Morning Briefing, March 17: Vietnam and China Promote Cooperation Through the 3+3 Strategic Dialogue

Macroeconomic News:

• China: Announced a GDP growth target for 2026 of 4.5–5%, the lowest level since the early 1990s.
• China: Industrial production index for January–February: +6.3% y/y, the fastest growth since September and up from 5.2% y/y in December. Retail sales for the first two months of the year: +2.8% y/y (Dec 2025: +0.9% y/y; forecast: 2.5% y/y).
• The United States and China resumed negotiations in Paris on March 15, focusing on potential areas where consensus could be reached, such as agriculture and essential minerals.
• Japan: On March 16, the Japanese government began releasing oil from its strategic reserves to alleviate supply concerns and stabilize the domestic fuel market. Initially, it will release private-sector oil reserves equivalent to 15 days of consumption.
• Iran: Foreign Minister Abbas Araghchi affirmed that the Strait of Hormuz remains open to most countries, except for oil tankers and vessels from the U.S., Israel, and their allies attacking Iran.
• Vietnam: On March 16, the first 3+3 Strategic Dialogue at the ministerial level—involving the foreign, defense, and public security ministers of Vietnam and China—took place in Hanoi.
• Vietnam: On March 16, the Deputy Minister of Industry and Trade held a meeting with the Swiss State Secretary for Economic Affairs to discuss bilateral cooperation between Vietnam and Switzerland, as well as the direction for promoting negotiations on the Free Trade Agreement between Vietnam and the European Free Trade Association (EFTA).

Market News:

• Ministry of Construction: Amid the ongoing unpredictable developments in the Middle East conflict, the Ministry of Construction has requested the Ministry of Finance to consider tax and transportation fee support mechanisms, such as: a 50% reduction in landing and takeoff fees and air traffic control fees in the aviation sector; and exemptions or reductions in port entry and exit fees for inland waterway vessels;
• VSC: Approved a cooperation plan with Hai An to invest in and operate a container ship fleet, amid significant volatility in the global maritime transport market due to geopolitical tensions in the Middle East.
• CII: Announced the issuance of 2.5 trillion VND in convertible bonds to fund the expansion of the Ho Chi Minh City–Trung Luong–My Thuan Expressway project. The face value of the bonds is 100,000 VND, with a conversion ratio set at 1:8. The period for shareholders and investors to register for purchase and submit deposit payments is set from April 1 to May 25.
• Dien May Xanh Investment Joint Stock Company (DMX) has just announced a dividend payout plan with a total maximum amount of 3.2 trillion VND immediately following its IPO and listing, while committing to maintain a minimum cash dividend payout ratio of 50% of profits.
• MCH: In the first two months of 2026, Masan Consumer reported total revenue of VND 5.16 trillion, up 15.2% year-on-year, exceeding the 2026 revenue growth target of 11% to 15%.
• PVT: In 2026, PVT Logistics plans total revenue of VND 2.3 trillion, with pre-tax profit expected at VND 120 billion (compared to VND 111 billion in the same period last year), an 8.1% increase year-over-year.

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Source: BIDV Securities (BSC)

Chung khoan BIDV (BSC)