Daily Call

Market Focus: Risk-Off Sentiment Deepens as PNJ Sell-Off Weighs on Market Confidence

Macro Wrap: Draft Banking Law Amendments: Greater Regulatory Flexibility, Stronger AML Framework

Equity Research Update: PNJ VN: Rating and Target Price Under Review

Market Focus: Airlines and Logistics empowered; PNJ under panic selling

Macro Wrap: Vietnam Economy in 1H26

Equity Research Update: DPR VN (Outperform; TP VND 46,100): Land Conversion Gains Poised to Accelerate in 2026–2027

Market Focus: Sideways Trading Persisted Amid Sector Rotation

Macro Wrap: Update on Central Bank Press Conference

Equity Research Update: VEA VN (Outperform; TP VND 38,000): Worst Case Priced In; Upgrade to Outperform

Market Focus: Broad-Based Gains Led by Banks, While Vingroup Weighs on Index

Macro Wrap: Land Law Revision

Equity Research Update:

•           VHM VN (Market Perform; TP VND 154,300): Vinhomes to partner with Vinspeed on high-speed rail project

•           VN30 Index and VNFIN LEAD Index 3Q26 Review Estimates

Market Focus: Market ended 1H26 on a muted note and strong foreign selling

Macro Wrap: Update on 1H26 macro data

Equity Research Update: POW VN (Outperform; TP VND 16,000): 1H26 results might beat our expectations

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