Creating Prosperity Together
VinaCapital passionately believes in Vietnam. We invest in the country, its workforce, its energy, and its future.
As Vietnam’s only multi-disciplinary asset manager, we offer local and international investors a range of opportunities to share in the country’s growth.
Positive Outlook for Vietnam’s Banking Sector in 2025
(Tiếng Việt) Banking sector stocks make up 40% of the VN-Index (VNI) and significantly outperformed the VNI in 2024 (returned 26% in VND terms vs. 12%, respectively). We expect the sector to deliver even stronger performance this year, driven by economic factors such as increased public infrastructure spending, a recovery in consumption, and the real estate market. However, there is considerable dispersion in performance, fundamentals and valuations among listed banks, presenting a prime opportunity for active managers to outperform the broader market.
In this report, our Chief Economist, Michael Kokalari, and Senior Bank Analyst, Thuy Anh Nguyen, further discuss the key drivers behind 2025 bank earnings growth and our criteria for selecting bank stocks in the coming year.
ESG & Responsible Investment
The soul of our company lies in our desire to share and spread wealth and prosperity. We research, work, and invest to make a difference in the communities we serve and are tireless in our pursuit of a better future for our clients.
USD3.7b
Assets Under Management
200+
Team Members
7
Asset Classes:
• Listed Equity
• Fixed Income
• Private Equity
• Venture Capital
• Infrastructure & Clean Energy
• Real Estate
• Carbon Credit21
Years’ Experience