March 18 Morning Briefing: Proposal to Raise Credit Limits for Major Projects in Hanoi

Macroeconomic News:

• United States: U.S. President Donald Trump stated that the conflict between the U.S. and Israel with Iran is unlikely to end this week, but he reiterated his view that the war will end soon.
• RBA: The Reserve Bank of Australia raised its policy interest rate for the second consecutive time, bringing the rate to 4.1%, the highest level since April 2025.
• South Korea: South Korea’s won fell to its lowest level in 17 years against the U.S. dollar, trading at 1,497.5 won per USD.
• China: Beijing tightened controls on fertilizer exports, requiring exporters to suspend shipments of nitrogen-potassium compound fertilizers overseas to prioritize domestic supply and protect the agricultural sector.
• Morgan Stanley: Maintains its forecast that the Fed will continue to cut interest rates in June and implement another cut in September.
• Vietnam: The State Bank of Vietnam proposes allowing banks to extend credit beyond the ceiling for large, important projects in Hanoi. Regarding the ceiling, the draft proposes limiting the maximum credit extension beyond the ceiling to no more than 38% of the bank’s equity capital per customer, and no more than 52% for customers and their related parties when lending for large projects in Hanoi.
• Vietnam: Prime Minister Pham Minh Chinh received the Ambassador of the State of Qatar. During the meeting, the Prime Minister requested that Qatar facilitate Vietnam’s access to Qatar’s oil and gas reserves outside the Gulf region and cooperate in establishing a regional oil and gas reserve in Vietnam in the near future.

Market News:

• Total oil production from Persian Gulf nations has decreased by approximately 6.2–6.9 million barrels per day compared to February 2025 due to disrupted export operations as the shipping route through the Strait of Hormuz was nearly blocked.
• The average retail price of diesel in the U.S. has surpassed the $5 per gallon mark, marking the second time in history.
• Immediately after the U.S.-Iran conflict erupted, war risk insurance premiums for ships transiting the Strait of Hormuz increased by 3–4 times compared to pre-conflict levels. Before the conflict, war risk insurance for a ship transiting the Gulf was 0.02–0.05% of the vessel’s value. After the conflict broke out, premiums rose to 0.5–1% of the vessel’s value.
• Deputy Prime Minister Nguyen Chi Dung signed Decision No. 438/QD-TTg on March 16, 2026, approving the Strategy for the Development and Application of Nuclear Energy for Peaceful Purposes through 2035, with a vision to 2050 (the Strategy). The Strategy sets a target for nuclear power to account for 6–8% of the country’s electricity production by 2050.
• Deputy Prime Minister Bui Thanh Son signed Decision No. 441/QD-TTg approving the Implementation Plan for the Guidelines on Attracting, Managing, and Utilizing ODA and Foreign Concessional Loans for the 2026–2030 period.
• GAS: The People’s Committee of Hai Phong City issued Decision No. 915/QĐ-UBND approving the investment proposal and concurrently approving the investor for the PV GAS Hai Phong Port and Storage Facility project on Cai Trap Island. The project, led by Vietnam Gas Corporation (PV GAS), aims to build infrastructure for the import, storage, and distribution of LPG to serve the northern regional market.

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Source: BIDV Securities (BSC)

Chung khoan BIDV (BSC)