Stock, real estate investment channels rated higher than gold: Dragon Capital exec
Real estate and stock investment channels score 3.5 to 4 out of 5 compared to gold, which scores only 2 to 2.5, says Le Anh Tuan, head of investment at Dragon Capital Group, a leading foreign-run asset management firm in Vietnam.
Tuan made the statement during the Investor Day conference held by Dragon Capital on Saturday in Hanoi. He categorized investment assets into four main channels, including real estate, stocks, corporate bonds, and gold.
Regarding gold, Tuan revealed that he personally allocates only about 2% of his portfolio to it. While gold occasionally experiences strong price surges, it is not a superior long-term investment compared to other channels over periods of 10 to 50 years.

Le Anh Tuan, head of investment at Dragon Capital Group. Photo courtesy of the company.
Gold price fluctuations are notoriously difficult to predict, and its investment performance is often lower than widely believed. Additionally, gold speculation is tightly regulated by the State Bank of Vietnam to stabilize exchange rates, Tuan noted.
On a five-point scale for investment performance, he rated gold at only 2 to 2.5 points, placing it in the average range.
In contrast, both real estate and stock investment channels were rated at 3.5 to 4 points. Real estate, particularly in regions with improving infrastructure, is seen as an investment channel with significant potential. Segments and markets are showing clearer signs of recovery, especially in northern Vietnam.
Additionally, ongoing regulatory improvements are paving the way for stronger implementation of real estate projects. Untapped areas are also expected to become high-potential zones with strong investment returns, according to Tuan.
The stock market also offers opportunities, despite potential short-term fluctuations caused by global macroeconomic factors and trade conflicts. Dragon Capital predicts that market performance will align with corporate profit growth, he said.
For 2025, medium-term prospects look bright, driven by the government’s commitment to economic growth. The government has set ambitious targets, including 8% GDP growth and a 12% increase in import and export activities.
One of the most anticipated developments in the stock market is the potential upgrade from "frontier" to "emerging market" status, according to FTSE Russell standards, Tuan emphasized. He advised investors to focus on stocks with clear growth potential and those that stand to benefit directly from supportive government policies.
Corporate bonds were rated 3 out of 5 for investment performance due to their inherent risks. However, they remain an attractive option, offering better profit-to-risk ratios than bank deposits. Investors are encouraged to prioritize safety and liquidity when selecting corporate bonds.
Speaking at the conference, Nguyen Tuyet Hong, director of Dragon Capital’s bond division, described bonds as a suitable channel for investors with moderate expectations. “In 2024, bond market issuance increased by over 50%, supported by stable interest rates and a variety of maturities. This trend will continue in 2025, providing investors with a more diverse range of options,” she added.
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