HIGHLIGHTED NEWS
Under the chairmanship of National Assembly Chairman Tran Thanh Man, at its 46th session, the National Assembly Standing Committee provided feedback on the revisions, explanations, and amendments to the draft Law on Amending and Supplementing Certain Provisions of the Law on Enterprises. In the draft, the provision requiring non-public companies issuing private bonds to maintain a debt-to-equity ratio not exceeding 5 times has drawn considerable comments from National Assembly deputies. In submission No. 286/TTr-CP and throughout the process of responding to deputies' feedback, the Government clarified the necessity of including this provision. The aim of adding the debt ratio requirement for companies issuing private bonds is to strengthen the financial capacity of issuing enterprises and to mitigate payment risks associated with private bonds — both for the issuers and for investors. The requirement that the value of bonds to be issued not exceed 5 times the company's equity capital is fundamentally not expected to hinder capital mobilization for business operations or economic growth objectives. At present, the Ministry of Finance has proactively drafted a guiding decree in parallel with the lawmaking process and has submitted it to the Ministry of Justice for appraisal. Therefore, immediately after the National Assembly passes the law, the Ministry of Finance will submit the decree to the Government for prompt issuance of the implementing guidelines. As such, the Minister proposed that the Standing Committee allow this Law to take effect as planned on July 1, 2025.
TRADING STRATEGY
The stock market retreated to the 1,310-point level with liquidity falling to its lowest level in the past 10 trading sessions. Market divergence continued. Selling pressure increased on leading stocks in the real estate, chemicals, industrial services, construction, and materials sectors. Meanwhile, selected retail, financial, and basic resources stocks played a positive role in supporting the overall index. The VN-Index is likely to fluctuate today within the 1,305–1,315-point range.
The market remains cautious. Selling pressure is becoming more pronounced among sector-leading stocks. The VN-Index is expected to experience short-term volatility, with nearby support in the 1,285–1,295-point range. However, this will likely remain a shakeout phase within a broader divergence. As such, investors should focus on managing positions based on the specific characteristics of individual stocks, rather than being overly concerned with movements of the general index. Priority should be given to trading fundamentally strong stocks with attractive valuations relative to their Q2/2025 earnings outlook.
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