Morning Briefing, May 21: The State Bank of Vietnam Issues an Action Plan to Implement the Resolution on State Economic Development

Macroeconomic News:

• Following the meeting between Russian President Vladimir Putin and Chinese President Xi Jinping in Beijing on May 20, Russia and China signed 20 cooperation agreements in the fields of economy, energy, transportation, and international cooperation.
• China: The PBoC kept the LPR interest rate unchanged for the 12th consecutive month, with the 1-year LPR at 3.0% and the 5-year LPR at 3.5%.
• UK April CPI data: +2.8% y/y (forecast: +3.0% y/y; March: +3.3% y/y); core CPI +2.5% y/y (forecast: +2.6% y/y, previous: +3.1% y/y). Service inflation: +3.2% y/y (forecast: +3.5% y/y; previous: +4.5% y/y).
• EU: On May 20, European Union (EU) lawmakers and member states reached an agreement to implement the trade deal with the U.S., amid threats by President Donald Trump to impose new tariffs if the agreement is not implemented by July 4.
• China: On May 20, the Ministry of Commerce released preliminary results following U.S. President Donald Trump’s state visit. A representative from China’s Ministry of Commerce stated that the goods of mutual interest are expected to be subject to Most-Favored-Nation (MFN) tariff rates or even lower, with the aim of reducing tariffs for each side on goods worth $30 billion or more.
• Vietnam: The State Bank of Vietnam has recently issued Decision No. 464/QĐ-NHNN on the State Bank’s Action Plan to implement Government Resolution No. 29/NQ-CP dated February 24, 2026, issued to promote the effectiveness, innovation, and the development of the state economy in accordance with the action plan to implement Resolution No. 79-NQ/TW dated January 6, 2026, of the Politburo on the development of the state economy.

Market News:

• The Ministry of Finance is drafting a Circular to repeal certain Circulars and Decisions of the Minister of Finance in the tax sector to ensure consistency and alignment with the current legal framework. Among these, it is proposed to repeal all 23 Circulars and 3 Decisions.
• Regarding key tasks for 2026 and the 2026–2031 term, National Assembly Chairman Tran Thanh Man instructed the Economic and Financial Committee to provide advice to ensure the National Assembly makes sound policy decisions that create room for development without compromising macroeconomic stability or financial safety, while achieving the goal of double-digit growth.
• BID: Approved a plan to issue 498 million shares to raise an additional 4.981 trillion VND through a rights offering to existing shareholders.
• DGC: Due to the late submission of the audited 2025 financial report—more than 45 days past the prescribed deadline—DGC shares may only be traded in even lots via the periodic matching method specified in Section 1 of Appendix III of the Listing and Trading Regulations for Listed Securities, issued pursuant to Decision No. 22/QD-HDTV dated March 16, 2026, of the Board of Members of the Vietnam Stock Exchange, effective from May 26, 2026.
• PC1: Announced its Q1 2026 financial report, recording revenue from sales and services of VND 2.167 trillion, a 16.5% increase compared to the same period last year; net profit reached VND 269.83 billion, an 86% increase compared to the same period last year.
• POW: On the morning of May 20, POW held its 2026 Annual General Meeting of Shareholders. POW aims to achieve a total electricity output of 21,615 billion kWh; plans total revenue of 49,887 billion VND, a 41% increase, though net profit is expected to decrease by 63% to 1,124 billion VND.

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Source: BIDV Securities (BSC)

Chung khoan BIDV (BSC)