In September, the VN-Index corrected by -1.2%, while PYN declined by -3.2%. This correction, driven by increased profit-taking pressure, occurred after the VN-Index reached an all-time high, crossing the 1700-level early in the month. Market liquidity weakened towards the month-end as investors awaited the FTSE decision regarding the potential upgrade of the Vietnamese market.
The Government passed an important resolution piloting the crypto asset market. This is the first formal framework for licensing exchanges, setting up investment funds, and developing a national blockchain infrastructure.
The Securities Commission has shortened the IPO process. Following the successful IPO of TCBS this month, the market anticipates a surge in major public offerings. The most notable deals include VPBankS, VPS securities, Hoa Phat Agricultural, Gelex Infrastructure and MWG’s subsidiary MW.
Macro: During the first eight months of 2025, Vietnam’s exports rose 14.8% to $306 billion, while imports increased 17.9% to $292 billion. The resulting trade surplus reached $14 billion. Realized FDI disbursements remained a key bright spot, reaching $15.4 billion in the first eight months, an increase of 8.8% year-over-year (YoY).
Tourism growth was robust, with international arrivals totalling nearly 14 million in the eight-month period, up 21.7% over the same period in 2024. China remained the largest contributor, followed by South Korea and the EU.
The PYN Elite Stock of the Month: Vietnam Airlines
Vietnam Airlines (HVN), the national flag carrier, successfully issued (rights offering) new shares in Q3, restoring its book value back to black. As part of its restructuring, HVN plans to spin off its subsidiary Skypec in 2027. Skypec is one of the biggest jet fuel distributors in Vietnam, generating over $1.3 billion in revenue in 2024.
HVN served nearly 18 million passengers in the first 8 months (+12% YoY), and a robust Q3 result is expected. The future Long Thanh Airport (starting in 2026) will open significantly more new routes and transit opportunities for HVN.