In December, the VN-Index gained +5.5%, concluding the year at a historic 1,784 points. Market performance remained highly divergent, driven almost exclusively by the Vingroup ecosystem. Despite these headline gains, underlying liquidity conditions started to tighten. By December 24th, credit growth reached nearly 18%, significantly exceeding deposit growth (14%). This widening gap has placed upward pressure on interest rates in recent weeks.
PYN Elite increased +2.9%, thanks to our core holdings in HDB and STB. A significant catalyst for Sacombank (STB) emerged with the appointment of its new CEO, a distinguished leader renowned for his transformative tenure as Chairman of LPBank. This strategic leadership transition serves as a strong signal to the market that STB is entering the final, value-unlocking phase of its multi-year restructuring process.
Macro data
Vietnam’s GDP +8.5% YoY in Q4, lifting full-year growth to over 8%. In 2025, the industrial and construction sector had the strongest growth, +9% YoY, followed by the services sector +8.6%. Total exports increased to $475b (+17% YoY). Imports also accelerated to $455b (+19.4% YoY). On December 19th, Vietnam inaugurated, broke ground, and technically launched 234 major projects nationwide, with a combined investment value of over $137b. These large-scale developments will provide the foundation for the ambitious 10% GDP growth target for 2026.
PYN Elite stock of the month: HVN (Vietnam Airlines)
Vietnam Airlines (HVN), the national flag carrier, reported a strong performance in 2025, serving approximately 25.7 million passengers (+11% YoY). The carrier targets over 29 million passengers in 2026, representing a further 13% expansion. HVN continues to aggressively broaden its international footprint, having launched 14 new routes in 2025 – most notably the direct flight to Denmark, marking the company’s first non-stop link between Vietnam and the Nordic region. The second HCMC airport reached its technical opening milestone. Long Thanh International Airport will begin full commercial operations in mid-2026. This will fundamentally transform the region’s aviation architecture, providing an additional capacity of 25 million passengers and 1.2 million tons of cargo annually.