HIGHLIGHTED NEWS
Within the framework of the session, the National Assembly voted on the reduction of value-added tax (VAT) and the amended Law on Enterprises. Specifically:
The National Assembly approved a 2% reduction in the VAT rate, applicable to goods and services currently subject to the 10% rate. Certain groups of goods and services are excluded from this VAT reduction, including: telecommunications, financial activities, banking, securities, insurance, real estate business, metal products, mineral products (excluding coal), goods and services subject to special consumption tax (excluding gasoline). The resolution is expected to take effect from July 1, 2025, to December 31, 2026.
Regarding the amended Law on Enterprises, civil servants and public employees are prohibited from establishing, contributing capital to, or managing businesses—except in cases permitted by laws on science, technology, innovation, and national digital transformation. In addition, the government has maintained the regulation that the debt-to-equity ratio is a condition for the private placement of bonds by non-public companies.
On regulations related to “beneficial owners of enterprises,” the Standing Committee on Economic and Financial Affairs and many National Assembly delegates agreed to define “beneficial owner of an enterprise” in a general way, providing a principle-based definition in line with the draft Law and consistent with the Law on Anti-Money Laundering. The amended law clearly expresses the policy shift from a pre-check (ex-ante) mechanism to post-check (ex-post) oversight, aligning with Resolution 68-NQ/TW of the Politburo on private sector development and the Law on Organization of Local Government.
TRADING STRATEGY
The stock market continued its recovery, closing at 1,347 points with slightly lower liquidity compared to the previous session. Capital inflows improved in leading stocks within the real estate, chemicals, basic resources, construction, and materials sectors. On the other hand, selling pressure slightly increased in financial services, oil & gas, and technology stocks. The VN-Index is expected to fluctuate within the 1,340–1,350 range today.
The market maintains a positive stance near the previous peak around the 1,350 level. Large-cap stocks have resumed their leadership role, supporting the overall index. Foreign investors continued net buying during the final trading week of Q2's portfolio restructuring period. The VN-Index is likely to continue recovering, heading toward the key resistance zone of 1,370–1,380 points. Investors are advised to continue holding, look for accumulation opportunities, or trade based on their current portfolios—focusing on fundamentally strong stocks with promising Q2/2025 earnings outlooks or those attracting market capital inflows.
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