Macro/ Strategy

The growth portfolio had a return rate of 12.1%  in 2025.

Positive contributions to the portfolio's investment performance in 2025 were STB (+57.1% compared to the beginning of 2025) and VPB (+53.2% compared to the beginning of 2025). The 2025 business results of the growth investment portfolio were impressive, with total revenue increasing by 15.4% YoY and net profit rising by 20.4% YoY. 

We remove STB, CTR, and PVT from our portfolio this period as they no longer meet our growth criteria, following signs that their profit growth is likely to slow down in the near future

We add MBB and MWG to our portfolio as they meet our selection criteria

• For MBB, we forecast the bank will maintain double-digit profit growth in 2026, driven by (1) superior credit quotas providing a foundation for long-term growth and (2) a strategic shift toward retail lending
• For MWG, profit is projected to surge based on two strategic pillars: (1) Dien May Xanh: continuing as the primary backbone by focusing on product quality and a lifelong service ecosystem, and (2) Expanding Bach Hoa Xanh's footprint with plans to add 1,000 new stores, maintaining a revenue growth momentum of over 20%.