The defensive investment fund is waiting for its time.

Investment funds' strategies are leaning towards a cautious approach, while still maintaining a proactive stance to capitalize on opportunities arising from the crisis.

Circumspect

Speaking at the recent Vietnam Investment Forum 2025, Ms. Thieu Thi Nhat Le, General Director of UOB Asset Management (Vietnam), shared that the Fund is currently pursuing a defensive strategy. The reason is that the Fund recognizes the continued existence of many uncertainties, prioritizing investments in sectors with strong domestic potential within the Vietnamese market, while limiting investments in areas directly affected by exports.

However, when the market undergoes a deep correction, such as the sharp decline in early April following the US announcement of retaliatory tariffs, it is seen as an opportunity to invest in businesses with strong fundamentals and growth prospects. This is especially true in the context of the government's push for public investment and institutional reforms, aiming for an 8% GDP growth target this year.

"The Fund's investment strategy focuses on businesses operating primarily domestically, especially those that benefit from the Government's strategic direction and priorities, such as public investment," said Ms. Thieu Thi Nhat Le.

According to Ms. Le, there are four sectors that are attracting particular attention from investors: banking, construction and building materials, retail and domestic consumption, and real estate.

Accordingly, the banking sector is expected to benefit directly from the 16% credit growth target in 2025 and the strong acceleration of public investment disbursement. The construction and building materials sector is predicted to grow thanks to a series of key infrastructure projects currently underway. Meanwhile, the retail and domestic consumption sector is expected to remain strong, despite uncertainties in the global economic environment. Finally, real estate will be a promising sector in the coming period, as the government strives to remove legal obstacles for over 2,000 projects, creating a significant boost for this market.

Additionally, there are businesses in the technology and logistics sectors, industries that are able to adapt flexibly to a changing environment.

For businesses with foreign direct investment (FDI), which currently contribute about 70% of total export turnover, UOB Vietnam expects this group to adjust its strategy after the results of the Vietnam-US trade negotiations. In the next few months, when specific tax policies are announced, they will reassess and possibly reallocate their portfolios, prioritizing export businesses that still maintain a competitive advantage.

It can be seen that, when the market reacts strongly to international policies, investors remain calm and conduct detailed analysis of each industry.

Ms. Duong Kim Anh, Investment Director of Vietcombank Fund Management Company (VCBF), stated that the Fund always adheres to its fundamental investment strategy, selecting businesses with a solid foundation and high competitiveness. VCBF selects each business based on its investment criteria rather than allocating resources according to industry proportions from top to bottom. Even within the same industry, the impact of different businesses can vary significantly. For example, in the textile or seafood industries, some businesses heavily dependent on the US market will face difficulties in the short term. Conversely, businesses that have diversified their markets early on or possess specialized production capabilities can maintain orders despite fluctuations. Even with high tariffs, some businesses remain competitive in terms of price and quality.

Businesses in the industrial real estate sector are also indirectly affected because FDI flows tend to observe the impact of tax policies more closely. However, the long-term outlook remains positive, especially for industrial parks with clean land and meeting ESG (environmental, social, and corporate governance) standards.

"These will be the first group of businesses to benefit when FDI flows return in a selective manner, linked to technology transfer and high value-added chains. For such businesses, not only will the proportion of investment not decrease, but it will also be considered for an increase," Ms. Kim Anh emphasized.

Foreign capital is unpredictable.

Earlier, in April, at the Investment Promotion Forum in the US, international organizations, investment banks, financial corporations, and investment funds such as Warburg Pincus, Citibank, JP Morgan, Morgan Stanley, HSBC, Deutsche Bank, BNY Mellon, Standard Chartered, etc., expressed interest in investment opportunities in Vietnam in the near future.

In fact, after four consecutive months of net selling, foreign investors reversed course and became net buyers in May. Mr. Le Hoai Anh, CEO of Affinity Equity Partners, believes that the inflow of foreign capital into the Vietnamese market over the next 6-12 months is difficult to predict, especially given the high global cost of capital. With benchmark interest rates in many major economies remaining around 4.5-5% per year, foreign investors will require yields of up to 15-20% in Vietnam to adequately compensate for risks, particularly exchange rate risk. While the Vietnamese economy has many bright spots, opportunities in other markets are also very attractive.

According to Ms. Thieu Thi Nhat Le, capital flows from large organizations are usually allocated by region and depend heavily on the investment performance of each market.

Currently, international organizations are lowering their outlook for global economic growth. Vietnam is no exception to this trend, given its relatively open economy. Tariff policies affect all countries that have trade relations with the United States.

Meanwhile, valuations in Vietnam have become more attractive following the sharp correction in April. However, it is still too early to make a definitive assessment of foreign capital inflow trends. Institutional investors are closely monitoring negotiations between the US and Vietnam, not only regarding trade but also encompassing geopolitical factors.

Source: https://baodautu.vn/quy-dau-tu-phong-thu-cho-thoi-d300003.html