Morning Briefing, April 1: Vietnam’s Manufacturing PMI for March 2026 drops to 51.2 points

Macroeconomic News

• United States: February JOLTS job report came in below expectations. Job Openings: 6.882 million (forecast: 6.918 million). Previous reading: sharply revised upward from 6.946 million to 7.240 million.
• United States: The President’s latest remarks on Truth Social: (1) criticized allies such as the UK for not participating in the military campaign targeting Iran; (2) sent a clear message that the U.S. will no longer play the role of safeguarding global energy interests as before, urging nations affected by oil supply disruptions to take action on their own, suggesting they should purchase from the U.S.; (3) declared that Iran had been “thoroughly defeated” and asserted that the hardest part of the conflict is over.
• Eurozone: Inflation rose again in March, primarily due to soaring energy prices amid the U.S.-Iran conflict. According to preliminary data, headline inflation rose to 2.5% y/y (February: 1.9% y/y) as energy prices surged by 4.9%.
• China: Manufacturing activity showed a marked recovery in March as PMI indices collectively returned to expansionary territory, with the manufacturing PMI reaching 50.4—the highest level in a year—driven by improved demand leading to increased output and new orders.
• Vietnam: The March PMI stood at 51.2 points, down from 54.3 points in February. The conflict in the Middle East caused the pace of input cost increases in Vietnam’s manufacturing sector to accelerate significantly in March, leading to the fastest rise in selling prices in nearly 15 years.
• Vietnam: The State Bank of Vietnam (SBV) has instructed financial institutions to implement measures to stabilize interest rates.

Market News

• Vietnam Stock Market: In the coming sessions, the VN-Index may continue to move toward the previous resistance zone of 1,700–1,725; however, given the market’s still cautious sentiment, this upward trend will be accompanied by volatility.
• TDH: Net profit for 2025 reached over 108 billion VND, ending a streak of losses. A key highlight of 2025 is that real estate rental revenue was recorded for the first time at 72.1 billion VND, accounting for over 58% of total revenue—indicating that Thuduc House is transitioning its business model toward rental operations. Additionally, service revenue reached 34.4 billion VND, and merchandise sales reached 18.1 billion VND.
• SRF: Has officially approved a resolution to divest its remaining 48.616% stake in Arico (Asia Refrigeration Technology Joint Stock Company) to partner Hoshizaki.
• DIG: Set a conservative 2026 target of consolidated revenue of 3 trillion VND and pre-tax profit of 600 billion VND, representing decreases of 37% and 27%, respectively, compared to 2025 results. The company plans to maintain a dividend payout ratio of 6% for both 2025 and 2026.
• D2D: Sets 2026 targets of total revenue exceeding VND 594 billion and net profit of nearly VND 192 billion, representing decreases of 25% and 20%, respectively, compared to 2025 results.
• PNJ: Announced a plan to issue shares to increase equity capital from retained earnings. PNJ plans to issue approximately 170.6 million shares, corresponding to a 2:1 rights ratio. Following the issuance, PNJ’s charter capital is expected to increase by 50% to over 5,117 billion VND.
• FMC: Sao Ta plans consolidated revenue of 8,000 billion VND and pre-tax profit of 452 billion VND.

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Source: BIDV Securities (BSC)

Chung khoan BIDV (BSC)