Morning Briefing, March 26: Foreign Exchange Market Intervention via the Issuance of 180-Day USD Forward Contracts

Macroeconomic News

• U.S. - Iran: Donald Trump’s latest remarks highlight a clear gap between Iran’s public stance and its actual behind-the-scenes position. According to him, Tehran is in fact engaging in negotiation channels and seeks to reach an agreement to alleviate pressure, yet dares not publicly acknowledge this due to internal political constraints and the need to maintain a tough image before the public.
• Russia: Under regulations effective May 1, 2026, individuals are limited to carrying a maximum of 100 grams of gold out of the country, reflecting the government’s concern that gold is being used as an alternative to foreign currency in illegal activities, including money laundering and capital flight.
• Vietnam: On March 24, the State Bank of Vietnam (SBV) announced foreign exchange market intervention measures by offering 180-day USD forward contracts with a cancellation option at a rate of 26,850 VND/USD, higher than the spot rate of 26,360 VND/USD.
• Vietnam: On March 25, the State Securities Commission (SSC) collaborated with the Vietnam Blockchain and Digital Assets Association (VBA) to host a dialogue titled “Pilot Digital Asset Exchange: Supervisory Mechanisms, Operational Capabilities, and Investment Standards.”
• Vietnam: On March 25, 2026, in Ho Chi Minh City, the Ho Chi Minh City Department of Industry and Trade, in collaboration with relevant agencies, held a meeting regarding the pilot project for the listing and trading of pork on the Vietnam Commodity Exchange (MXV).

Market News

• Vietnam Stock Market: The market remains in a bottoming-out phase; investors should trade cautiously.
• Wall Street rallied on March 25 as oil prices eased and investors hoped the U.S. and Iran might reach a ceasefire agreement.
• TDM: Announced the final shareholder list for the 2025 cash dividend at a rate of 13%, equivalent to 1,300 VND per share.
• NVL: A 1.5 trillion VND bond issue by Novaland defaulted and was subject to a buyback. The total principal and interest owed on the bond issue exceeded 1.718 trillion VND, but by the payment date, Novaland had only managed to repay over 16 billion VND.
• SGR: On March 25, the Board of Directors announced a resolution approving the capital contribution to establish a company to implement the Nam Tien 2 urban area project.
• Closing out 2025, VSIP reported a record profit of over 3.7 trillion VND, while total liabilities exceeded 25.6 trillion VND. The company also spent 300 billion VND to pay interest to bondholders over the past year.
• SFG: has unveiled a growth-oriented business plan despite forecasts of significant market and economic volatility stemming from geopolitical factors. Additionally, the company proposed a cash dividend payout of 5% and plans to retain profits to invest in a real estate project valued at 105 billion VND.
• TCO: has just approved a plan to invest and acquire 65–90% of the voting rights in Pacific Lines Co., Ltd.—a maritime transport company. The total transaction value will not exceed 250 billion VND, with the transaction expected to be completed in the second or third quarter of 2026.

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Source: BIDV Securities (BSC)