gain, which presented an ideal
opportunity to take profits. However, if the stock had dropped by 10%, for example, if there
had been negative news impacting the bank's credit growth, such as rising non-performing
loans (NPLs), the investor could have considered cutting their losses before the situation
worsened. This illustrates the importance of constantly monitoring the company’s financial
performance and external market factors.
It is also important not to react hastily to short-term market movements. For instance,
during mid-November, the price of CTG shares temporarily dropped to 34,000 VND.
However, this dip was short-lived, and the stock quickly rebounded, indicating a buying
opportunity for those who were patient and had confidence in the bank’s long-term strategy.
Investors who understood the company’s stable growth and the market's natural fluctuations
could have taken advantage of this dip, demonstrating the importance of patience and a focus
on long-term goals.
In terms of risk management, an investor who understood their risk tolerance would have
set a stop-loss order for CTG shares at 28,350 VND, a 10% decrease from their original
purchase price of 34,500 VND. If the price had dropped to this level, they could have sold to

11
minimize losses. However, with solid financial backing and digital transformation initiatives
underway at VietinBank, the investor might have chosen to ride out the dip, confident that the
stock would recover.
To assist in making these decisions, technical analysis tools like candlestick charts can
help. For example, using a chart for CTG stock over three months, we can see that after the
slight dip to 34,000 VND in mid-November, the stock quickly bounced back from the support
level of 34,510 VND. This rebound indicated that there was strong buying interest at that
price level, with large transaction volumes suggesting that investors were accumulating
shares. By recognizing this trend, savvy traders could have bought more at a lower price
before the stock price approached the resistance level of 35,850 VND.
In conclusion, by combining a strong understanding of the company’s fundamentals,
effective risk management, patience, and technical analysis, investors can make well-
informed, strategic decisions. This example using VietinBank (CTG) stock illustrates how
these principles can lead to successful outcomes, not just for CTG but for other stocks in the
market as well. By staying informed, tracking key indicators, and acting on well-timed
opportunities, investors can build a strong portfolio and achieve long-term success.

12
REFERENCE
https://bctn2023.fpt.com/en
https://bctn2022.fpt.com.vn/en/message/chairman-message
https://bctn2022.fpt.com.vn/en/strategy/planning-and-direction
https://fpt.com/-/media/project/fpt-corporation/fpt/ir/general-meetings-of-shareholders/2023-
bao-cao-esg-fpt.pdf
https://vietnambiz.vn/fpt-lai-rong-gan-6600-ty-trong-10-thang-20241119174543278.htm
https://vietstock.vn/2024/01/vietinbank-tong-tai-san-cuoi-nam-2023-dat-hon-2-trieu-ty-dong
tin-dung-tang-gan-16-757-1144003.htm
https://investor.vietinbank.vn/Sites/QuoteVN/SiteRoot/6.%20Approval%20of%202023%20F
S.pdf
https://vietnambiz.vn/vietinbank-securities-bao-lai-ca-nam-2023-tang-193-202413017413472
9.htm
https://vietnambiz.vn/vietinbank-he-lo-ket-qua-kinh-doanh-9-thang-dau-nam-202410188205
0333.htm
https://baochinhphu.vn/cac-chi-tieu-kinh-doanh-cua-vietinbank-tiep-tuc-tang-truong-tich-cuc
-102241101165432793.htm
https://stockbiz.vn/tin-tuc/ctg-chu-tich-vietinbank-he-lo-ket-qua-kinh-doanh-9-thang-nam-20
24/28724551
https://finance.vietstock.vn/CTG-ngan-hang-tmcp-cong-thuong-viet-nam.htm 13