Equity 360 | STRATEGY REPORT Q2.2026: A NEW ERA OF GROWTH – THE GREAT WAVE TRANSFORMATION

Dear Valued Investors,

BSC is pleased to present our Q2/2026 Strategy Report: A NEW ERA OF GROWTH – THE GREAT WAVE TRANSFORMATION.

Q2/2026: Adapting to Volatility – Capitalizing on Market Upgrade Opportunities

Market Upgrade & Valuation

• Upgrade Highlight: The market received a major boost as FTSE Russell officially announced Vietnam’s reclassification from a Frontier Market to a Secondary Emerging Market. This is a crucial catalyst for attracting foreign capital inflows in the near future.

• Attractive Valuation: Following the correction driven by geopolitical tensions in the Middle East at the end of Q1, market valuations have returned to a safe zone. As of March 25, 2026, the VN-Index P/E reached approximately 13.3x, while the VN-Index (excluding the Vingroup) stood at 12.2x (a 12% decrease compared to the previous report).

Investment Strategy: Prioritize sectors with strong domestic foundations and attractive valuations (Banking, Retail), while selectively increasing weight in industries directly benefiting from energy conflicts and supply shocks (Fertilizers, Oil & Gas, Maritime Transport).

"INSTITUTIONAL OVERHAUL" – THE INNOVATION 2.0 ERA Following the success of 2025—a pivotal year with a record volume of laws and decrees issued—Q2/2026 shifts focus to the stage of synchronized and rapid implementation. The highlight is the application of specific mechanisms such as Decree No. 20/2026/ND-CP on private sector development, creating a complete legal foundation to maximize resources for key development programs.

BOOSTING FISCAL POLICY – ACCELERATING THE PUBLIC INVESTMENT SUPER-CYCLE Public investment continues to be affirmed as the main engine driving GDP growth toward the 10% target in 2026.

• Disbursement Progress: As of the end of February 2026, the public investment disbursement value reached VND 55,739 billion (+24% compared to the same period in 2025).

• Q2 Plan: The Government is focused on accelerating capital disbursement for key projects in the 2026–2030 cycle, including:

  • Transport Infrastructure: North-South Expressway (Phase 2 expansion), Gia Binh Airport connection road, Long Thanh Airport (Phase 2).

  • Energy & Urban Development: Ninh Thuan Nuclear Power Plant (signed cooperation agreement with Russia in March 2026), Red River Landscape Boulevard, Olympic Sports City.

We invite investors to download the Q2/2026 Strategy Report to explore our Top 15 recommended stocks (including typical tickers such as: HPG, TCB, MWG, PVS, DCM, PNJ...).

BSC wishes our investors a highly effective, lucky, and successful investment quarter!

Sincerely,

BIDV Securities Joint Stock Company (BSC)