The PYN Elite Fund has released a report on its activities in Vietnam’s stock market.

It said the VN-Index fell sharply on July 6, to its lowest level in 17 months. The Index’s price-to-earnings ratio (P/E) for 2022 is currently 11.1, which is surprisingly low compared to the MSCI ACWI World Index, which is 15.4.

However, the upwards momentum of stock prices worldwide and in Vietnam has consolidated and solid results were posted in the second quarter, especially in the banking sector. PYN Elite Fund’s performance increased 0.9 per cent thanks rising share prices for ACV, MBB, and CTG.

Some of its large investments, however, did not show good returns in 2021, such as ACV, VRE, CTG, and VEA, because of the impact of Covid-19 and, at CTG specifically, increases in provisioning. However, Mr. Petri Deryng, Portfolio Manager at PYN Elite Fund, expects the profits of these businesses to grow strongly again this year.

Other large investments, such as MBB, TPB, and HDB, which account for 23 per cent of its portfolio, and VHM are expected to post large profits this year.