Finish fund Pyn Elite spends $41.4 mln on MBB shares of MBBank in May

Finish investment fund Pyn Elite allocated an additional 3% of its portfolio (VND700 billion or $41.38 million) to 26 million MBB shares of MBBank last month, increasing the holding to 12.4%.

According to the Pyn Elite monthly review in May 2025, the fund said MBB began the year out of favor due to asset quality concerns and limited investor communication.

In the first quarter, the bank’s revenue grew 30% year-on-year and net profit went up 49%, with only a slight uptick in non-performing loans (NPLs). Despite strong results, the stock saw little reaction as investors await clearer signs of asset quality improvement.

In May, Novaland – one of MBB’s key clients – received approval to resolve issues at the Aqua City project and plans to resume sales in Q3. Meanwhile, the government raised retail electricity prices and issued the National Power Development Plan VIII to help advance the power sector.

“These developments improve MBB’s renewable loan portfolio, which faced legal bottlenecks and delayed payments. We accumulated more MBB and raised its portfolio weighting from 9.5% to 12.5%,” the fund stated.

Regarding its performance, PYN Elite said it rose 5.4% in May, led by HVN of national flag carrier Vietnam Airlines, GEX of Gelex Group, and brokers.

The VN-Index, which represents the Ho Chi Minh Stock Exchange (HoSE), gained 8.7%, with 40% of the increase from Vingroup and Vinhomes, fueled by strong retail investor enthusiasm following high-speed rail news and favorable government policies.

Market sentiment improved as Vietnam held its second trade talk with the U.S. in May and began a third in June. The government issued Resolution 154, targeting over 8% GDP growth in 2025 and 8.2% for Q2 (Q1: 6.9%).

The resolution supports infrastructure spending, signals a potential rise in government debt-to-GDP, and aims to boost the private sector. Regulatory approvals are accelerating, especially in the renewables and real estate sectors.

About the macro situation, the most notable highlight in May was public investment, with disbursement reaching $2.7 billion, twice the five-year average – bringing total disbursement to $7.7 billion in the first five months of 2025 (up 38.8% year-on-year).

This is in line with the government’s strong will for infrastructure development and emphasis on fast-tracking approvals. The broader economy showed resilience: Retail sales stayed solid at 10.2% year-on-year in May (9.7% in the first five months of 2025), while the index of industrial production (IIP) accelerated to 9.4% year-on-year (8.8% in the first five months of 2025).

FDI momentum strengthened, with cumulative registered FDI hitting $18.4 billion, up 51.1% year-on-year in the five-month period, while disbursed capital reached $8.9 billion, up 7.9%. Exports rose 17.0% year-on-year in May, partly driven by front-loading activity.