FREE

INVESTMENT OUTLOOK ON EARNINGS SEASON: CATCHING THE MOMENTUM

Dear Investor,
In our previous strategy report, we highlighted the message: "Staying Unchanged Amidst Constant Change" – a call for investors to remain composed and adaptable in the face of abrupt global shifts, particularly those stemming from trade policy volatility. Amid escalating trade tensions, especially between the U.S. and China, Vietnam—given its high trade openness and proximity to China—was considered among the most exposed economies. Nevertheless, Vietnam’s proactive stance in negotiations, flexible policymaking, and diplomatic engagement has yielded tangible progress.
Although the absolute tariff rates granted to Vietnam may not have fully met initial expectations, from a relative standpoint, trade tariffs are arguably no longer a key overhang. In this new equilibrium, Vietnam’s inherent competitive advantages—low cost base, strategic location, and improving infrastructure—are regaining traction as long-term drivers for FDI inflows. We believe this adjustment process has been well reflected in investor behavior, as evidenced by a notable resurgence in capital flows and a record-breaking rally in the VN-Index this past summer.
This report is designed to equip investors with:
A comprehensive update on recent macro and market developments, covering shifts in monetary policy, inflation trends, GDP growth outlook, changes in global capital allocation strategies, and market performance from both index and corporate earnings perspectives.
A forward-looking outlook for the next 3 months, shaped by evolving trade policy dynamics and corporate earnings prospects for Q3/2025.
Investment ideas and model portfolio recommendations, with emphasis on sectors poised to benefit from the credit cycle, public investment, infrastructure development, and especially those with compelling valuations under the new tariff regime.
In our view, now is not just a time for repositioning—but a time to catching the momentum. The current market momentum reflects a transition not only in fundamentals but also in sentiment, supported by a more stable macro backdrop and policy clarity.
Rong Viet Securities remains committed to supporting investors throughout this journey—delivering timely macro insights, in-depth sector research, and actionable investment strategies tailored to evolving market conditions. We trust that this report will serve as a valuable resource in navigating opportunities amid both change and continuity.
Sincerely,