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- A bank stock drew buying from more than 50 funds, with Q3 profit forecast to surge
Bank stocks made up 8 of the 10 most net-bought stocks by funds in September, with net buying of about VND 1,034 billion, mainly in VPB, MBB and ACB, marking the second consecutive month of net buying. MBB drew about 52 funds, the most participants, while VPB saw net buying of 28.7 million shares from 20 funds. FiinGroup attributed much of the flow to ETF portfolio rebalancing rather than individual decisions by open-ended funds. SSI Research forecasts Q3 2026 pre-tax profit for the banks it analyzed at VND 10,000 billion, up 38% year on year but down 5% quarter on quarter, with pressure from NIM and bad debt. Meanwhile, equity funds fell an average of 6% in Q3, and investment funds saw net outflows of about VND 8,600 billion.
- How the Termination Fee and Low Valuation Create Asymmetric Upside for Netflix (NFLX)
White Brook Capital's Q3 2026 investor letter is cautiously optimistic. Its Ethical All-Cap Strategy has outperformed, while the Small Cap Strategy lagged due to execution delays, higher interest rates and market pressure. The firm says the economy remains resilient on AI infrastructure investment and consumer spending, but rising rates, energy and labor costs, fiscal deficits, trade conflicts and geopolitical tensions raise questions, and it favors AI infrastructure providers such as Nvidia, TSMC, SK Hynix and Qnity over expensive frontier-model developers. The letter notes that Netflix collected a $2.8 billion termination fee after losing the Warner Bros. Discovery auction, avoiding the cost of a large acquisition. Netflix closed at $68.69 per share, a $286.02 billion market cap, with shares down 3.74% over one month and 38.47% over 52 weeks; the firm views the stock as cheap given slower US growth, strong free cash flow and potential buybacks.
- How Private Equity Slow Burn Will Shape The Next M & A Cycle
Private equity firms are facing a backlog of thousands of aging portfolio companies bought during the low-rate era. U.S. PE exit value reached nearly $645 billion in 2025, more than double the 2023 trough, but the recovery is uneven and concentrated in larger deals. As of June 30, more than 13,500 U.S. companies were PE-owned, nearly half held for over five years, and the main obstacle is price, as sellers' valuations clash with buyers' higher financing costs. Sponsor-to-sponsor deals have made up about 45% of exits over the past decade, while cash distributions have stayed at or below 15% of NAV for four consecutive years. The article argues firms must now create value through operational improvements rather than cheap leverage and multiple expansion.
- Q3 M & A Deal Volume Cools , But Consolidators Keep Driving Deals
Wealth management M&A activity cooled in the third quarter across several industry trackers. DeVoe & Company counted 77 RIA deals, a 17% drop in volume from last year, which it attributed to market volatility distracting leaders of smaller firms. Piper Sandler recorded 89 deals versus 93 a year earlier, and Fintrx counted 60 versus 62, though its tally excludes deals by private equity firms, banks and insurers. Despite the slowdown, Fintrx has logged 225 deals year-to-date, already above the 193 for all of 2025, while Marshberry counted 294 deals through September compared with 281 in 2025. Analysts expect large consolidators to keep 2026 on track for a record, and Marshberry said the full-year count could break 400 deals.
- 9,000 billion euros and a special message from Luxembourg's Finance Minister to Vietnam's stock market
Luxembourg Finance Minister Gilles Roth said he hopes part of the 9,000 billion euros in assets held by investment funds in Luxembourg will flow into Vietnam. On October 13, State Securities Commission Deputy Chairman Hà Duy Tùng met Roth's delegation at HoSE to discuss capital market cooperation, linking stock exchanges, and attracting international capital. The two sides also referred to the finance ministers' MoU signed on October 12, FTSE Russell's upgrade of Vietnam to emerging market status, and the still-large share of individual investors. Luxembourg pledged to help Vietnam study bond listings on both markets, including green and sustainable bonds, and to share technical experience on blockchain-based government bonds and workforce training.
- Bill Gates-Linked Fund Keeps Selling Vietnamese Stocks
Gates Foundation Trust, the investment vehicle linked to Bill Gates, has continued reducing its holdings in Vietnamese stocks. On October 2, 2026, the fund sold 100,000 shares of TNG (HNX: TNG), leaving it with 250,000 shares, or 0.1942% of charter capital. In the same session, Norges Bank sold 100,000 shares, pushing the related foreign investor group below 5% and out of major shareholder status at TNG. The fund had held 750,000 TNG shares in early June, so it cut 500,000 shares in roughly four months. Earlier, on July 16, it sold all 112,893 PNJ shares. The article stresses that Gates Foundation Trust is a separate legal entity, and its trades should be distinguished from those of other members of the Dragon Capital-linked group.
