Opportunities for financial investors in a new era

This is the view shared by Dragon Capital experts when discussing the challenges facing retail investors, alongside one principle that never changes: the power of compound interest.

Optimistic About Growth

The listing of Dragon Capital Vietnam Fund Management (DCVFM) on the UPCoM market in early 2026 attracted significant public attention. Addressing investor concerns about the safety of funds after the fund management company went public, Mr. Lê Anh Tuấn, CEO of Dragon Capital, emphasized that this development is highly positive. Listing requires the company to comply with strict regulations from the State Securities Commission (SSC), making operations—from risk management and internal controls to accounting and auditing—more transparent and standardized. At the same time, the employee stock ownership plan (ESOP) mechanism helps align the interests of the fund management team more closely with clients’ investment performance.

Speaking at Dragon Capital’s first “Investor Day” event of 2026, Mr. Lê Anh Tuấn underlined a strict legal requirement: no one is allowed to use fund assets to purchase shares of the fund management company itself.

When analyzing growth drivers, Mr. Lê Anh Tuấn expressed strong confidence in the strengthening leadership role and execution capacity of the state apparatus. He compared the current context to China’s rapid reform period in the 1990s, when decisive governance enabled major infrastructure breakthroughs. In addition, digital infrastructure—most notably VNeID—is seen as a new “weapon” that can reduce administrative costs and speed up business procedures by as much as 90–95%. On the macroeconomic front, experts forecast that GDP growth in 2026 could reach around 8%, supported by a strong recovery in manufacturing and consumer confidence.

Equity and Bond Fund Strategies: Flexible and Resilient

Regarding the DCDS equity fund, Mr. Võ Nguyễn Khoa Tuấn, Senior Director of Securities Operations at Dragon Capital, said the fund remains committed to a flexible strategy focused on companies with the strongest fundamentals. Addressing concerns about concentration risk in Vingroup-related stocks, he clarified that the fund has reduced exposure to this group and that banks currently represent the largest weighting in the portfolio. Over the past 10 years, DCDS has delivered an average annual return of 18–19%, significantly outperforming the VN-Index.

On the bond and fixed-income side, Mr. Nguyễn Sang Lộc, Director of Portfolio Management, noted that the DCDE fund is expected to maintain a dividend payout of around 5% for the third consecutive year. Notably, the payout could take place in July 2026, allowing investors to benefit from a proposed reduction in dividend tax from 5% to 2.5%.

Explaining why bond funds such as DCIP or DCBF do not necessarily distribute cash dividends, Mr. Diệp Quốc Khang, Senior Director of Fixed-Income Operations, said these funds are inherently flexible and highly liquid, with redemption periods ranging from one to five days. Not distributing dividends allows investors to fully harness the power of compound interest through automatic reinvestment.

Both Mr. Võ Nguyễn Khoa Tuấn and Mr. Lê Anh Tuấn encouraged investors to start periodic investments in fund units early. Over the long term, the power of compound interest—with expected returns of 18–19% per year—can turn small initial investments into substantial assets after 10–20 years.

Mr. Võ Nguyễn Khoa Tuấn illustrated that with an average annual return of 15%, a one-time investment of VND 1 billion in DCDS could double after five years, quadruple after 10 years, increase sixteenfold after 20 years, and grow thirty-twofold after 30 years.

Real Estate and Gold: Challenges Alongside Opportunities

In the real estate sector, Mr. Nguyễn Sang Lộc said that new regulations on identification and market transparency will benefit companies with clean land banks and strong reputations. Mr. Võ Nguyễn Khoa Tuấn added that after a period of sharp price declines, real estate stocks are opening up significant investment opportunities, and the fund will consider increasing its allocation when conditions are right.

As for gold, Mr. Lê Anh Tuấn took a cautious long-term view. While gold can experience strong rallies during periods of global instability, its performance since 2008—around 11%—has lagged behind equities, which have returned approximately 16–17%. He argued that gold should only represent a small portion of a diversified portfolio rather than serving as a primary investment channel.

Stocks: Attractiveness Driven by Three Key Pillars

At the event, Mr. Lê Anh Tuấn devoted time to an in-depth analysis of factors supporting the stock market. According to Dragon Capital experts, the market in 2026 is underpinned by three key pillars.

First, the market upgrade roadmap will enable Vietnam to access larger-scale international capital flows. Second, domestic investor confidence is rising sharply thanks to a stable macroeconomic environment. Third, corporate profits are expected to grow by 19%, alongside a strong wave of IPOs during the 2025–2027 period.

Dragon Capital experts forecast that total IPO value during this period could reach around USD 50 billion, with approximately USD 3 billion in deals expected over the next 12 months alone. Sectoral allocation is projected as follows: consumer goods USD 12.8 billion, financial services USD 5 billion, entertainment USD 1.9 billion, healthcare USD 1.3 billion, infrastructure USD 13.8 billion, technology and IT USD 0.8 billion, and USD 4.7 billion from listings migrating from UPCoM to the HoSE.

At the same time, institutional frameworks are being further strengthened. Resolution 68 (2025) expands sandbox mechanisms, encourages innovation, and supports enterprises. The VNeID digital platform helps businesses reduce administrative time and costs while enhancing transparency.

Accordingly, experts believe that over the next five years, Vietnam’s economy will be driven by “three main turbines”: the private sector, the state sector, and foreign direct investment (FDI). New mechanisms within the state sector are expected to remove major bottlenecks; FDI will become more selective, with a stronger focus on technology transfer; and the private sector will operate more fully in line with market principles.