The recent declines of the securities market have moved bank stocks to an ''attractive zone''. Banks were trading at a P/E multiple of 7.1 and P/B of 1.3 in late November, equivalent to the lows in March 2020.
In the first nine months of the year, the Joint Stock Commercial Bank for Foreign Trade of Viet Nam (Vietcombank)’s pre-tax profit exceeded the full-year 2017 figure and closed in on the year’s target.
Many large-sized commercial banks have no scope for credit growth in the
last months of the year, as they have used nearly all the quota allowed
by the central bank.
