Macro/ Strategy

The market continued the corrections in the last month of 2022 after the positive momentum in November. The US Federal Reserve (FED) kept up raising interest rates as planned, causing the falling trend at many global stock markets. Meanwhile, Vietnam's GDP growth in 2022 achieved 8.02%; the inflation rate was lower than the target set by the National Assembly, reported as 3.15%. In the prospect of 2023, the Vietnam economy will slow down but expected to maintain a growth rate of 6-6.5% at an under-controlled inflation level.

The "Value Seeking" portfolio includes leading blue-chip stocks, which have been heavily discounted recently. In terms of investment efficiency, the portfolio’s return continuously outperformed the VN-Index's return.

The VN-Index has recovered merely 20% from the nearest bottom on Nov. 16th, 2022 (873.78 points) but still being traded at a relatively appealing price range for a decade till now (P/E, P/B at 9.8x and 1.5x, respectively). 2023 is the great year to invest in a portfolio comprising value stocks.

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