■ External demand drove strong 1Q18 GDP growth.
■ The dong showed some weakness in 1Q18 due to transitory factors.
■ We expect a maximum depreciation of 2% against the US$ in 2018.
■ Vietnam’s exports could benefit in the long run in the event of a trade war, in our view.
■ We think that construction materials, beverage, banking, retail and tourism are poised to see strong 1Q earnings against the macroeconomic backdrop.