Nobody really knows about these, but a possible upgrade to EM (Emerging Market) status in the autumn/late year could create momentum. This has probably been partially priced in already.
I have a positive view of Vietnam in the medium and long term, as long as the Taiwan-China situation doesn’t escalate into war.
I will continue to hold my 100 shares as long as the situation develops as before.
Mail arrived:
The recent positive momentum in the Vietnamese stock market is largely based on the following factors:
1. The US-Vietnam tariff deal has been concluded, and the announced guidelines have been promising, even though the final product-specific effective tariffs will only be published later.
2. The timing of the decision to upgrade Vietnam’s stock market FTSE classification this autumn has received significant support from solutions modernizing the Vietnamese stock market, thus strengthening upgrade expectations.
3. The FED is expected to make interest rate cut decisions within the next 6–12 months, which would be positive for Vietnam’s interest rate markets and also support expectations for the strengthening of the Vietnamese dong.
4. Vietnam’s economy has achieved 8% growth, and the country’s government is very active in further promoting economic growth: large investment projects, VAT reductions, streamlining real estate market permit processes, and accelerating bank lending.
The stock market index has surpassed the 1500-point level. Foreign investors have returned as net buyers following the US tariff news over the summer, although year-to-date purchases are still in negative territory. The stock market may continue to rise significantly, supported by cheap valuations, good sentiment, and strong fundamentals.
The stock market’s performance has been uneven. In PYN Elite, broker stocks, in particular, have been soaring, but Vietnam Airlines’ stock has also performed very well. Bank stocks have risen, but moderately. The portfolio contains several stocks that have not yet truly taken off. The portfolio’s currency hedging between EUR/USD has worked excellently, eliminating the disadvantages brought by the strengthening euro.
Stockbrokers are already conveying messages that the VN-index will reach the 1800-point level by Christmas. We do not consider this impossible, although local investors’ profit-taking could occasionally hit the market downwards quickly.
So, a modest 20% rise in 5 months is being predicted. It simply has to come true, if the brokers themselves say so…
Admittedly, a rather strong image of a facepalm flashed before my eyes regarding the appropriateness of PYN’s investor communications at that sentence.
By the same analogy, the value of Elite’s share would be about 666 € at the turn of the year. We’ll see.
Edit:
I almost dare to promise that if that figure is exceeded within this year, I’ll immediately sell at least 1/3 of Elite.
On Friday, Vietnam’s index surpassed its all-time high, and PYN lost the race by one trading day, as today the Watermark is exceeded, and we are happy to pay performance-based fees after a long break. Few believed this during the toughest downturns of spring. The performance is also respectable in the sense that the euro has strengthened by 16% against the Dong this year.
Somehow, the Vietnamese market currently feels very much like FOMO.
Today +1.6%
At this rate, it doesn’t look impossible.
By the way, the fund just hit its all-time high.
The rise has been so strong over the last month that I had to check the market situation from the sources I found.
Currently (August 10, 2025), Vietnam’s market P/E is 15.1, and historically, a P/E of 19 is already a very tight valuation. 18 P/E → pyn 719 e. 19 P/E → pyn 759 e.
Vietnamese (HOSE) Market Analysis & Valuation - Updated Today
Vietnam’s forward P/E was 11 (June 12, 2025, pyn 483 e) and has been 20 at its highest. If forward P/E 18 → pyn 790 e.
https://youtu.be/Ae2YuYp-gl0?t=528
These are calculated assuming pyn and VN-index rise proportionally. I myself could sell holdings if this year we reach a share value starting with seven, at which point the markets would already be overheated.
It depends entirely on Deryng’s movements; PYN is an active fund whose goal is to successfully react to market under- and overreactions.
Now that Peta and her family have moved to Finland, it would be nice to know how the fund is managed. Remotely?
Has there been any information about this?
@Kryptoniitti “Peta and his family have moved to Finland”
Oh wow, where did this piece of information come from?
Of course, the fund team is there.
In today’s advertisement:
“P.S. The portfolio manager will be easily reachable in Finland for the coming winter, as our family’s offspring will be attending school in Helsinki for the academic year. We will return to Asia in August 2026. My own calendar, however, takes me on two-week business trips to Vietnam every three months.”
Good that this was clarified.
Here is Petri’s latest publication. 
For three years from 2022–2024, the VN-index ambled along, recording a decrease of -15.4% for that period. Now it’s different. The stock market is picking up good momentum, and the pace might even accelerate further.
Based on the current fundamentals, Vietnam’s stock market year could even turn into a PYN Elite Big Year. In such a case, essential factors align, and the result is visible in the stock market. During PYN Elite’s history, we have experienced a Big Year four times: in 1999, 2003, 2009, and 2012. At that time, the fund’s annual returns ranged between 64 and 199 percent.
Sorry for wondering about the prices, but we’ve now come up almost 15% from that comment. The deal was probably just good to get done, and Vietnam’s economy is booming again.
A new fund review is coming;
A small piece of information is missing from the news, translated with Google Translator;
”In addition to institutional investors, retail investors have also returned to the market in a lively manner. In the first half of the year, more than 970,000 new trading accounts were opened, bringing the total number of accounts to 10 million, moving closer to the government’s target of 11 million accounts by 2030.”
Source: https://x.com/finnomena/status/1952918138980569344?s=46
Why don’t all communist regimes encourage their citizens to the stock market, oh wait, they probably do…
According to Vietnamese newspapers, FTSE Russell will announce the results of its assessment of the Vietnamese market on October 8, Finnish time.
If FTSE decides to upgrade its rating, the transition process usually takes 6–12 months to allow funds time to prepare and adjust their
Damn, the link is already in the wrong month, it’s only September now 
. We’ll have to wait - thanks for the correction. Luuseeri, always ahead of his time.
That 10M USD is just under 5% of VNI’s market cap. However, that’s at the lower end of estimates; some estimate over 30M USD. It probably won’t be a game-changer, but it will take a nice chunk of free float out of the market. It provides slightly better support levels, but I can’t say about the volatility now that the retail side is growing so fast.
At least there are hedges against the USD. Apparently, the dong moves somewhat with the dollar…
