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TOP NEWS - 27/6
The National Assembly has officially passed a resolution to extend the agricultural land tax exemption until the end of 2030. Specifically, households, individuals, and organizations that directly use land for agricultural production will be exempted from this tax until the end of 2030 to ensure food security and enhance the competitiveness of the agricultural sector. However, in cases where the State allocates land but the organizations or individuals do not directly use the land for agricultural production and instead lease it to other units, they must pay 100% of the tax during the period before the land is reclaimed by the State. The agricultural land tax exemption aims to encourage land consolidation for large-scale production and promote the transformation of the agricultural and rural economy towards modernization.
Business Outlook Study released by UOB Bank, 80% of Vietnamese businesses have taken concrete actions in response to the 46% countervailing duty recently announced by the United States in early April. The report also shows that 60% of Vietnamese enterprises remain optimistic about growth prospects in the coming year. Notably, 46% have planned to expand into international markets to reduce dependency on the U.S. market. Along with restructuring supply chains, Vietnamese businesses are also focusing on two strategic development pillars: digitalization and sustainability.
Amid international challenges, many businesses have expressed a desire for greater support from the Government and the financial system.
TOP NEWS - 25/6
• During his participation in the 16th Annual Meeting of the New Champions of the World Economic Forum (WEF 16 Tianjin) and his official visit to China, Prime Minister Phạm Minh Chính attended the Vietnam–China Business Connection Forum in Tianjin City. At the forum, delegates reviewed the current status of economic cooperation between Vietnam and China, while also presenting the potential and demand for cooperation and investment from both sides. Delegates emphasized that in the strong relationship between Vietnam and China, economic ties serve as a key pillar and have maintained steady growth momentum. Chinese enterprises regarded Vietnam as one of the fastest-growing and most dynamic economies in the region with a favorable investment environment. At the forum, under the witness of Prime Minister Phạm Minh Chính and other delegates, Vietnamese and Chinese enterprises and corporations signed nine cooperation and investment agreements in sectors such as energy, railways, information technology, telecommunications, real estate, transportation, and import-export of goods.
• According to data from the Vietnam Bond Market Association, from the beginning of the year to June 13, the total value of corporate bond issuance reached VND 157.536 trillion, a 71% increase compared to the same period last year. Among these, bank bonds dominated the market with a total value of approximately VND 114 trillion, more than 2.2 times higher than in the same period of 2024. Analysts predict that in the second half of the year, banks will remain the primary issuers in the market, with the total planned bond issuance in 2025 expected to reach nearly VND 200 trillion.
Tension between Thailand and Cambodia has recently caused significant disruptions in the fertilizer export market to Cambodia — a key market for Vietnamese fertilizer companies such as BFC, DPM, DCM, and DDV. This situation not only impacts Thai enterprises but also presents a major opportunity for Vietnamese companies to boost output and increase profitability.
TOP NEWS - 26/6
• During its session, the National Assembly voted to pass the "One Law Amending Eight Laws" package, which includes amendments and supplements to several laws: the Law on Bidding, the Law on Public-Private Partnership Investment (PPP), the Law on Customs, the Law on Export and Import Duties, the Law on Investment, the Law on Public Investment, and the Law on Management and Use of Public Property.
In the report on the revision and explanation of the draft law, Minister of Finance Nguyễn Văn Thắng stated that the Government had taken into account feedback regarding the provision allowing state-owned enterprises to make independent decisions in procurement and bidding activities. Accordingly, the draft Law on Bidding has been revised to stipulate that the contractor selection activities of any entity (including state-owned enterprises) that use state budget funds must comply with the regulations of the Law on Bidding.
The draft PPP Law also addresses issues related to revenue shortfalls in BOT (Build-Operate-Transfer) road projects signed before January 1, 2021. It introduces new provisions to the PPP Law regarding risk-sharing mechanisms for revenue reduction in BOT projects with contracts signed prior to the law’s effective date.
According to government statistics, 11 BOT transportation projects have experienced revenue declines. In response, the Government has directed the Ministry of Construction to organize negotiations with investors and lenders to reduce loan interest rates and profits.
RECENT NEWS
MARKET ANALYSIS
The trading session on June 10 opened with a slight dip. Thanks to the support of key blue-chip stocks, the VN-Index surged by 10 points during the morning session. After the lunch break, the market showed a tug-of-war movement with a positive bias, at one point gaining up to 13 points above the reference level. However, correction pressure narrowed the gains by the end of the session. Amid this context, the Retail and Chemicals sectors became the spotlight of the session, with many stocks posting strong gains, some even hitting the ceiling price—most notably DGW, FRT, DGC, and DPM.
