PYN Elite Fund Founder: A stronger wave of foreign capital will certainly come to Vietnam's stock market

Stocks continuously break peaks, foreign capital "revives"

The Vietnamese stock market has continued its upward trend for more than 3 months and continuously set new records. The VN-Index officially surpassed its old peak in July 2025 and continued to reach new historical milestones in the early trading sessions of August.

Cash flow into the stock market from both domestic and foreign investors. The latest statistics from the Vietnam Securities Depository and Clearing Corporation (VSDC) show that by the end of July 2025, the Vietnamese stock market had nearly 10.5 million accounts, an increase of 226,300 accounts compared to June, reaching the highest level in the past year and an increase of nearly 1.2 million accounts compared to the beginning of the year, showing the growing attraction of businesses on the floor.

July also marked a strong signal of foreign cash flow returning when foreign investors net bought more than VND8,500 billion in the whole market, of which, net bought more than VND8,704 billion of stocks on the HoSE. Not only increasing in value, foreign cash flow also increased coverage, focusing on banking, real estate, retail and infrastructure stocks - areas that are highly sensitive to the economic recovery cycle.

The return of foreign capital has become the main driving force for the market to break out, investor sentiment has been "unleashed", pushing liquidity up continuously. The average order matching value in July increased dramatically by 76% compared to the previous month and continued to set a new record in early August with a trading session with an order matching value of up to 86,000 billion VND on August 5, 2025.

However, for foreign capital to be truly sustainable, the important factor lies not only in valuation or growth, but also in transparency and market access - something that Vietnam has been gradually improving significantly in the past 1-2 years.

These changes have breathed new life into market sentiment, especially with long-standing institutional investors such as PYN Elite Fund - an investment fund from Finland whose main portfolio is being allocated to leading stocks on the Vietnamese stock market.

“Vietnam's stock market is like a Royal Flush on a poker table”

Amidst expectations for a new growth period, Baodautu.vn had an interview with Mr. Petri Deryng, founder and operator of PYN Elite Fund, to hear the perspective from a leading, steadfast foreign investment fund in Vietnam for over a decade.

Mr. Petri Deryng, Founder and CEO of PYN Elite Fund

Sir, the Vietnamese stock market has developed a lot and is facing new opportunities. How do you evaluate the prospects of the Vietnamese stock market in the coming period?

I think Vietnam's current outlook is like holding a Royal Flush on the poker table. While many regional markets are facing economic or policy problems, Vietnam stands out with its strong economic growth, political stability, low public debt, loose monetary policy and still very attractive stock valuations. These are ideal conditions that any investor would want to have.

The VN-Index has surpassed its historical peak and continuously reached new heights. In your opinion, what is the main driving force behind this increase?

The stock market has underperformed over the past two years, and corporate earnings have missed expectations. But I believe we are entering a stronger earnings growth cycle that could last for the next 12 to 24 months and take the market even higher.

Although foreign investors have returned, I think the current level of participation is still very low - even "absurd" compared to the potential. A stronger wave of foreign capital will certainly come and play an important role in lifting the market to new heights.

In the 25 years of market development, we have seen the number of listed companies and the total market capitalization increase many times. But in my opinion, the upcoming period will be the period when the market really enters an extremely attractive phase, when we remove the pre-funding regulation, build a central counterparty (CCP) mechanism and allow intraday trading.

If the foreign ownership limit (FOL) problem is solved, the market will be very different - a huge amount of capital will be accessible, and this may create an incentive for the Government to speed up the equitization process of large state-owned enterprises that has been delayed for many years.

From the perspective of a foreign investor who has closely followed the Vietnamese stock market for more than 12 years, do you have any additional contributions regarding policies to attract more foreign investors to the market?

I have been disappointed for 10 years by the slow pace of modernizing the Vietnamese stock market. But in the last 12 months, I have been surprised and impressed by the determination of the authorities. They are addressing many outstanding issues, setting specific deadlines and working to achieve them. There is a clear political will to move the capital market forward.

I expect the Central Clearing Counterparty Model (CCP) to be operational by early 2026, allowing same-day matching of buy and sell orders - which is very important for institutional investors.

Regarding the FOL limit, I think the reasonable way is to apply a whitelist for the whole market, meaning that businesses will by default not be subject to foreign ownership limits, except for a few sensitive industries on the red list. If this can be done, Vietnam will become one of the most attractive markets for global institutional capital flows.

Source: https://baodautu.vn/nguoi-sang-lap-pyn-elite-fund-lan-song-von-ngoai-manh-me-hon-chac-chan-se-den-voi-chung-khoan-viet-nam-d352636.html