Daily Call

Market Focus: Vingroup sent the VNIndex to lows while broader market enjoyed gains

Macro Wrap: DPPA Reform: Strengthening the Commercial Foundations of Vietnam’s Renewable Power Market

Equity Research Update: BCM VN (Outperform; TP VND 67,600): Strong Investment Push in Infrastructure & New IPs (2026–2030)

Market Focus: Afternoon Rebound Led by Vingroup & Banks Despite Weak Breadth

Macro Wrap: Resolutions 168 & 169: Governing Growth Rather Than Announcing It

Equity Research Update: MCH VN (Market Perform; TP VND 126,000): Weakening consumption, yet broadly in line with expectations

Market Focus: Vingroup stocks reversed, broad-based market remained weak

Macro Wrap: Vietnam’s Policy Mix: The Next Constraint Is No Longer Capital Availability

Equity Research Update: KDH VN (Outperform; TP VND 27,300): Long-term outlook remains intact

Market Focus: Vingroup-Led rally fades as profit-taking sets in

Macro Wrap: Vietnam's Foreign Exchange Reserves: A Rare Disclosure

Equity Research Update: FPT VN (BUY; TP VND 101,600): AI Factory Turns Profitable, Reinforcing Long-Term AI Growth Thesis

Market Focus: Vingroup – LPB link speculation drives volatile session

Macro Wrap: Vietnam: MSCI 2026 Decision Arrives Quietly — But the Emerging Market Case Continues to Strengthen

Equity Research Update:

•           Credit Room Exemption for Strategic Projects

•           ACV VN: 2026 AGM note: Conservatism on short-term outlook

Market Focus: Vingroup Rebounds Power VNIndex Despite Thin Liquidity

Macro Wrap: Update on Metro lines development

Equity Research Update: Vietnam Property Sector: Policy Support Broadens Across Credit, Rental Housing and Strategic Development

Market Focus: Foreign ETF rebalancing activities in focus

Macro Wrap: Vietnam: Intellectual Property Reform

Equity Research Update: BMP VN (Outperform; TP VND 168,500): Margin Expansion Supported By Cost Normalization And Higher Selling Prices

Market Focus: Vingroup rally spurred strongest monthly gain for the VNIndex

Macro Wrap: Vietnam: MSCI 2026 Accessibility Review – Reform Momentum Recognized, Upgrade Conditions Still Forming

Equity Research Update:

•           GVR VN (Market Perform; TP VND 36,200): Rubber Price Strength and Land Conversion to Drive the Next Growth Cycle

•           PGV VN: 2026 AGM: Thermal power to offset hydropower constraints

Market Focus: Bank strength helped offset Vingroup decline, the VNIndex closed flat

Macro Wrap: The Maradona Effect and the Warsh Fed

Equity Research Update:

•           Update on Circular 22 revision

•           MSN VN (BUY; TP VND 101,000): Earnings Momentum Strengthens, Supported by Non-Core Upside and Improving Financial Flexibility

Market Focus: Brokers and Consumer Discretionary led extended market recovery

Macro Wrap: PM Meetings with Ha Noi, HCMC and Dong Nai: From Broad Credit Expansion to Strategic Growth Poles

Equity Research Update: VHM VN: Vinhomes to pause additional land bank expansion in Vietnam

Market Focus: Global geopolitical risk eased, local market saw rebounds

Macro Wrap: Update on Credit Policy

Equity Research Update: VLB VN: Infrastructure Demand and Regulatory Refund to Drive Strong Earnings Growth in 2026

Market Focus: Vietnam underperformed global peers as sluggishness persisted

Macro Wrap: Vietnam Foreign Investment Strategy: Resolution 10 – From Industrial Policy to Investment Strategy

Equity Research Update: MarketVector Vietnam Index (VanEck Vietnam ETF) Review Result - Q2/2026

Market Focus: Muted market drained liquidity to extreme low

Macro Wrap: Vietnam’s Draft Law on Key Industries

Equity Research Update: GEX VN: 1Q26 earnings growth driven by electrical equipment and construction materials segments

Market Focus: Mid-cap Realties led rebound on low liquidity

Macro Wrap: Vietnam Corporate Bonds: Decree 200/2026 Moves the Market From Crisis Repair to Institutional Supervision

Equity Research Update: PVS VN (Market Perform; TP VND 37,800): Analyst meeting note: 5-year plan revealed

Market Focus: Sluggish session with ongoing rotation into laggards

Macro Wrap: Update on banking-related laws revision

Equity Research Update: CII VN: Ambitious Long-term Vision With An Intense, Dilutive Capital Prerequisite