Notable net buying by foreign investors :EIB, VIX, GEX
Forecast for the June 20, 2025 Rebalancing Period of the Fund
In this rebalancing cycle, the Fund is expected to buy into a substantial number of stocks, with significant weight allocations—a notable shift from previous periods, which were largely characterized by net selling.
This change in strategy suggests a more optimistic market outlook or a tactical portfolio shift, possibly in anticipation of improved macro or sectoral conditions.
The market is currently showing signs of weakness. The previous session was merely a short-lived rebound within a corrective phase. Although the market managed to recover, it was immediately met with strong selling pressure.
U.S. CPI 🇺🇸: 2.4%, Estimate: 2.5% , Previous: 2.3%, Core CPI: 2.8% , Estimate: 2.9%, Previous: 2.8%
The U.S. May CPI has just been released, and both headline and core figures came in lower than expected. While this may not be enough for the Fed to cut interest rates in the upcoming meeting, it lays the groundwork for an earlier rate-cutting cycle.
MARKET ANALYSIS
The trading session on June 11 opened slightly in the green, with the VN-Index gaining 4 points after the ATO. For most of the morning session, the index moved within a narrow range around the reference level. In the afternoon, the market showed signs of tug-of-war with a negative bias, as selling pressure pushed the VN-Index down by as much as 10 points below the reference level. Although bottom-fishing demand emerged at times, it wasn't strong enough to help the index return to green by the end of the session.
In this context, several Viettel-affiliated stocks posted strong gains with surging liquidity, such as VTP and CTR, along with a few other notable individual stocks:DGW, DGC
Summary of the tariff negotiations between the U.S. and China.
On June 11, President Donald Trump announced that the U.S. trade deal with China had been finalized, along with the respective tariff levels each side would impose on the other's exports.
“We’re getting a total of 55% in tariffs, China gets 10%. The relationship is great,” Trump wrote on the social media platform Truth Social, without providing further explanation regarding the content of his post.However, a White House official offered their perspective on the statement, suggesting that President Trump's remarks were not unusual and that the 55% tariff figure he mentioned was nothing particularly new or unexpected.
According to Reuters, the official explained that the figure cited by President Trump includes: a 10% base tariff applied to most global trade partners, as announced in April; a 20% tariff imposed before April in connection with allegations related to fentanyl; and the remaining 25% consists of tariffs that Trump had previously levied on Chinese goods during his first presidential term, along with other related tariffs that he has since aggregated.
Meanwhile, China will maintain a 10% tariff rate in accordance with the agreement reached by both sides during the negotiations held in May.
The VN-Index rebounded broadly with improved liquidity, while foreign investors recorded strong net buying in the Steel and Retail sectors.
Finance Minister Bessent stated during the hearing that after the 90-day period (ending July 8), tariff exemptions would continue for 18 cooperative countries, including Vietnam.
NEWS HIGHLIGHTS
National Assembly Officially Approves Merger of Provinces and Cities
On June 12, the National Assembly passed a resolution on the reorganization and merger of provinces and cities, which will officially take effect on July 1, 2025.
Accordingly, Vietnam will be restructured into 34 provinces/cities, down from the current 63, including:
6 Centrally-Run Cities: Hanoi, Hai Phong, Hue, Da Nang, Ho Chi Minh City, and Can Tho.
28 Provinces: Lai Chau, Dien Bien, Son La, Lang Son, Cao Bang, Tuyen Quang, Lao Cai, Thai Nguyen, Phu Tho, Bac Ninh, Hung Yen, Ninh Binh, Quang Ninh, Thanh Hoa, Nghe An, Ha Tinh, Quang Tri, Quang Ngai, Gia Lai, Khanh Hoa, Lam Dong, Dak Lak, Dong Nai, Tay Ninh, Vinh Long, Dong Thap, Ca Mau, and An Giang.
Potential Positive Impacts:
Reduced Government Spending: Streamlining administrative units and reducing public payrolls.
Simplified Administrative Procedures: Enabling more efficient governance and service delivery.
More Efficient Capital Allocation: Financial resources can be concentrated on key infrastructure projects, avoiding fragmented investment.
More Balanced Economic Growth: Helping to narrow the development gap between regions.
Let me know if you'd like this formatted into a press release, infographic, or presentation format.
