Vietnamese Investors Focus More on Asset Cash Flow Amid High Interest Rates
At the Vietnam Investment Forum 2027, two industry professionals said higher interest rates are prompting investors to reassess the costs and returns of holding assets. Rental properties and fixed-income assets are attracting attention. Although stock valuations are seen as attractive, company quality remains important when selecting shares.
At a discussion at the Vietnam Investment Forum 2027, Nguyễn Duy Linh, CEO of Saigon - Hanoi Securities Joint Stock Company (SHS), said individual and institutional investors have placed greater emphasis on how efficiently they use capital since late 2025. As interest rates have risen, the opportunity cost of investing in other assets relative to bank deposits has increased, and investors are demanding higher expected returns from riskier assets.
Nguyễn Duy Linh said about 80% of stocks have declined since late 2025, with nearly half falling by more than 20%. He said broad indices may not fully reflect the performance of individual stocks, and investors need to review their capital allocation and risk management. He currently holds about 30% to 40% of his personal assets in fixed-income investments and is gradually increasing his stock allocation.
Nguyễn Duy Linh, CEO of SHS.（VietVance）
Nguyễn Thị Minh Thu, executive director of Index Partners Financial and Investment Consulting Company, said she has allocated a substantial share of her personal portfolio over the past two years to properties that generate rental income. She said properties without cash flow still incur holding costs, while limited liquidity poses risks for investors using leverage. She also prioritizes fixed-income assets and considers corporate bonds worth examining.
Guests at an asset allocation discussion at the Vietnam Investment Forum 2027.（VietVance）
On stocks, Nguyễn Duy Linh said current valuations are relatively low. Excluding stocks in the Vingroup ecosystem, the market’s price-to-earnings ratio is about 9.3 to 9.4 times, he said. Based on an expectation of 15% to 17% growth in corporate profits, SHS estimates that the ratio could fall to about 8.5 times. He said he focuses on sustained company growth, actual cash flow and balance sheet strength when selecting stocks.
Source: VietVance
