MORNING BULLETIN, MAY 14: U.S. President Donald Trump Pays a State Visit to China

Detailed Report

Macroeconomic News

• U.S. President Donald Trump is on a state visit to China. The visit takes place from May 13 to 15 and marks the first time a U.S. president has visited China in nearly nine years, as well as President Trump’s second visit to China since 2017.
• U.S.: In April, the Producer Price Index (PPI) rose 1.4% month-over-month (MoM), significantly higher than the forecast of 0.5% and the 0.7% increase in March. This marks the largest monthly increase since March 2022.
• United States: The Senate rejected a Democratic-led bill aimed at ending the war with Iran, demonstrating the Republican Party’s continued support for the military campaign.
• United States: The Senate has officially confirmed Kevin Warsh as the new Chair of the U.S. Federal Reserve (Fed), replacing Jerome Powell, who is expected to step down in June.
• General Secretary and President To Lam: Strengthen the Central Steering Committees on institutional and legal reform and judicial reform.
• Vietnam: The Minister of Finance has called for strengthened management and more effective utilization of revenue sources, particularly in e-commerce, the digital economy, digital assets, and related transactions.
• Vietnam: The Ministry of Industry and Trade proposes a mechanism to gradually incorporate under-recovered costs into electricity prices, serving as the basis for addressing EVN’s accumulated losses of nearly 45 trillion VND.
• Vice Prime Minister of Vietnam: New-generation FDI should not only come to Vietnam for production or to tap into the market, but must also work with Vietnam to create new value, new capabilities, and a new position within the global value chain.
• Vietnam: Hanoi may lease sidewalks for 45,000 VND per square meter per month for business purposes

Market News

• VN-Index: After fluctuating and dropping to the 1,865 level, buying interest at this point helped the index recover, narrowing the decline and closing at 1,898.37 points, down nearly 3 points. The market is still seeking a new equilibrium and trading remains relatively thin; investors should maintain a cautious mindset during this period.
• U.S.: The S&P 500 continued to hit new highs driven by tech stocks. Nvidia shares rose over 2%, while Micron Technology gained over 4%. The VanEck Semiconductor ETF (SMH) rose 2%
• The Vietnam Stock Exchange has set a profit target of nearly 3 trillion VND for this year, while also promoting a series of new initiatives such as a gold ETF, a carbon trading platform, and trading connectivity with Singapore.
• Vietnam Bond Market Association: As of the information release date of April 29, 2026, there were 18 corporate bond (TPDN) issuances with a total value of over 36.2 trillion VND in April.
• The MSCI Frontier Market Index added BSR, HDB, and TAL, while removing four codes: BWE, CMG, DBC, and VTP
• MSN (HOSE) announced the successful transfer of nearly 22 million shares in its subsidiary, Masan High-Tech Materials Joint Stock Company (MSR: UpCoM).
• FPT reports a 21% increase in April 2026 profits
• VinFast announced a restructuring plan for its manufacturing division
• HD Securities has completed a capital increase to nearly 11 trillion VND

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Source: BIDV Securities (BSC)