Vietnam’s stock market has been on a record-breaking streak, and Petri Deryng, head of the foreign fund Pyn Elite Fund, has shared his insights on the recent surge. In contrast to the sluggish performance between 2022 and 2024, where the VN-Index witnessed a 15.4% decline, the market is now experiencing a robust growth trajectory with potential for acceleration.
Mr. Deryng attributes this positive outlook to several fundamental factors, which he believes could make 2025 a “Big Year” for the stock market’s performance. Historically, Pyn Elite Fund has navigated through four “Big Years”: 1999, 2003, 2009, and 2012, with annual returns ranging from 64% to 199%.
The fund manager highlights seven compelling reasons why a “Big Year” is plausible at this juncture:
(1) Government spending is boosting economic growth.
(2) Vietnam enjoys ample liquidity, and the government is supportive of bank lending.
(3) Uncertainties regarding Vietnam’s exports to the US due to tariffs have been resolved.
(4) FTSE is expected to upgrade Vietnam to emerging market status in October.
(5) Profit growth prospects are highly optimistic, with forecasts of 32% for 2025 and 19% for 2026.
(6) With such profit growth, Pyn Elite Fund projects a forward P/E of 11.1 for 2026.
(7) The market rally has been highly concentrated, and rotation will stimulate new stocks and sectors to move.
Pyn Elite Fund aims to maximize profits from its hot positions within its portfolio. The fund acknowledges the possibility of position rotation as the stocks within its portfolio have exhibited uneven performance this year. A strong rally inevitably comes with heightened volatility, fluctuations, and potential corrections.
As of July 2025, Pyn Elite Fund’s portfolio comprised 31 stocks, out of which only four showed negative performance year-to-date. Several stocks in the portfolio have outperformed the VN-Index’s 33% rise as of August 21, with some even doubling in value since the beginning of the year, including VIX, GEX, and SHS.
Pyn Elite Fund is one of the largest foreign funds in the Vietnamese stock market. As of the end of July, the fund managed a portfolio worth over 912.5 million EUR (approximately 27 trillion VND or 1 billion USD).
In July 2025, Pyn Elite Fund achieved a remarkable 13.25% performance, its best in 55 months, largely driven by the strong performance of banking and securities stocks. Year-to-date, the fund has delivered returns of over 17%.
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