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Highlights: U.S. headline CPI rose 0.5% in May, pushing annual inflation to 4.2%. This marks the highest inflation rate since April 2023 and the first time in three years that U.S. inflation has exceeded the 4% threshold. Gold prices fell sharply on Tuesday (June 9), hitting their lowest level in more than two months. Vietnam’s average CPI for the first five months of 2026 increased by 4.31%, approaching the National Assembly’s full-year inflation target ceiling of 4.5%. The ECB raised its key policy rate by 25 basis points to 2.25%.   Assessment: The resurgence of inflation in both the U.S. and Vietnam has been driven primarily by rising energy prices. Although core inflation increased by only 2.9%, it is still sufficient to prompt markets to reassess the likelihood of maintaining a low-interest-rate environment this year. Notably, the ECB delivered its first rate hike since 2023, while the BOJ is also expected to raise interest rates in the near future. In the short term, the market is unlikely to stage a meaningful breakout unless upcoming news provides a sufficiently positive boost to investor sentiment.   Technical View: VN-Index closed the week at 1,791.65 points (-47.25 points; -2.57%) on the weekly chart, with trading liquidity continuing to decline. Foreign investors maintained net selling of approximately VND 500 billion per session. The index has broken below its 50-day moving average (MA50) around the 1,800 level earlier in the week and has yet to reclaim this threshold. Given the current trend, the market is likely to extend its correction toward the 1,700–1,750 support zone.   Investment Idea: Investors may consider accumulating stocks that are trading sideways or experiencing only mild corrections while continuing to deliver solid earnings growth, particularly for medium-term positions. Increasing exposure to short-term trades is not recommended while the market remains in a corrective phase. In addition, investors should avoid chasing rallies, as weak market breadth and limited participation could make any upward moves less sustainable.

Global markets rally on hopes of a US–Iran peace deal, oil prices plunge. US stock futures declined on Thursday after the US military launched additional strikes against Iran as President Donald Trump accused Tehran of dragging out talks on an interim peace deal. The latest escalation sent oil prices higher, keeping traders cautious about inflationary risks and potential central bank interest rate hikes. In corporate news, Oracle shares plunged more than 10% in extended trading after the company unveiled plans to raise an additional $20 billion through equity and debt offerings to support its artificial intelligence expansion. In regular trading on Wednesday, the Dow fell 1.87%, the S&P 500 lost 1.62%, and the Nasdaq Composite slid 1.98%. Eight of the 11 S&P sectors finished in negative territory, with industrials, materials, and technology stocks leading the declines. Tech and chip stocks also faced renewed selling pressure amid lingering concerns over lofty AI-related valuations and growing investor caution ahead of SpaceXs closely watched IPO on Friday.   Accumulating ahead of a breakout. The VN-Index closed the trading session at 1,798.61 points (-5.10 points, -0.28%), with trading volume below the 20-day average. 118 stocks rose, while 178 declined. Stocks positively impacting the index included GVR, KBC, and SAB; while VHM, VJC, and HPG negatively affected the index. Foreign investors net sold VND 504 billion, mainly focusing on NVL and VHM.   Trading Strategy: Investors may focus on stocks with sideways consolidation patterns and strong earnings growth rather than concentrating solely on VN-Index fluctuations for medium-term positioning. In the short term, opportunities may emerge in heavily sold off stocks showing signs of recovery, such as insurance, technology, and real estate sectors. Investors should limit the use of margin when the trend is not clearly defined during this period. Buy Recommendation: CTD Current portfolio: MBB; Watchlist: HPG,  KDH, CTD 

