Morning news on February 12: The State Bank of Vietnam reduces the reserve requirement ratio by 50% for credit institutions subject to mandatory transfer

Macroeconomic News

• United States: U.S. employment report for January 2026. Nonfarm payrolls (NFP): +130,000 (Expected: +70,000, Previous month: +50,000). Unemployment rate: 4.3% (Expected: 4.4%, Previous month: 4.4%).
• United States: A procedural vote in the U.S. House of Representatives failed on Tuesday by a vote of 217 to 214, opening the door for efforts to repeal tariffs imposed under President Donald Trump.
• China: China has left open the possibility of launching investigations into French wine, a move seen as a direct response to a strategic report released by the French government earlier this week. The report proposed that the EU consider imposing a 30% tariff on Chinese goods or devaluing the euro by 30% against the yuan, similar to the Plaza Accord model, to rebalance trade.
• China: January 2026 CPI: +0.2% y/y (forecast: +0.4%; December: +0.8%). China's January inflation data shows that deflationary pressures continue to weigh on the economy.
• Vietnam: The government has requested the urgent launch of trading markets for crypto assets, gold, and real estate before February 28, ensuring safety, soundness, openness, and transparency.
• Vietnam: The State Bank of Vietnam (SBV) has reduced the reserve requirement ratio by 50% for credit institutions subject to mandatory transfers, including Vietcombank, MB, VPBank, and HDBank, during the implementation of the restructuring plan approved by the competent authorities.

Market News

• VN-Index: Today's strong rally lacked liquidity support; investors should maintain a cautious mindset this week.
• VCF: Approved the resignation of Mr. Nguyen Tan Ky from the position of General Director and simultaneously appointed Mr. Nguyen Phuc Hau as his replacement.
• STC: In 2025, revenue will exceed VND 380 billion and pre-tax profit will exceed VND 12 billion, down 19% and 23% y/y, respectively. These results will only enable the Company to achieve approximately 85% of its 2025 revenue and profit targets.
• GIC: Recently adjusted the record date for 2024 dividend payments and stock purchases to early March.
• SMC: Continues to sell assets as management pushes forward with restructuring.
• TV2: Officially relocated its overseas representative office to Laos.
• DP3: Announced that March 20 is the ex-dividend date for the 2025 cash dividend. The payment date is June 29. With a ratio of 40%, DP3 expects to spend nearly VND 86 billion on dividends.
• CMG: Issued a resolution to adjust the plan to establish CMC Investment Co., Ltd. (CMC Invest).
• PVP: Set a revenue target of VND 2,700 billion for 2026.
• EIB: Announced that March 25 is the record date for shareholders to exercise their rights to attend and vote at the AGM scheduled to be held on April 28 in Hanoi.

Source: BIDV Securities (BSC)