HIGHLIGHTED NEWS
On April 22nd, the Department of Debt Management and External Economic Relations (Ministry of Finance) announced the Public Debt Borrowing and Repayment Plan for 2026, aiming to enhance transparency and improve the national credit rating. Accordingly, the total projected borrowing is approximately VND 969,796 billion, of which VND 583,700 billion will be used to cover the budget deficit (approximately 60%) and VND 376,005 billion for principal repayment (approximately 39%). The main source of funding will be domestic government bonds (approximately VND 500,000 billion), combined with ODA loans, preferential foreign loans, and other legal channels, including the possibility of issuing international bonds. The total debt repayment obligation is estimated at approximately VND 534,739 billion, of which the direct debt repayment obligation of the Government accounts for approximately VND 493,405 billion. In addition, debt safety indicators continue to be controlled, with public debt required to be maintained at 35–36% of GDP, and direct debt service obligations relative to budget revenue at approximately 20–21% (below the 25% threshold).
TRADING STRATEGY
The stock market declined to 1,833 points, with improved liquidity exceeding the average of the previous week. The market remained volatile, with increased selling pressure across most sectors, particularly large-cap stocks in finance, technology, and retail. Conversely, support from investors was mainly concentrated in individual large-cap real estate stocks. The VN-Index is likely to fluctuate around 1,820-1,840 points today.
The market experienced its third consecutive session of wide-ranging volatility around the 1,840-1,860 point resistance zone. The cautious sentiment led to increased selling pressure as the index rose, primarily driven by the pull of some key VN30 stocks. Foreign investors resumed slight net selling. The VN-Index is currently lacking significant macroeconomic information to improve investor sentiment and attract new capital. Therefore, the cooling down of the index and the shrinking of investment opportunities are perfectly normal market developments. Investors should focus more on restructuring their portfolios based on individual stocks rather than overemphasizing the fluctuations of the overall index. Accumulation for medium- to long-term strategic portfolios should prioritize fundamental valuations and be implemented in stages during dips within an upward trend in stock prices.
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