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Vietnam’s VN-Index rose 10.7% in April, with gains largely driven by stocks in the Vingroup ecosystem, including VIC, VHM, VRE and VPL. In line with the market, the Pyn Elite Fund reported a 1% increase in its April performance.
Fund highlights: market upgrade and earnings support
The Finland-based fund said the most notable development in April was FTSE Russell’s confirmation that Vietnam’s market will be upgraded from frontier to emerging market status. The upgrade is scheduled to be implemented in four phases from September 2026 to September 2027.
The fund noted that this timeline, together with positive Q1 earnings results, helped support market sentiment. It also pointed out that while listed companies posted generally positive Q1 outcomes, the current earnings strength has not yet clearly translated into stock prices across the market.
Performance and portfolio results
According to the fund, VN-Index’s 10.7% rise was mainly led by Vingroup-related stocks (VIC, VHM, VRE and VPL), contributing to the fund’s 1% gain.
Most listed companies reported positive Q1 results, with aggregate profits rising 36% year over year. Within Pyn Elite Fund’s holdings, profits increased even faster, up 41% year over year, led by HPG, MWG and KDH.
Macro backdrop in April
On the macroeconomic side, the fund said key sectors remained positive in April:
The fund also cited inflation and energy conditions. The consumer price index rose 5.5% year over year due to higher energy prices. It added that Vietnam’s fuel reserves are sufficient to meet demand through mid-July.
In addition, Vietnam’s National Assembly approved the public investment plan for 2026 with a total scale of about 33 billion euros, described by the fund as the highest in the country’s history.
HPG outlook: infrastructure investment and capacity expansion
The fund described HPG as a leading steel producer in Southeast Asia and said it expects the company to benefit from Vietnam’s upcoming infrastructure investment waves in the coming years.
HPG’s annual targets include revenue growth of 35% and profit growth of 42%. Based on positive Q1 results, the fund expects HPG to surpass these targets.
The fund also highlighted HPG’s expansion of high-quality steel production to support the Hanoi–Saigon high-speed railway project, including a new plant planned to start operations in 2027. It added that HPG is expanding its real estate development activities, with participation in the Red River corridor project in central Hanoi expected to create additional opportunities.
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