Daily Call

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

Market Focus: Global tech rout triggers sharp selloff; VNIndex breaks 1,800 support

Macro Wrap: North–South Expressway Expansion: Government Endorses Full-Corridor Upgrade to Six Lanes

Equity Research Update: Real Estate Sector: A Supply-Led Recovery Meets Interest Rate Pressure

Market Focus: Vingroup rebounded in an otherwise subdued market

Macro Wrap: Build the Tide

Equity Research Update: Vietnam Banking Sector Update: Discipline rewarded

Market Focus: Vingroup stocks rebounded, foreigners increased participation in block trades

Macro Wrap: Vietnam’s PPP 2.0: From Financing Infrastructure to Making Infrastructure Investable

Equity Research Update: Vietnam Oil & Gas sector – Middle East driven supply and price shocks

Market Focus: VNIndex rebounds off 1,800 support, paring losses despite Vingroup pressure

Macro Wrap: Update on Vietnam's May macro data

Equity Research Update: PHR VN (Outperform; TP VND 78,900): Earnings Inflection Driven by Industrial Land Conversion

Market Focus: Tech laggards rose amid weak market backdrop

Macro Wrap: Vietnam’s AI Overlay: Reform as the anchor, AI as the upside

Equity Research Update: Food & Beverage Sector Update: Defending Margins in a Tough Consumer Environment

Market Focus: VNIndex extended correction to the 3rd  week with capitals rotating to laggards

Macro Wrap: Formalisation and Liquidity Friction

Equity Research Update: HT1 VN (BUY; TP VND 17,600): Coal Shock Meets ASP Rebound: Margins Brighten