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Latest news
- Bank Profits Surge
The 9-month 2026 results show many banks continued to grow profits, with some posting record quarterly earnings. VPBank's pre-tax profit reached nearly VND 30,000 billion, up nearly 47%, equal to its full-year 2025 result and about 72.4% of its 2026 plan; Q3 pre-tax profit topped VND 11,000 billion. Techcombank posted VND 28,900 billion (up 23.7%), while LPBank reported VND 10,421 billion (up nearly 9%). SSI forecasts pre-tax profit of its monitored banks to rise 19.5% in 2026 before slowing to 15.4% in 2027, pressured by narrowing net interest margins and rising credit risk provisions. It also expects system-wide credit growth of 16-17% in 2027 and 17.9% for the monitored banks.
- World's Largest Gold Fund Dumps Over 10 Tonnes of Gold as Prices Slide
SPDR Gold Trust, the world's largest gold fund, continued net selling of nearly 12 tonnes of gold in the 22/10 session, bringing total sales over 2 sessions to nearly 15 tonnes and cutting its holdings to about 1,046 tonnes. Spot gold fell more than 2.8% to around USD 4,025 per ounce at the close of 22/10, and briefly dipped below USD 4,000 per ounce in the morning session of 23/10. Tensions in the Middle East pushed crude oil prices higher, raising concerns about inflation and further Fed tightening, and gold has still not attracted sustained safe-haven demand even as US Treasury yields fell. US September CPI rose 0.6% month on month and 3.7% year on year, while PPI rose 1.3% and 6.3%. Markets price about an 84% chance the Fed holds rates steady at its 27-28/10 meeting and a 16% chance of a 25 basis-point increase; September PCE data due on 29/10 is the next key factor to watch.
- Gold Prices Continue to Fall
On the morning of 23/10, domestic gold prices kept falling, with SJC bar prices varying by seller and the premium over world gold widening. Công ty TNHH Vàng bạc đá quý Sài Gòn listed SJC bars at VND 139-142 million per tael (buy-sell), down VND 300,000; Phú Quý was at VND 138-141.8 million, down VND 500,000; and Mi Hồng at VND 140-141.5 million, down VND 800,000. Gold rings also fell by varying amounts, with DOJI at VND 138-142 million and Phú Quý at VND 138-141 million per tael. World gold dropped USD 129 to around USD 3,992 per ounce, equal to about VND 125.3 million per tael, leaving SJC bars about VND 16.7 million per tael above the world price. The State Bank's central rate was set at 25,627 VND/USD, down 5 dong, while Vietcombank quoted 25,660-26,040 VND/USD (buy-sell).
- Company Linked to Billionaire Pham Nhat Vuong Announces Major Good News
VEFAC (ticker VEF), a Vingroup subsidiary, posted Q3 net revenue of nearly VND 77 billion, up 67% year on year, but a gross loss of about VND 27 billion as cost of sales from its exhibition business exceeded revenue. Q3 profit rose mainly thanks to a gross gain of about VND 65 billion from transferring some schools in a project to a partner, while financial income reached over VND 388 billion, mostly from loan and investment income. For the first nine months of 2026, after-tax profit was nearly VND 865 billion, down about 94% from VND 15,418 billion in the same period of 2025, as the prior year included large gains from transferring part of the Vinhomes Global Gate project. As of 30/9/2026, total assets stood at over VND 31,905 billion, up 36% from the start of the year, while total liabilities exceeded VND 24,364 billion, with short-term customer advances rising from VND 411 billion to over VND 8,373 billion.
- Lotte and Phat Dat Officially Break Ground on VND 60,000 Billion Mega Project in Thu Thiem 'Golden Land'
A joint venture between Lotte Group (South Korea) and Phát Đạt (HoSE: PDR) officially broke ground on 23/10 on Lotte Eco Smart City Thu Thiem in the Thu Thiem New Urban Area, HCMC, with total investment of about VND 60,000 billion. The project covers nearly 7.5 ha and will combine Grade A offices, retail, services, accommodation and housing, adjoining the central plaza and central lake of Thu Thiem. Phát Đạt holds 35% of Lotte Properties HCMC, the project developer, and will develop the housing blocks along with two towers (2-1 and 2-3) with about 219,722 m2 of floor area, while Lotte handles block 2-5. Lotte Properties HCMC paid VND 17,569 billion in land-use fees on 31/7/2026, and Phát Đạt completed its VND 7,666 billion payment to take its 35% stake. MB is funding all of Phát Đạt's capital contribution, while VietinBank and BIDV also support the project.
- International Business : Global stocks nosedive as Meta dents AI optimism
Global stocks retreated as tech earnings failed to ease concerns about the AI outlook, with MSCI's All-World index set for its largest daily fall in two weeks, down 0.4 per cent. Meta beat third-quarter revenue expectations, but its plan to issue non-voting stock revived worries about its mounting capital commitments, and a New Mexico judge ordered it to pay a $25 billion penalty in a data privacy case. Brent crude rose nearly 3% to $112 a barrel, near a five-month high, after more Houthi attacks in Saudi Arabia raised supply risks. Investors moved into government bonds, pushing the US 10-year yield down to 5.05%, below France's for the first time in 13 years, while French yields have climbed above 5% amid concerns over social unrest and debt. The France-Germany 10-year spread reached 177.7 basis points, its widest since 2011, while gold fell 1.8% to $4,070 an ounce.
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