Morning Briefing, April 23: Vietnam and South Korea have signed several important cooperation agreements

Macroeconomic News:

• UK: March 2026 CPI: +3.3% y/y (expected: +3.3% y/y, previous: +3.0% y/y). Core inflation, excluding energy and food prices: +3.1% y/y (forecast: +3.2% y/y, previous: 3.2% y/y).
• The U.S. President stated that the ceasefire will remain in effect "until" Iranian leaders and representatives present a "unified proposal" to end the war with the U.S. and Israel.
• Japan: Exports rose for the seventh consecutive month in March, with total export value increasing by 11.7% y/y, exceeding the forecast of 11% y/y. Imports rose by 10.9% y/y, higher than the market forecast of 7.1% y/y.
• FED: During a hearing before the U.S. Senate Banking Committee, Kevin Warsh, a nominee for the position of Fed Chair, emphasized that the Fed would maintain its independence in the face of pressure from the White House; he also expressed a desire to carry out sweeping reforms within the Fed.
• Vietnam: The Ministry of Finance announced the 2026 Public Debt Borrowing and Repayment Plan, with the government’s total borrowing for 2026 projected to reach approximately 969.796 trillion VND. Of this amount, borrowing to cover the budget deficit accounts for 60%, approximately 39% is used for principal debt repayment, while only about 1% is allocated for on-lending of foreign borrowing.
• Vietnam: General Secretary and President To Lam and South Korean President Lee Jae Myung, along with high-level delegations from both countries, witnessed the signing ceremony of cooperation documents and memorandums of understanding between ministries and agencies of Vietnam and South Korea in key sectors such as national defense and security, power infrastructure, science and technology, and nuclear energy, among others.

Market News:

• General Secretary and President To Lam held talks with South Korean President Lee Jae Myung, agreeing to strengthen strategic ties, expand economic cooperation, and aim for a bilateral trade target of 150 billion USD by 2030.
• The Trade Remedies Authority (Ministry of Industry and Trade) has received information from the Vietnamese Trade Office in Canada regarding the Canadian International Trade Tribunal (CITT)’s announcement of the initiation of a sunset review of the findings issued in anti-dumping investigations related to concrete reinforcing bars. The investigation findings will be issued 150 days after the notice of initiation of the review is received.
• Prime Minister Le Minh Hung chaired a working session with the Ministry of Industry and Trade on the implementation of tasks assigned for 2026. At the meeting, the Prime Minister instructed the Ministry of Industry and Trade to ensure there are no shortages of electricity or petroleum products under any circumstances; to accelerate the progress of power projects, finalize the 8th Power Master Plan, and establish petroleum reserves.
• Hanoi: From July 1 through the end of 2026, Hanoi plans to pilot a low-emission zone and implement time-based bans on gasoline-powered motorcycles in the core area of Hoan Kiem Ward, covering 11 streets. Within the low-emission zone, gasoline-powered motorcycles are prohibited from operating from 6:00 PM to midnight on Fridays, and from 6:00 AM to midnight on Saturdays and Sundays.
• VNM: In 2026, VNM plans to achieve pre-tax profit of VND 12,197 billion, up 4.7%; and post-tax profit of VND 9,828 billion, up 4.4%. In Q1 2026, VNM reported pre-tax profit of VND 3,016 billion, up 34.5%; and post-tax profit of VND 2,458 billion, surging 55% year-over-year.
• LPB: Announced Q1 2026 financial results with pre-tax profit of VND 2,826 billion, down 11.0% year-on-year and achieving 19% of the annual plan. Post-tax profit reached VND 2,279 billion, down 10.1% year-on-year.

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Source: BIDV Securities (BSC)

Chung khoan BIDV (BSC)