Macro/ Strategy

At the close of the trading session on 2024, the VN-Index closed at 1,266, up 14% compared to the beginning of 2024. In the meantime, the growth portfolio had a good return rate of 33.5%, thanks to the positive business results in 2024.

Positive contributions to the portfolio's investment performance in 2024 were FPT (+85.3% compared to the beginning of 2024) and HDB (+60.1% compared  to the beginning of 2024). The 2024 business results of the growth investment portfolio were impressive, with total revenue increasing by 19.2% YoY and net profit rising by 42.4% YoY. 

In 2025, we anticipate our investment portfolio's profits to continue their impressive growth trajectory. The revitalization of economic pillars, aiming for growth rates exceeding 8%, will drive growth in sectors such as banking, fueled by the rise in credit demand; logistics, propelled by surging production and consumption; and steel, boosted by heightened infrastructure investment.

Additionally, we are adding TCB to our growth portfolio. TCB is one of the largest joint-stock banks in Vietnam and a leader in the financial industry's digitalization journey. We forecast TCB to maintain double-digit profit growth in 2025 thanks to: (1) (1) Credit growth remaining high, projected to exceed 20%, thanks to the recovery of the real estate market and  (2) NIM continuing to improve thanks to effective control of capital costs and a high CASA ratio.