MORNING BULLETIN JUNE 11: Iran Announces Closure of the Strait of Hormuz

Detailed Report

Macroeconomic News

• U.S. - Iran: Tensions have escalated again since June 9.
• Iran: Announced the closure of the Strait of Hormuz to all vessels, including oil tankers and commercial ships, following the U.S. expansion of attacks targeting Tehran.
• United States: Treasury Secretary Bessent stated that the U.S. has disrupted procurement networks supporting Iran: (1) Freezing Iranian government assets; (2) Inflicting severe damage on the Iranian economy; (3) Destroying Iran’s war machine. Bessent added that the U.S. Treasury Department will not tolerate any support for the Iranian military.
• United States: CPI year-over-year (y/y): +4.2% (forecast +4.2%; previous +3.8%). CPI month-over-month (m/m): +0.5% (forecast +0.5%). Core CPI m/m: +0.2% (forecast +0.3%; previous +0.4%). Core CPI y/y: +2.9% (forecast +2.9%; previous +2.8%).
• Canada: The Bank of Canada kept interest rates at 2.25%, as expected.
• China: May CPI rose 1.2% y/y (forecast 1.3%), down 0.1% m/m (forecast -0.2%).
• Vietnam: 13 organizations and businesses have committed to developing nearly 100,000 social housing units for rent in Ho Chi Minh City.
• Vietnam: The Ministry of Construction reported that approximately 4,500 real estate projects nationwide are facing difficulties, with a total of over 3 million billion VND in capital stuck. To date, relevant authorities have resolved difficulties for 1,025 projects, unlocking 800,000 billion VND in investment capital.
• Vietnam: Ho Chi Minh City has established a Smart Urban Development Coordination Council.

Market News

• VN-Index: The VN-Index is currently forming a price base around 1,800 following a correction.
• HBC: The company has proposed a 2026 plan with consolidated revenue of 10,000 billion VND, up 93% year-over-year; while post-tax profit is expected to remain at 250 billion VND. In the first three months of the year, the company achieved consolidated revenue of 1,374 billion VND, up 52% year-over-year. Net profit was nearly 23 billion VND, a 4.2-fold increase.
• VLC: Officially approved the transfer price for the multi-billion-dong beef project in Tam Dao to its subsidiary, Vietnam-Japan Livestock Joint Stock Company (JVL). The approved transfer price exceeded 1.17 trillion VND, including VAT.
• ANV: Set a 2026 revenue target of VND 7,700 billion, up 11% year-over-year; of which export revenue is VND 260 million. Pre-tax profit of 1,260 billion VND and post-tax profit of 1,070 billion VND, corresponding to year-over-year increases of 9.4% and 7.1%, respectively.
• DGC: Issued a resolution approving the proposal to transfer the Cồn Đức Giang factory.
• PDR: Announced a Board of Directors resolution approving the proposal to allow its subsidiary, Binh Duong High-Rise Real Estate Investment and Development Joint Stock Company, to transfer all of its nearly 136.9 million shares held in Hoa Phu High-Rise Real Estate Investment and Development Joint Stock Company.
• VGC: Plans to increase capital by over VND 660 billion for Vietnam Float Glass Co., Ltd. to acquire VGC’s entire equity stake in Phu My Super White Float Glass.

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Source: BIDV Securities (BSC)