Market
March 31 Morning Briefing: Ministry of Finance Proposes to Extend Tax Exemption on Gasoline, Diesel, and Aviation Fuel Through June 30, 2026
Updates on global and Vietnamese macroeconomic developments, fluctuations in international and domestic stock markets, and notable news regarding listed companies.
Macroeconomic News
- United States: The Fed Chair stated that the current general trend is to temporarily overlook supply shocks, but inflation expectations must be closely monitored. The Fed is committed to bringing inflation back to 2% in a sustainable manner.
- United States: President Donald Trump is reportedly willing to scale back the military campaign against Iran even as the Strait of Hormuz remains largely blocked, indicating a potential shift in strategic priorities as the conflict enters its second month. However, there are doubts that this could be a “distraction” tactic.
- Israeli Prime Minister: Israel has weakened Iran’s missile capabilities and destroyed weapons production facilities.
- Gulf Tensions Continue to Escalate: Numerous attacks have been reported across the Gulf region, including in Dubai, Kuwait, and Saudi Arabia.
- Eurozone: Economic confidence in the region continued to weaken in March as escalating tensions in the Middle East fueled concerns about a new wave of inflation.
- Vietnam: The Ministry of Finance has proposed extending the full exemption of environmental protection tax, value-added tax, and special consumption tax on gasoline, diesel, and aviation fuel until June 30, 2026.
- Vietnam: The Ministry of Finance has just issued Circular No. 32/2026/TT-BTC guiding VAT, corporate income tax, and personal income tax on transactions, transfers, and trading of cryptocurrency. The circular takes effect on March 27, 2026.
Market News
- Vietnam Stock Market: Although investor sentiment remains cautious, holding the support zone of 1,645–1,660 is a positive signal for the index to target 1,700–1,725 in the coming sessions, though volatility may persist.
- PDR: Plans to raise nearly VND 2,000 billion from existing shareholders. The majority of the funds is expected to be allocated toward acquiring a controlling stake in a riverside project along the Han River in Da Nang.
- VCI: The Board of Directors proposed and shareholders approved the 2026 business plan, targeting total revenue of 6,525 billion VND and pre-tax profit of 2,300 billion VND, representing increases of 30% and 41%, respectively, compared to 2025 actual figures. Regarding dividends, shareholders approved a proposed payout range of 5–12%.
- VVS: According to documents released by VVS, the VVS Board of Directors will present the 2026 targets to shareholders for approval. Net revenue is projected at 9.5 trillion VND, pre-tax profit at 460 billion VND, and net profit at 368 billion VND, representing increases of 18%, 15%, and 15%, respectively, compared to 2025 actual results, indicating expectations for continued growth.
- KBC: In 2026, the company continues to set ambitious business plans with projected consolidated revenue of 10 trillion VND and net profit of 3 trillion VND, representing increases of 50% and 36%, respectively, compared to 2025 results. If achieved, this would mark a record high for Kinh Bac.
- BAB: For 2026, the company targets an 8–12% increase in total assets, a 7–17% increase in charter capital, a 7–11% increase in capital raised, and an 8–12% increase in outstanding debt. Pre-tax profit is projected to reach 1,500–1,650 billion VND, representing a 2–12% increase compared to 2025 results.
- VTP: Finalized the rights issue of over 51 million shares at VND 10,000 per share.
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Source: BIDV Securities (BSC)