▶ A gloomy sentiment kept prevailing in the market during Thursdays trading session. Liquidity continued to decline to low levels, with the total trading value across all three exchanges reaching only about 11 trillion VND, even lower than the previous session. The VN-Index stayed reddish throughout the trading day and closed with a 5.1-point decreáe. Market breadth favored declining stocks, with 178 stocks falling and 118 stocks rising. Overall, the market has showed no significant change, still lacking supporting capital inflows and leading sectors, while foreign capital continued to outflow since the beginning of June. ▶ At the close of trading, the VN-Index fell 5.1 points (-0.28%), closing at 1,798.61 points; the HNX-Index fell 1.06 points (-0.35%), reaching 300.09 points. Liquidity across all three exchanges reached approximately 11.3 trillion VND, corresponding to about 482 million shares traded. Foreign investors continued their net selling streak, net selling 504 billion VND during the session, with NVL, VHM, and VIC being the stocks most heavily sold. Conversely, VNM, KBC, and GVR were the stocks with the highest net buying volume. ▶ Technical perspective: Market breadth leaned toward declining stocks, while liquidity remained low, reflecting cautious sentiment and indecisiveness from both buyers and sellers. The VN-Index continued to consolidate within a narrow range around a key support level after a nearly two-month correction since the index surpassed 1,900 points. We believe trading activity and market volatility may improve in the coming weeks as investors prepare for quarterly earnings season, expectations related to the MSCI upgrade watchlist for Vietnam, and the prospect of easing geopolitical tensions in the Middle East. Technically, the VN-Index closed above the 200-day moving average (MA200), while the RSI stabilized around 35. This suggests that although market momentum remains weak, selling pressure has somewhat eased compared to previous sessions. Foreign investors continued their net selling trend despite market valuations having adjusted to significantly more reasonable levels compared to the peak in Q3/2025. Recently, global capital flows have mainly focused on AI-driven narratives, while US-Iran tensions and high oil prices continue to put pressure on economies dependent on oil imports. We believe that the trend of capital flows could reverse if geopolitical tensions ease, thereby triggering a reallocation of funds to markets and sectors unrelated to AI. Notably, foreign investors were strong net buyers during the markets breakout in 2025, with the banking sector playing a leading role during that period. Strategy: During this period, investors can focus on selecting stocks with sideways consolidation price structures and strong business growth, rather than solely focusing on the VN-Indexs fluctuations (recent gains are largely driven by the VIC group). Based on our observations, many stocks in sectors such as real estate, banking, construction materials, and securities have consolidation price structures, improving business results, and are suitable for investors to invest in anticipation of Q2 and Q3 2026 earnings. Investors should limit the use of margin trading during this period when the trend is not clearly defined.  

1. Vietnam logistics market update in Q1/2026 Prolonged instability in the Middle East continues to weigh on the global shipping market as key trade routes face disruptions, transit times lengthen, and fuel costs rise. As a result, logistics costs have entered a renewed upcycle in 2026 following a period of easing, becoming a significant headwind for Vietnamese exporters.   2. Outlook for 2H2026  Freight rates are likely to remain high, driven by ongoing port congestion and the lack of improvement in transit times. Concerns over potential global supply chain disruptions have led customers to bring forward orders in an effort to secure supply ahead of the year-end peak season. As a result, demand for container shipping and vessel chartering remains robust, supporting carriers ongoing network expansion through the addition of new service routes, particularly on Trans-Pacific and Indian Subcontinent trade lanes.   3. Investment Opportunities in Logistics Stocks GMD, HAH

1. Vietnam’s Seafood (Fishery) export situation in Q1/2026 In Q1/2026, Vietnams fishery exports recorded positive results: Pangasius continued its upward trend with cumulative exports reaching US$514 million (+17% YoY). The main driving force came from the Chinese market with increased demand for frozen fish fillets during the Lunar New Year. Meanwhile, tilapia experienced strong growth with cumulative exports in Q1/2026 reaching US$35 million (+190% YoY) thanks to more effective utilization of the 0% preferential tariff rate from the CPTPP free trade agreement, boosting exports to the Brazilian market. 2. Outlook for 2H2026 and Opportunities Given the volatile demand in key export markets and increasing competitive pressure, export growth will depend more on competitors ability to expand their market share rather than an increase in overall market demand. We believe that focusing on improving the quality and value per export unit, rather than chasing volume, will be the key direction for Vietnams seafood industry to maintain sustainable growth and strengthen its position in the international market. 3. Investment Opportunities in Seafood (Fishery) Stocks VHC, ANV