Market
Morning Briefing, April 2: Cumulative state budget revenue for Q1 is estimated to reach 32.4% of the budget estimate
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 U.S. President posted on the social media platform Truth Social: "The President of the New Regime in Iran, a far less extreme and much smarter person than his predecessors, has just requested that the U.S. implement a ceasefire! We will consider it once the Strait of Hormuz is opened, free and unimpeded. Until then, we will wipe out Iran or, as they often say, send them back to the Stone Age.”
- United States: The Trump administration is preparing to overhaul the tariff framework for steel and aluminum, proposing a shift to a 25% tariff applied to the full value of finished goods. The change could increase actual import costs.
- United States: As of March 27, the EIA’s weekly crude oil inventory report in the U.S. showed crude oil inventories: +5,451,000 barrels (forecast: +814,000 barrels; previous week: +6,926,000 barrels).
- United States: The ISM Manufacturing PMI for March reached 52.7 (Expected: 52.5; Previous month: 52.4).
- UAE: A Wall Street Journal report released on Wednesday stated that the UAE is ready to join the U.S. and its allies in efforts to reopen the Strait of Hormuz through military measures.
- China: The March manufacturing PMI stood at 50.8 (previous: 52.1), marking the fourth consecutive month of expansion. Growth has slowed but remains the second-strongest level in the past six months. Output, new orders, and employment all continued to rise.
- Vietnam: Cumulative state budget revenue for Q1 is estimated at 820 trillion VND, accounting for 32.4% of the budget estimate and up 10.2% year-over-year.
Market News
- Vietnam Stock Market: The VN-Index has returned to its previous resistance zone of 1,700–1,725; in the coming sessions, the index is expected to trade within this range to find a new equilibrium. Volatility may occur as market sentiment remains cautious; investors should trade with caution.
- HAG: A bond debt of 6.6 trillion VND with Vietnam Debt Trading Company Limited (DATC)—a debt trading company under the Ministry of Finance—was settled on March 26, 2026.
- VGR: Announcement of the record date for the second 2025 cash dividend. The ex-dividend date is April 8, 2026. The payout ratio is up to 35%. With 82.2 million shares outstanding, the dividend payout amounts to nearly 288 billion VND.
- ORS: For 2026, ORS targets revenue of 2,250 billion VND, a 50% increase compared to the previous year’s results. The planned pre-tax and post-tax profits are 428 billion VND and 343 billion VND, respectively, representing a 190% increase—nearly three times the 2025 results.
- VRE: In 2026, VRE targets revenue of 10,132 billion VND and net profit of 5,375 billion VND, representing increases of 16% and 15%, respectively, compared to the previous year’s results, excluding non-recurring income.
- PC1: Plans to issue 148 million shares to raise capital.
- DHA: For 2026, revenue is targeted at 385.6 billion VND and net profit at 67 billion VND—a decrease of 12% and 39%, respectively, compared to 2025 results.
- DTL: According to the post-audit explanation of 2025 business results, Dai Thien Loc reported a net loss of over 160 billion VND, an increase of over 40 billion VND compared to the pre-audit figure.
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Source: BIDV Securities (BSC)