Morning Briefing, March 25: Vietnam and Russia Sign Agreement on Cooperation to Build a Nuclear Power Plant in Vietnam

Macroeconomic News

• U.S. - Iran: On March 24, U.S. President Donald Trump stated that the U.S. and Iran are “negotiating right now,” while hinting that Tehran seeks to reach a peace agreement, though Iran denies having direct contacts with Washington. According to The New York Times, citing two unnamed officials, the U.S. has sent Iran a 15-point plan aimed at ending the war.
• U.S.: Preliminary PMI for Q3 2026: Services PMI: 51.1 (below the forecast of 51.5 and the previous reading of 51.2). This is the lowest level recorded since April 2025. Manufacturing PMI: Reached 52.4 (exceeding the forecast of 51.3 and the previous reading of 52.2). Composite PMI: Weakened to 51.4 (compared to the previous reading of 52.3).
• Philippines: has become the first country to declare a national energy emergency in response to the growing global supply disruptions linked to the ongoing conflict in the Middle East.
• Vietnam: Russian Security Council Secretary Sergey Shoigu stated that Russia is ready to support Vietnam in ensuring energy security amid a volatile global landscape.
• Vietnam: Vietnam and Russia signed an agreement on cooperation to build a nuclear power plant on Vietnamese territory.
• Vietnam: The Ministry of Construction has tasked the Civil Aviation Authority of Vietnam with studying a proposal to revise the maximum fare for basic economy class domestic air passenger services, aiming to establish a flexible pricing management framework linked to the Jet A1 fuel price volatility index.

• Vietnam Stock Market: The market is testing short-term lows following a correction; investors should trade cautiously.
• The S&P 500 index fell on March 24, giving up part of the strong gains from the previous session, as crude oil prices rebounded amid the fourth week of the Iran conflict.
• At the close of the March 24 session, May Brent crude futures rose over 4% to $104.49 per barrel, while WTI crude also gained over 4%, closing at $92.35 per barrel.
• BSR: The operator of the Dung Quat oil refinery plans to present its 2026 business plan to shareholders, projecting total revenue of over 154 trillion VND—equivalent to nearly $6 billion—a nearly 7% increase from the previous year.
• TNG: According to shareholder meeting documents, in addition to a record-breaking 2026 growth plan, TNG drew attention by adding business lines related to electric vehicle charging stations, marking an expansion into the energy infrastructure sector.
• VNM: After several adjustments to the master plan and land area, the Tay Ninh Dairy Farm project has increased its capacity to 16,000 cows, aiming for an annual milk production of approximately 44 million liters and is expected to begin commercial operations in early 2028.