Morning News 4/2: Ministry of Finance issues circular facilitating foreign participation in the market

Macroeconomic News:

• Australia: The Reserve Bank of Australia (RBA) raised interest rates by 25 basis points. This is the first time the RBA has raised interest rates in two years due to the economy growing faster than expected and inflation likely to remain above target.
• Iran stated that it is ready to enter into negotiations with the US on its nuclear program, amid increased diplomatic activity amid escalating military tensions in the Middle East.
• Updated interest rate expectations at central banks (through year-end): Fed cut by 50 basis points (81% probability of holding steady at next meeting), BoE cut by 37 points (97% probability of holding steady at next meeting), ECB cut by 5 points (98% probability of holding steady at next meeting), BoJ raised by 50 points (85% probability of holding steady at next meeting).
• Vietnam: The Ministry of Finance issued Circular No. 08/2026/TT-BTC to facilitate foreign investors' participation in the Vietnamese stock market, ensuring that by September 2026, Vietnamese stocks will be structured in FTSE Russell's emerging market index as planned.
• Vietnam: International organizations have unanimously raised their growth forecasts for Vietnam for 2026. Among them, AMRO raised its forecast to 7.6%, followed by UOB raising its forecast to 7.5%, HSBC to 6.7%, and the World Bank to 6.3%.
• Vietnam: The Ministry of Finance is drafting a Decree to amend and supplement the export tax rates for certain items in the Export Tax Schedule according to the List of Taxable Items issued under Decree No. 26/2023/NĐ-CP.

Market news:

• GMD: Net profit in 2025 will reach VND 1.7 trillion, up 15% from the previous year. Net revenue in 2025 will exceed VND 5.9 trillion, an increase of more than VND 1.1 trillion, or approximately 23%.
• PSD: For the whole year of 2025, the Company's net revenue reached VND 7,819.4 billion, an increase of 37.2% compared to 2024; profit after tax reached VND 143.1 billion, an increase of 73% compared to the previous year.
• PGV: Cumulative for the whole year 2025, PGV will earn VND 43,573 billion in net revenue, VND 4,259 billion in pre-tax profit and VND 3,702 billion in after-tax profit.
• BCM: Approved a cash dividend of 11%, with the ex-dividend date on February 12 and the dividend payment date expected on March 13.
• EIB: In 2025, EIB's net interest income reached VND 5,979.6 billion, a slight increase of 0.95% y/y. The Bank's total pre-tax profit in 2025 reached VND 1,511.7 billion, only 29.12% of the annual plan.
• GVR: Cumulatively in 2025, GVR achieved net revenue of VND 28,939 billion, an increase of 10% compared to 2024; profit before tax of VND 7,627 billion, an increase of 36% y/y; profit after tax reached VND 6,353 billion, an increase of 32%.
• MBB: Announcement of Mcredit's business results in 2025, the company's outstanding debt reached approximately VND 30,000 billion, an increase of 16% compared to the previous year, with revenue of more than VND 8,000 billion, an increase of about 27% compared to 2024. Chairman Luu Trung Thai also said that MB is planning to IPO MCredit in the future.

Source: BIDV Securities (BSC)