VN-Index recovered from mid-June following the signing of a 14-point MoU between the US and Iran, which established a ceasefire framework. However, the Index still ended June -0.2%, with bank stocks leading the market. PYN Elite benefited from the market rebound, delivering +1.8% in June. The largest holding, STB, +8.5%, while OCB +9.5%. Other major contributors included HVN (+9.8%) and TCX (+5.7%).
Macro data: Vietnam’s GDP grew by 8.4% YoY in Q2 2026, driven by the industrial and construction sector (+10.5% YoY), bringing 1H2026 GDP growth to +8.2% YoY. Lower oil prices, following the easing of Middle East tensions and the reopening of the Strait of Hormuz, helped ease inflationary pressures. CPI declined 0.4% MoM in June, although it remained 4.7% higher YoY. Meanwhile, June PMI came in at 51.8, marking the 12th consecutive month above the 50-point expansion threshold. FDI remained a bright spot, with registered FDI up 61.0% YoY.
PYN Elite Stock of the Month: FPT (FPT Corp)
FPT delivered solid 5M2026 results, with NPATMI +16% YoY and revenue from the Japan market +20.5% YoY. Yet its shares remain under pressure amid concerns that AI will disrupt IT outsourcing. Similar concerns accompanied previous technology waves, when automation boosted productivity, lowered costs, and expanded demand. AI is likely to follow the same path by creating new software demand as cheaper intelligence enables more intelligence-intensive applications. FPT’s newly signed contract value reached VND23 trillion in 5M2026, +31.1% YoY, indicating robust client demand. Unlike its Indian peers, which are more exposed to the US, the epicenter of AI disruption, FPT derives a larger share of revenue from Japan, where AI adoption has been more gradual, giving it more time to adapt. Its leaner organization enables faster execution, while its scale remains sufficient to deliver mission-critical projects and partner with industry leaders such as Microsoft, NVIDIA, SAP, and Anthropic, leaving FPT well positioned to benefit from the AI transition.