Foreign investment funds remain upbeat about the Vietnamese market’s potential, Photo: Le Toan In this year’s past quarter, the Vietnamese stock market went through a corrective period, as the main gauge VN-Index tumbled by 20 per cent from its historic peak of 1,170 points in March. External volatilities on trade and foreign currencies threatened to drag the market down further. However, foreign investors, who have seen the value of their portfolio going south, now take refuge in the upbeat business results of leading Vietnamese firms. Tundra Vietnam Fund, the first Scandinavian fund focused solely on Vietnam, noted that they saw earnings growth in key sectors, such as banking, real estate, materials, and construction. The financial sector posted year-on-year growth between 50 and 150 per cent, which excited Tundra Vietnam as Saigon Securities and HDBank are both among its top 10 holdings. Specifically, Saigon Securities posted VND2.1 trillion ($92.92 million) in gross revenue in the first half of 2018, up 60 per cent year-on-year. Consolidated pre-tax profit stands at VND885 billion ($39.16 million), 20 per cent higher than last year. Similarly, the pre-tax earnings of HDBank were VND2 trillion ($88.5 million), which is twice as much as in June 2017. “At… Read full this story
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