To Lam’s regime to lead Vietnam into prosperity

At last week’s Party Congress, To Lam, General Secretary of the Communist Party of Vietnam, was, as expected, elected to continue leading the country for the next five-year term. At the same time, several economic policy experts were appointed to the Party’s most important decision-making body, the Politburo. This reinforces our view that the strategy launched by To Lam to elevate Vietnam to a new level of prosperity enjoys broad-based support. One of the most interesting appointments is former central bank governor Le Minh Hung, who, in addition to joining the Politburo, is set to become Prime Minister.

The new government will be appointed in late winter, at which point To Lam is also likely to assume the position of President. As President, To Lam would represent Vietnam in international forums. The appointments of the Prime Minister and President will be confirmed at a session of the National Assembly in March–April.

We believe Vietnam will continue its chosen path of even stronger economic growth, with public infrastructure mega projects stimulating economic activity and private-sector investment over the next 5–10 years. At the same time, the authorities are prepared to allow the government debt-to-GDP ratio to rise to 45%.

Vietnam’s economic growth accelerated to 8.5% in the final quarter of the year. For the full year of 2025, GDP growth achieved 8.0%.

Important information regarding the text and the Fund

The attached publication is marketing material and should not be regarded as a recommendation to subscribe or redeem units of the PYN Elite Fund. Before subscribing please familiarize yourself with the Key Information Document, the Prospectus and the Rules of the Fund. The material presented in this text is based on PYN Fund Management’s view of markets and investment opportunities. PYN Elite Fund (non-UCITS) invests its assets in a highly allocated manner in frontier markets and in a small number of companies. This investment approach involves a larger risk of volatility compared to ordinary broadly diversified equity investments. The value of an investment may decline substantially in unfavorable market conditions or due to an individual unsuccessful investment. It is entirely possible that the estimates of economic development or a company’s business performance presented in this presentation will not be realized as presented and they involve material uncertainties. This publication is not meant to be read or distributed in Vietnam.

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