“PYN Elite Shark Sees 3% Profit in August”

According to PYN Elite, the investment fund’s performance reached 3.1% in August, outperforming the VN-Index’s 2.6% return. This positive result was driven by the outstanding performance of banking sector stocks and DBC, which increased by 10.9%. In contrast, ACV was the most disappointing stock in the fund’s portfolio, with a negative investment performance of -5.1%.

With this month’s gains, PYN Elite’s investment performance in the Vietnamese market has improved to 16.68% year-to-date, up from 13.14% at the end of July.

Turning to macroeconomic news, on September 2nd, the Prime Minister set a target of approximately 7% GDP growth for 2024.

Additionally, the draft amendment related to allowing foreign institutional investors to purchase securities without pre-funding (Non Pre-funding Solution – NPS) is nearing approval. Securities companies are fine-tuning their operations and surveying priority funding limits for customers. The implementation of NPS will pave the way for Vietnam’s upgrade to the FTSE Emerging Market status, expected in September 2025.

“With the US labor market cooling and the Fed signaling interest rate cuts, the USD weakened by 4.1% in August. This eased pressure on most Asian currencies, leading to an average recovery of 3.5% against the USD for Asian currencies.

The Vietnamese Dong appreciated modestly by 1.5% against the USD due to the Vietnamese Dong’s previous strength (VND had depreciated less than 4.8% against the USD – the lowest compared to the average of 7.2% that other Asian currencies had depreciated against the USD) and the potential for the State Bank of Vietnam (SBV) to improve foreign reserves. We expect the Vietnamese Dong to strengthen further as the Fed begins cutting interest rates,” PYN Elite stated.

Khang Di

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