HIGHLIGHTED NEWS
Within the framework of the session, the National Assembly passed the amended Law on Special Consumption Tax and the Law on Management and Investment of State Capital in Enterprises. Specifically:
- The amended Law on Special Consumption Tax, consisting of 11 articles, will take effect from January 1, 2026. Under the new regulations: Sugary beverages (over 5g/100ml of sugar), excluding milk and liquid nutritional foods, will be subject to an 8% tax, increasing to 10% from January 1, 2028. Alcoholic beverages will face a minimum tax rate of 35%, increasing gradually over time to a maximum of 90%. Tobacco and similar products will be taxed at 75%, transitioning to an absolute tax starting January 1, 2027. High-capacity air conditioners (24,000 to 90,000 BTU) will be taxed at 10%. Mineral gasoline remains subject to a 10% special consumption tax, while biofuels E5 and E10 will enjoy preferential tax rates of 8% and 7%, respectively.
- The Law on Management and Investment of State Capital in Enterprises will officially take effect from August 1, 2025. Key provisions include: The National Assembly has removed the restriction on state-owned enterprises investing in real estate businesses, which was originally proposed in the draft. Boards of members or company chairpersons will have the authority to determine employee salaries, remuneration, bonuses, and other benefits, including for management positions. Regarding post-tax profit distribution, state-owned enterprises may allocate up to 50% of after-tax profits to the Development Investment Fund, to support business expansion and production.
TRADING STRATEGY
The stock market declined, retreating to the 1,315-point level, with liquidity reaching its highest level in over a month. Selling pressure surged in leading stocks from the real estate, financial services, retail, and technology sectors. Meanwhile, select banking, oil & gas, and utilities stocks played a positive role in supporting the index. Today, the VN-Index is expected to fluctuate within the 1,310–1,320 point range.
The market experienced renewed volatility following news related to global geopolitical instability. Risk-averse sentiment, combined with cautious cash flow, led to increasing selling pressure, particularly in highly speculative stocks. However, investment opportunities remain in several individual stocks that are either less affected by global fluctuations or have unique internal growth stories. This suggests that recent market volatility, such as at the end of last week, is likely short-term in nature. The medium-term uptrend remains intact, especially as market divergence continues. Investors who have maintained a safe portfolio allocation during the recent period may consider gradual disbursement during periods of volatility, especially at support levels. Priority should be given to fundamentally strong stocks with growth potential or those less exposed to global political risks.
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