HIGHLIGHTED NEWS
The Ministry of Finance reported that by April 15, state budget revenue had reached VND 801.9 trillion, equivalent to 40.77% of the annual estimate. Of this, central government revenue was VND 407.2 trillion (39.9% of the estimate), and local government revenue was VND 394.7 trillion (41.7% of the estimate). Regarding state budget expenditures, cumulative spending in the first quarter reached VND 428.2 trillion, equal to 16.8% of the estimate and up 11.6% compared to the same period in 2024. Specifically: Development investment expenditure was about VND 78.7 trillion, reaching 10% of the estimate approved by the National Assembly; the disbursement rate reached 9.53% of the plan assigned by the Prime Minister; interest payment expenditure reached 29.5% of the estimate; regular expenditure reached 20.2% of the estimate. In terms of borrowing and debt repayment, total capital withdrawn from both domestic and foreign loans in the first three months of 2025 was approximately VND 105.007 trillion. This includes: About VND 102.255 trillion for the central government budget (12.9% of the estimate approved by the National Assembly); About VND 2.752 trillion in on-lending. The Government’s total debt repayment reached around VND 118.170 trillion, including: VND 111.696 trillion for central budget debt repayment, equivalent to 23.8% of the estimate; VND 6.474 trillion in on-lending repayments. Since the beginning of the year, the Government has issued VND 98.469 trillion worth of bonds, reaching 19.7% of the 2025 plan. In the first quarter of 2025, there were no borrowings from the State Treasury for the central government budget.
TRADING STRATEGY
The stock market declined, retreating to the 1,207-point level with liquidity falling below the previous week's average. Selling pressure increased among leading stocks in the financial services, real estate, and basic materials sectors. On the other hand, select stocks in banking, construction, fertilizers, and industrial services contributed positively to supporting the overall index. Today, the VN-Index is expected to fluctuate within the 1,200–1,210 range.
The market continues to exhibit a tug-of-war pattern with clear divergence near the psychological support zone around 1,200 points. Stocks showing positive movements are mainly individual names supported by strong fundamentals related to business operations or organizational restructuring. Large-cap stocks are rotating in their influence on the index. Overall, the VN-Index remains in a divergent phase, testing short-term supply-demand dynamics. Investors are advised to restructure their portfolios and maintain a balanced allocation, prioritizing fundamentally sound stocks with sustained growth or promising business results projected for Q2/2025.
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