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MORNING BULLETIN, MAY 6: Moody’s Raises Vietnam’s Credit Outlook from “Stable” to “Positive”
Updates on global and Vietnamese macroeconomic developments, fluctuations in international and domestic stock markets, and notable news regarding listed companies.
Detailed Report
Macroeconomic News
- United States: President Trump suspended the operation to support ships passing through the Strait of Hormuz after one day of implementation to see if an agreement with Iran could be finalized and signed.
- United States: U.S. new home sales in March reached 0.682 million units, exceeding the forecast of 0.650 million units (previous month: 0.587 million units).
- United States: JOLTs report: recorded at 6.866 million, slightly higher than the forecast of 6.835 million (previous period: 6.882 million).
- United States: Defense Secretary Hegseth stated that the ceasefire with Iran has not yet ended.
- Iran: Announced a new map of its maritime control zone covering the Strait of Hormuz, while warning it would attack if U.S. or foreign forces intervened.
- Vietnam: Moody’s upgraded Vietnam’s credit outlook from “Stable” to “Positive” and assigned Vietnam a Ba2 sovereign credit rating.
- Vietnam: As of Q4 2026, the disbursement of public investment capital remains slow, with 14 units having barely begun disbursement or with a rate below 1%. The situation of “capital awaiting projects” remains widespread, as many units allocated significant resources have disbursed at very low levels due to projects not yet meeting implementation conditions.
- Vietnam: The State Bank of Vietnam (SBV) is seeking public feedback on a draft circular to replace Circular No. 22/2019/TT-NHNN, which sets limits and safety ratios for banking operations, with significant changes to the systemic safety framework.
Market News
- Vietnam: The VN-Index continues to experience sharp volatility at high price levels and low liquidity; investors are advised to continue trading based on short-term market fluctuations.
- PLX: In Q1, net revenue reached nearly VND 98.7 trillion, up 45% year-over-year. Increased costs during the period resulted in a net loss of VND 763 billion (compared to a profit of VND 133 billion in the same period last year).
- VPI: In Q1, net revenue exceeded VND 287 billion, up 16% year-over-year. The main driver came from real estate sales, which rose 15% to nearly VND 210 billion. Net profit reached nearly VND 27 billion, down 81% year-over-year.
- SGN: In Q1, net revenue was nearly VND 390 billion and net profit was VND 65 billion, down 7% and nearly 10% year-over-year, respectively.
- AGG: In Q1, consolidated net revenue reached VND 67.3 billion, down 65% year-over-year. Net profit after tax exceeded VND 5 billion, down 38% year-over-year.
- VNZ: In Q1, revenue reached VND 2.8 trillion, up 32% year-over-year; net profit exceeded VND 182 billion, reversing a loss of VND 4.8 billion in the same period last year.
- NKG: In Q1, net revenue was nearly VND 3.3 trillion and net profit was over VND 22 billion, down 20% and 66% year-over-year, respectively.
- HAH: In Q1, net revenue rose 8% to VND 1.26 trillion, while net profit surged 29% to VND 300 billion.
- VNX: Reported impressive business results, with both revenue and profit up over 80% year-over-year, achieving 26% of the full-year plan.
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Source: BIDV Securities (BSC)