The stock market entered today's trading session with the support still being Vingroup's stock group. Besides, the strong increase of stocks of state-owned banks dominating capital, helped VN-Index continue to move forward.
Green color blossomed throughout the banking industry, even large codes VCB and BID at one point successfully pulled the ceiling with VCB having a ceiling buy surplus of nearly 1 million units. However, after that, this volume was all absorbed and VCB still maintained a fairly good increase around the ceiling price range.
Currently, the top 5 most active trading codes in the market have up to 4 banking codes appearing, notably the presence of state-owned capital-controlled stocks including VCB, BID and CTG with over 10-20 million units matched.
Closing the morning session on April 23, VN-Index increased by 17.33 points (+0.93%) to 1,874.63 points with 135 gainers and 147 losers. Total trading volume reached 410.5 million units, value 12,464 billion VND, up 43.2% in volume and 45.8% in value compared to the morning session yesterday. In which, negotiated transactions contributed 23.5 million units, value 421.3 billion VND.
In terms of industry groups, bank stocks are the group with the best increase in the market thanks to the bright spot being stocks with state-owned capital dominating. Among them, VCB, BID and CTG increased by 5.7%, 3.9% and 2.6% respectively, with liquidity still in the top 5 leading the market, reaching 26.65 million units, 16.9 million units and 16.25 million units respectively.
The real estate stock group also improved thanks to the positive contribution of the large stock VIC. Meanwhile, in the mid- and small-cap group of this group, NVL stock continued to maintain its upward momentum.
Commenting on the potential of the banking stock group, DSC Securities Company believes that the prospect of profit growth in 2026 continues to come from credit growth, although the rate is forecast to slow down. The advantage of credit growth will belong to banks participating in the restructuring of weak credit institutions such as VCB, MBB, HDB and VPB, while banks with credit growth rates heavily dependent on the real estate market will be less positively affected.
Regarding non-interest income, growth is forecast to slow down due to unfavorable capital and securities business activities as government bond yields tend to increase; bad debt recovery activities slow down due to pressure on real estate market liquidity.
Regarding asset quality, when the economy recovered, the asset quality of the banking system showed signs of improvement.
DSC maintains the view that the banking industry is still in a growth cycle, with high credit growth and the economy continuing its expansionist trend. Indicators of profitability and asset quality all recorded improvements compared to the period 2023 - 2024. However, systemic risks also increased as the economy heavily depended on bank credit, while the industry's resilience in terms of liquidity and capital was lower than in the previous period.
In the basic scenario, credit growth continues to be maintained at a high level to support the economy, exchange rates and inflation are still under control, and liquidity pressure is cooling down as the general level of interest rates has slightly increased.
The recent adjustment has opened up investment opportunities in banks with high growth rates and solid asset quality when valuation has returned to the attractive zone. Regarding asset quality, in the context of strictly controlling capital flows into the real estate sector and higher interest rates, bad debt pressure may return. We assess that banks with high provision buffers and lending portfolios less dependent on real estate will be a safe choice for investors," DSC Securities Company stated.
