After a sharp pullback in July, the VN-Index rebounded 5.6% in August, led by broad gains across large-cap equities. PYN Elite +5.5%. In the August 2026 Review, FTSE Russell Index raised Vietnam’s projected weight in the FTSE Emerging All Cap Index to 0.49%. FTSE Russell selected 27 Vietnamese stocks across large-, mid-, and small-cap segments to join its global indices, with the initial 10% tranche of passive inflows expected in the coming weeks. National infrastructure development remains a central investment theme, underpinned by aggressive public capital expenditure: Ho Chi Minh City launched 16 new infrastructure projects valued at $9.5 billion. Hanoi initiated 6 major developments worth nearly $15 billion, including two urban railway lines.
Macro:
Vietnam’s industrial production (IIP) grew strongly, up 14.4% YoY in August 2026. Factory activity accelerated as the S&P Global Vietnam Manufacturing PMI rose to a six-month high of 53.3, reflecting the sharpest rise in output in over two years. New orders continued to increase, reaching the strongest level since October 2025. August exports grew 26% YoY while imports rose 37.9% YoY, driven primarily by rising prices for raw materials and electronic components. The trade deficit narrowed to $113 million in August ($3.6 billion July). Vietnam welcomed roughly two million international visitors in August, +18.4% YoY.
PYN Elite stock of the month: ACV
ACV operates 21 airports nationwide. Despite global air travel disruptions stemming from ongoing Middle East conflicts, ACV delivered resilient 1H 2026 results, with revenue +4% YoY and net profit expanding 6% YoY. While stock performance has been constrained by governance investigations into the Long Thanh International Airport project, a newly appointed management team has stabilized operations. Phase 1 of Long Thanh remains on track to begin operations in December 2026. Although initial depreciation expense may weigh on short-term earnings, the expanded capacity is critical to capturing sustained long-term growth in international passenger traffic.