Macro/ Strategy

Over the past six months, the VNINDEX has experienced a strong rally, reaching an all-time high of 1,700 points (+38% since April 2025). Since the beginning of 2025, the Green Energy portfolio has delivered a +12.8% return, underperforming the VNINDEX, mainly due to the dominant contribution of VIC Group stocks to the market’s overall gain.

1H2025 Business results update: Portfolio revenue and profit grew +7% and +43% YoY, respectively, driven by a broad recovery across most holdings. Specifically, hydropower companies benefited from favorable weather conditions, NT2’s gas-fired output rebounded strongly, and new selling prices for transitional wind power projects began to apply.

Notably, in the last six months, a series of major policy initiatives have been introduced, creating strong and positive momentum for the renewable energy and LNG power sectors. The revised PDP VIII and its implementation roadmap, approved soon after, demonstrate the government’s clear commitment to accelerating energy transition. In parallel, new generation pricing frameworks for renewable power sources have been issued. Within the portfolio, we favor REE and PC1, which are expected to benefit significantly from the Revised PDP VIII, while GAS also stands out as an attractive pick given its large LNG workload pipeline over the next five years. Conversely, we have removed CNG from the portfolio due to low liquidity, with average 5-day trading volume dropping to only around 15,000 shares/session