INVESTMENT STRATEGY

• Despite experiencing significant volatility in September, the Vietnamese stock market continues to be supported by key drivers, including positive corporate earnings growth prospects alongside a favorable macroeconomic backdrop. Macroeconomic indicators remain encouraging, with export–import activities and manufacturing showing resilience (PMI above 50), while public investment is on track to be fully disbursed in line with the government’s annual plan. On the policy front, the Government has continued to signal its support for the market through measures such as new regulations on gold trading, addressing bottlenecks in the real estate sector, strengthening oversight of financial market activities, and fostering the development of new areas such as the digital asset market and financial centers in Vietnam.
• Market Upgrading: From GTJA’s perspective, we emphasize that market upgrading is not only a destination but also a reflection of the progress of Vietnam’s capital market. Therefore, we believe that even under a less favorable scenario (where the timing of an upgrade may take longer than expected), the reforms implemented will still deliver highly positive effects.
• Investment Strategy for Q4: Our focus remains on the banking sector as the primary investment theme. In addition, we highlight several stocks with strong growth potential for FY2026 earnings, including HPG, CTD, and DBC.
• Nevertheless, investors should exercise caution in disbursement, as the index is expected to remain volatile within a wide trading range. Hence, strict discipline in managing entry prices and cut-loss levels is essential.

(EN) GTJASVN Research_Investment Strategy Report_Year-End Wave Ride_Oct 1, 2025