Vietnam is off to a strong start in 2026. Exports and tourism have continued to boom over the past two quarters, with unabated global market share gains. And local spending and credit activity are also on a steady upward trend.

As always we stay with the underlying growth story. Risks remain if Vietnam gets caught in the middle of a worst-case US-China trade war, but with high external "basic" balance surpluses, ongoing share gains and strong domestic indicators we hold our equity market position as the country continues its path as an Asian tiger.