Portfolio manager puts fresh money in PYN Elite
I ended up putting more personal money into PYN Elite fund in the last week subscription. In these last few weeks I have followed very closely companies Q3-reportings of our top holdings and their confident guidance for the last quarter of the year. And as last week the stock market went through a dip, I decided to act.
Last Thursday the top management of HDB-bank was going through their views of the business. Bank’s deposits grew 30 % during the first nine months compared to the last year.
The State Bank of Vietnam has allowed 20 % quota for HDB’s lending this year, but HDB is in talks to raise their quota, since the bank believes the loan demand will take them certainly over the 25 % for 2020. HDB’s nonperforming loan ratios have stayed well below their target levels.
To conclude many discussions with the banks, it is fair to expect the Vietnamese economy has got strong tailwind during this October. Of course, this is coming as a result of well contained Covid-19 situation in Vietnam and generally in many major Asian countries.