MORNING BULLETIN, MAY 22: As of May 14, the disbursement of public investment capital for 2026 has reached 16.4% of the target set by the Prime Minister

Detailed Report

Macroeconomic News:

• United States: The preliminary May 2026 Services PMI reached 50.9 (forecast: 51.1; previous: 51). Manufacturing PMI: 55.3 (forecast: 53.8; previous: 54.4). Composite PMI reached 51.7 (forecast: 51.8; previous: 51.7).
• United States: Initial jobless claims for the week ending May 16 came in at 209K (forecast: 210K; previous: 212K). Continuing jobless claims reached 1,782K (forecast: 1,785K; previous: 1,776K).
• United States: Secretary Scott Bessent stated that the Treasury Department has frozen nearly $500 million in digital assets linked to Iran, with approximately $344 million frozen last month alone.
• EU: The preliminary composite PMI for May 2026 stood at 47.5 (forecast: 48.8; previous: 48.8). The Manufacturing PMI stood at 51.4 (forecast: 51.8; previous: 52.2). The Services PMI stood at 46.4 (forecast: 47.7; previous: 47.6).
• Vietnam: According to General Department of Customs data, Vietnam’s total import-export turnover as of May 15, 2026, reached nearly $400 billion, up 25% year-on-year. Exports rose by over 20.4%, imports by over 31%, and the trade balance continued to record a trade deficit of approximately $14 billion.
• Vietnam: According to a preliminary report from the Ministry of Finance, the allocation and disbursement of public investment capital from the state budget for 2026, as of May 14, reached 166.018 trillion VND nationwide, equivalent to 16.4% of the plan assigned by the Prime Minister.
• Vietnam: Prime Minister Le Minh Hung received Iain Frew, Ambassador of the United Kingdom of Great Britain and Northern Ireland to Vietnam, and Rogelio Polanco Fuentes, Ambassador of Cuba to Vietnam, emphasizing the promotion of the Vietnam-UK Comprehensive Strategic Partnership and the strengthening of the special friendly relations between Vietnam and Cuba.

Market News:

• The Ministry of Finance has submitted to the Government a draft Decree detailing the Personal Income Tax Law, proposing to add deductions for medical and educational expenses for citizens.
• The Ministry of Industry and Trade and the Ministry of Finance have continued to adjust domestic fuel prices. The price of RON 95-III gasoline has increased to 25,540 VND per liter. Similarly, E5 RON 92 now costs 24,340 VND. Diesel prices have also risen compared to the previous adjustment period. The authorities have continued to suspend contributions to the Fuel Price Stabilization Fund for these products.
• Hanoi: The Chairman of Hanoi City stated that Hanoi is developing a pilot project for the “socialist commune and ward” model, with the draft proposal outlining three basic options that meet the conditions for pilot implementation.
• TV2: According to an extraordinary announcement on May 21, the Criminal Investigation Agency of the Ministry of Public Security has announced an investigation into a criminal case involving PC1 and TV2. Accordingly, indictments have been issued against Mr. Nguyen Chon Hung, Chairman of the Board of Directors, and Ms. Bui Thi Ngoc Ly, Chief Accountant of TV2.
• PAN: Approved the issuance of over 41.77 million shares to increase capital from equity at a ratio of 100:20. Additionally, a 2026 cash dividend of 30% will be paid. The record date is June 1, 2026.
• VCB: Approved a plan to issue 10,000 private placement bonds in 2026, divided into 30 tranches, with an issue price equal to face value of VND 1 billion per bond, corresponding to a total value of VND 10,000 billion, with a maturity of 4 years or more.
• VJC: Approved the implementation of a stock issuance plan to pay dividends for 2025 at a ratio of 30% in stock, meaning each shareholder holding 100 shares will receive an additional 30 new shares.

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Source: BIDV Securities (BSC)