Morning Briefing, March 6: China sets lowest growth target since the 1990s

Macroeconomic News

• President Trump: Declares must be involved in the process of selecting Iran's new Supreme Leader, opposes the son of the late leader Khamenei taking power.
• Iran: Affirms it has not blocked the Strait of Hormuz
• Saudi Arabia: Changes oil export routes as shipping through the Strait of Hormuz is blocked
• China: Sets 2026 GDP growth target at 4.5% - 5%, the lowest level since the early 1990s, as Beijing faces prolonged deflationary pressure and trade tensions with the US.
• China: Requests major oil refiners to halt diesel and gasoline exports
• IMF: A prolonged conflict would have significant negative impacts on energy prices, market sentiment, economic growth, and inflation, while also creating new pressures for policymakers worldwide.
• Nvidia: Halts H200 exports to China, focuses on next-generation hardware system named Vera Rubin
• Vietnam: Signed Decision No. 382/QĐ-TTg promulgating the Plan to implement the Law on National Reserves; the document establishes a specific roadmap to strengthen national strategic reserve capacity in the new phase
• Vietnam: The Ministry of Industry and Trade and the Ministry of Finance adjust retail gasoline and diesel prices effective from 3:00 p.m. on March 5; notably, the price of mazut oil increases by more than VND 17,400 per liter compared to the previous cycle, directly reflecting the escalating oil prices due to tensions in the Middle East.

Market News

• VN-Index: fluctuated above the 1,830 threshold throughout the morning before selling pressure increased and it retreated to trade in the 1,805 – 1,825 range. Foreign investors sold a net of over VND 3 trillion on the HOSE. Market sentiment remains unstable, and investors should trade cautiously during this period; the VN-Index is testing the SMA20 and SMA50 thresholds.
• US stock market: turned sharply lower on March 5 after a brief recovery, as concerns about a war with Iran resurfaced amid US crude oil prices exceeding USD 80 per barrel.
• Vietnam: The Prime Minister has requested the Ministry of Finance to develop a capital market that meets long-term investment needs.
• Vingroup's member units are expected to finalize the list of shareholders eligible to attend the 2026 Annual General Meeting of Shareholders in March.
• HDBank targets 30% profit growth, HDS IPO in 2026
• BWE: Set to commence 4 projects for APEC 2027, seeks to raise an additional VND 1.2 trillion
• DGW: February 2026 revenue exceeds VND 2.2 trillion, up over 20% year-on-year
• GEX: plans to issue nearly 226 million shares to pay dividends for 2025, while also planning to issue over 180 million additional shares to increase capital from equity.
• VGC: Consolidated revenue in 2Q2026 reached approximately VND 2,171 billion, equivalent to 16% of the full-year plan and exceeding the target set for Q1/2026.

Source: BIDV Securities (BSC)

Chung khoan BIDV (BSC)