VN-Index +9.2%, reaching a new ATH of 1,557 on July 28. PYN Elite outperformed with a 13.2% gain, led by banks and brokers. This spring, we doubled our brokerage exposure to 14% by adding VIX and SHS – both delivered stellar July returns of 114% and 78%, respectively. Market sentiment was buoyed by strong Q2 GDP growth and robust earnings: Our core holdings’ total net profit rose 32% YoY. Authorities proposed a plan to extend trading hours through lunch from Q1’26 and outlined a roadmap to launch CCP by Q1’27 – a key step toward enabling intraday trading. SSC reaffirmed confidence in Vietnam’s EM upgrade in October, citing positive feedback from FTSE on recent regulatory and technical improvements.
Macro: Vietnam’s Q2 GDP growth surged to 7.96% YoY, beating all forecasts. Government raised its 2025 GDP target to 8.3–8.5%, with a bold vision of ≥10% growth during 2026–2030. Key indicators exceeded expectations: PMI hit an 11-month high of 52.4, exports +16% YoY, retail sales +9.2% YoY and public investment disbursement +25.4% YoY. July marked several milestones, reflecting Vietnam’s most pro-business and reform-driven government in decades: The National Assembly passed Resolution 222 to establish International Financial Centers in HCMC and Da Nang with landmark incentives; bold revisions to the Land Law were proposed to unlock real estate bottlenecks; and PIT Law reforms aim to ease tax burdens and stimulate consumption. A sweeping administrative overhaul was also completed, reducing provinces from 63 to 34.
PYN Elite Stock of the month: VIX (VIX Securities)
Founded in 2007, VIX is now the 5th-largest brokerage firm by total equity. With core businesses in prop trading and margin lending, VIX has delivered a robust 5-year average. ROE of 19%. Known more as an investment powerhouse than a conventional broker, 2025 marked a milestone in VIX’s performance: Q2 Net profit surged 10.5x YoY to VND1,302 billion – the highest among listed brokers. Results were driven by exceptional prop trading returns, with key positions poised to sustain momentum in 2H25. We accumulated a 4.7% stake in March when the stock traded at a 40% P/B discount to peers, and the position has generated a 127% return in a 4-month period.