According to data from the General Statistics Office (Ministry of Finance), Vietnam's economy maintained positive growth momentum in the first seven months of 2026. The industrial production index (IIP) increased by 11,4% year-on-year, the highest level since 2019. Total import-export turnover reached nearly 660 billion USD, with exports accounting for 319,53 billion USD, an increase of 21,7%. Public investment disbursement reached over 425.000 billion VND, completing nearly 42% of the annual plan, while realized foreign direct investment (FDI) hit 15,2 billion USD - the highest in the first seven months of the past five years.

Dragon Capital noted that the market's P/E ratio, at 11,9 times, is significantly lower than some regional markets such as Thailand (16,1), Malaysia (15,2), and Singapore (17,3). The trailing P/E (calculated over the last 12 months) sometimes dropped to around 10 times, near a 10-year low, while listed companies' profits are still expected to grow by over 20% for the full year. However, an attractive valuation level does not guarantee easy investment opportunities; developments in the stock market indicate that investment remains challenging. After the VN-Index dropped over 100 points in the trading week of 21-25/7, the market gradually recovered from the end of the month. On 29/7, the index rose 24 points - its strongest gain in a month - reclaiming the 1.700-point mark. By the end of the 7/8 session, the VN-Index concluded the first trading week of August with a gain of over 32 points.

Capital flow continues to rotate among sectors but has not achieved consensus, causing the market to mostly operate in a state of tug-of-war. Investors must simultaneously consider corporate earnings growth prospects alongside macroeconomic variables, geopolitical developments, interest rate trends, and global capital flows.

Doctor Le Anh Tuan - Chief Executive Officer of Dragon Capital Vietnam investment fund - commented that at current valuation levels, long-term accumulation opportunities are real, but differentiation pressure will become increasingly fierce. Many listed companies maintain positive earnings growth momentum, but this does not mean every stock is easy to disburse, as the market still has many significant variables to monitor.

Doctor Le Anh Tuan - Chief Executive Officer of Dragon Capital Vietnam investment fund. *Photo: Dragon Capital*

Following the early August recovery, discussions on stock forums and communities revolved around whether the market had bottomed out, whether to take profits on strongly recovered stocks, or to continue holding for a new uptrend. Additionally, many investors sought signals to identify sectors that could drive capital flow in the second half of the year. Amidst intertwined opportunities and challenges, Dragon Capital Vietnam is organizing Investor Day with the theme "Investing Amidst Variables", taking place at 15h15 on Thursday, 13/8. The program will be livestreamed on VnExpress's Fanpage, and simultaneously rebroadcast on Dragon Capital Vietnam's Fanpage and YouTube channels.

Investor Day will provide analyses of both macroeconomic and domestic developments, and their impacts on Vietnam's economy. From this, experts will present a picture of the stock market and investment opportunities in the second half of the year. The firm will also update on the performance of its funds and suggest suitable asset allocation strategies for investors.

The Investor Day event on 13/8 with the theme "Investing Amidst Variables". *Photo: Dragon Capital*

The Dragon Capital Vietnam experts participating in the program include: Doctor Le Anh Tuan - Chief Executive Officer; Ms. Luong Thi My Hanh - Director of Domestic Asset Management; Mr. Vo Nguyen Khoa Tuan - Senior Operations Director, Securities; Mr. Diep Quoc Khang - Senior Operations Director, Bonds; and Mr. Nguyen Sang Loc - Operations Director, Portfolio Management.

Investor Day is a series of regular programs organized by Dragon Capital to update on economic and market developments and share investment perspectives with the investor community. The program also creates a forum for experts to engage in direct discussions, answer pressing questions, and update investment strategies for each market phase.

Thai Anh

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