Morning Briefing, April 21: The Ministry of Finance proposes extending the 0% import tax on petroleum products for another two months, until June 30

Macroeconomic News:

• According to Reuters/AP, two Pakistani officials stated that Iranian authorities are positively assessing the possibility of participating in the second round of talks in Islamabad this week.
• President Trump affirmed that the current ceasefire will end on Wednesday and that the U.S. will not reopen the Strait of Hormuz until an agreement is reached with Iran. The ongoing contradiction between U.S. and Iranian statements indicates that the negotiation process remains highly complex.
• China: The PBOC kept the one-year LPR at 3% for the 11th consecutive month, while the five-year LPR also remained unchanged at 3.5%.
• Canada: March 2026 CPI: 2.4% y/y (previous: +1.8% y/y; forecast: +2.5% y/y). Core CPI, excluding food and energy prices, rose 2.5% y/y, compared to +2.3% in February.
• Vietnam: According to the General Department of Customs, the total value of domestic goods imports and exports in the first half of April 2026 reached approximately $47.37 billion, up 14.89% compared to the first half of March 2026. Looking specifically at exports, the total export value for the period reached approximately 21.56 billion USD, up 5.94% from the first half of March, bringing the cumulative export value to 144.58 billion USD, an increase of 20.86% compared to the same period last year.
• Vietnam: The State Bank of Vietnam has been working with commercial banks on the possibility of revising regulations related to the loan-to-deposit ratio (LDR), which could allow a portion of State Treasury deposits to be reintroduced into the LDR calculation formula, thereby reducing liquidity pressure on the system.

Market News:

• Vietnam: Based on the results of the previous phase’s assessment and forecasts of future demand, the Ministry of Finance expects total ODA and foreign concessional loans to be disbursed during the 2026–2030 period to reach approximately $38.2 billion.
• Vietnam: The Ministry of Finance proposes extending the reduction in import duties on petroleum products for an additional two months, through June 30, while adding three items to the preferential tariff list.
• VHM: Adjusting the 2026 plan, raising the profit target to 60,000 billion VND, 10,000 billion higher than the previous plan.
• GEX: Announced the issuance of nearly 225.6 million shares as dividends for 2025 at a ratio of 4:1 and over 180.4 million shares to increase capital from equity at a ratio of 5:1. The record date for determining the list of shareholders eligible to receive shares is May 6, 2026.
• MBB: Approved the 2026 capital increase plan. This includes the issuance of over 1.2 billion shares as dividend payments at a ratio of 15% and over 805 million shares offered to shareholders at a ratio of 10:1 at a proposed price of 10,000 VND per share, along with a private placement of up to 200 million shares, with the offering price to be announced later. The capital increase is expected to be implemented in 2026–2027.
• VPX: The VPBankS Shareholders’ Meeting approved the 2026 business plan with revenue of VND 11,074 billion, up 39%, and profit of VND 6,453 billion, up 44%, while also deciding to restructure the Board of Directors for the next phase.
• The Ho Chi Minh City Stock Exchange (HOSE) has officially announced the receipt of the listing application from Eastern Minerals Joint Stock Company AHP (UpCom: BMJ) with nearly 105 million registered shares, corresponding to a charter capital of approximately VND 1.05 trillion.

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Source: BIDV Securities (BSC)

Chung khoan BIDV (BSC)