MARKET ANALYSIS
The final trading session of the week opened on a pessimistic note, with the VN-Index plunging by 12 points right after the ATO. By 10:00 AM, selling pressure intensified, dragging the index down by as much as 15 points. However, bottom-fishing demand quickly emerged, helping the index narrow its losses.
In the afternoon, market sentiment remained cautious and tilted toward the negative. Continued corrective pressure pushed the VN-Index to a decline of up to 19 points below the reference level. Although bottom-fishing demand appeared at times, it was not strong enough to bring the index back into positive territory by the session's close.
In this context, several stocks in the Oil & Gas sector surged significantly—some even hitting the ceiling price:PLX, PVS, PVD, BSR
Legalization of Resolution 42 — a potential catalyst for the banking sector.
Currently, the media has yet to cover this topic extensively, and there is little discussion among stock market experts — indicating that investment opportunities may still be underappreciated.
On June 17, 2025, the National Assembly is scheduled to vote on the resolution. If passed, it is expected to be incorporated into law by August, along with additional circulars regulating the activities of AMC companies (asset management companies specializing in bad debt trading), likely to be issued in Q3/2025.
Essence of Resolution 42: it aims to reduce costs and accelerate debt handling, thereby improving capital circulation and acting as a strong tool to support credit growth.
All banking stocks stand to benefit, particularly those with a large volume of non-performing loans (NPLs) to resolve — including VPB, OCB, MBB, HDB, TCB, and SHB.
In addition, Decree No. 24 removes the monopoly on gold bar production and import previously held by the state. It reassigns these rights to licensed gold trading businesses and commercial banks. According to Lý’s assessment, major former gold bar retailers like PNJ, DOJI, and SJC have committed administrative violations and thus may not meet the new criteria.
=> As a result, the banking sector is also expected to benefit from this decree.
Despite escalating tensions between Iran and Israel, buying momentum surged today and spread across various sectors. Notably, oil & gas and fertilizer stocks were at the center of attention.
MARKET ANALYSIS
The first trading session of the week opened with a slight uptick. Thanks to strong support from key blue-chip stocks, the VN-Index gained up to 13 points in the morning session. In the afternoon, market sentiment turned more positive, with the VN-Index accelerating and approaching the 1,340-point mark by the end of the session.
Amid this backdrop, the Oil & Gas and Chemical sectors became the focal points of the session, with many stocks posting solid gains—some even hitting their ceiling prices. Notable gainers included OIL, GAS, DGC, and LAS.
The Chinese Embassy in Israel has urged Chinese citizens to return home or leave Israel via land border crossings as soon as possible.
President Trump has called on everyone to leave Tehran (the capital of Iran) immediately. He will depart the G7 Summit in Canada one day early due to escalating tensions in the Middle East.
MARKET ANALYSIS
The trading session on June 17 opened with relatively positive sentiment, as the VN-Index created a 5-point price gap after the ATO. Supported by key blue-chip stocks, the VN-Index gained as much as 15 points during the morning session. However, rising selling pressure soon narrowed the gains. In the afternoon, the market experienced some volatility, and despite efforts, the VN-Index failed to break through the 1,350-point level.
Against this backdrop, the Real Estate and Fertilizer sectors became the highlights of the session, with many stocks posting strong gains—some even hitting their ceiling prices. Notable gainers included PDR, NVL, DPG, DPM, and DCM.
MARKET ANALYSIS
The trading session on June 19 opened with a slight dip into the red. For most of the morning session, the index moved within a narrow range around the reference level. In the afternoon, market sentiment improved, and the VN-Index gained momentum to reach the 1,350-point mark by the end of the session. Amid this context, several individual stocks recorded strong gains with unusual trading volume, including DGW, PHR, and BFC.
BFC had a breakout session, reaching an all-time high with trading volume surging by 300%. The bullish outlook for BFC has been analyzed extensively, as the stock is considered undervalued, and tensions between Thailand and Cambodia are expected to boost its export segment in the near future.
MARKET ANALYSIS
The trading session on June 24 opened with a relatively positive sentiment, as the VN-Index created a price gap of up to 8 points after the ATO. Capital flowed strongly into large-cap stocks, pushing the VN-Index up by as much as 13 points during the morning session. In the afternoon, the market became more volatile, and although the VN-Index attempted to break through the 1,370-point level, it was unsuccessful. Amidst this backdrop, several individual stocks saw strong gains and became the focal point: VND, BVH, and VHM.
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