Strategy Monthly: Bottom of the 8th 3-year cycle?

The outcome of the ongoing U.S.-Vietnam tariff negotiations is poised to significantly influence Vietnam’s future economic growth. Despite this uncertainty, we believe the Vietnamese stock market maintains a medium- to long-term upward trajectory, supported by (1) Domestic macroeconomic resilience: Internal economic factors may partially offset the anticipated decline in exports. (2) Attractive Valuations: The Vietnamese stock market is currently undervalued compared to historical averages and other emerging markets. (3) Cyclical Growth Potential: Market cycle analysis suggests the possibility of a new one-year growth phase.