VEIL boosts real estate holdings to 22% on Vietnam market confidence

By Hai Yen
Wed, June 18, 2025 | 3:56 pm GMT+7

Vietnam Enterprise Investments Limited (VEIL), the largest foreign-managed equity fund in Vietnam, has raised its allocation to real estate stocks to 22% of its portfolio, equivalent to $368 million, as of May, according to a recent disclosure.

This marks a notable rise from the 14-16% range earlier this year, while VEIL has reduced its exposure to other sectors such as banking, consumer goods, mining, and energy.

Vinhomes (HoSE: VHM) is VEIL’s largest real estate holding, accounting for 6.9% of the fund’s total assets.

VEIL raises holdings of real estate stocks in anticipation of market recovery. Photo courtesy of Lao Dong (Labor) newspaper.

VEIL raises holdings of real estate stocks in anticipation of market recovery. Photo courtesy of Lao Dong (Labor) newspaper.

VEIL, with $1.67 billion in assets under management, said it sees potential for improved earnings and profitablity of land banks held by property developers.

The fund’s portfolio recorded a 7.9% gain in May, with real estate stocks contributing 2.52 percentage points. Notably, 12 out of VEIL’s 13 real estate holdings outperformed the benchmark VN-Index, which advanced 9.1%. Both residential and industrial real estate stocks in its portfolio posted double-digit gains.

“The increases were supported by favorable policies, including accelerated infrastructure development and proposals to eliminate building permit requirements for new projects,” said Tuan Le, a VEIL representative.

Property stocks have surged 35% year-to-date, far outpacing VN-Index’s 4.7% rise. The sector has experienced four straight months of positive returns, peaking in May with a 25% jump.

While some profit-taking has emerged in early June, analysts remain optimistic. In a recent report, Mirae Asset Vietnam forecast that real estate stocks are likely to lead VN-Index gains in the short term, supported by legal reforms and improving market conditions.

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