The stock market had an important recovery week after a series of 4 weeks of decline. The general index increased by 36.36 points, equivalent to 2.27%, but liquidity was very low and the recovery force was quite weak.
However, according to experts, low liquidity is not a big problem because during the adjustment stages, selling pressure weakens, while demand increases cautiously, which can also cause trading value in the whole market to not increase much. However, the market still needs a strong increase with improved liquidity appearing in the coming trading week in the context of fluctuations in the world stock market.
The analysis block of Yuanta Vietnam Securities Company believes that the technical recovery may continue and the VN-Index may retest important resistance zones next week. At the present stage, the market is only in the process of technical recovery and has just entered the short-term accumulation phase. The characteristic of this period is that there is often a differentiation between stock groups and stocks, especially liquidity will still be low.
Data shows that cash flow currently tends to rotate into some individual stocks with specific stories such as VNM, FPT, NVL, HAG... instead of spreading to the entire market. The notable point of the recent hoi is that cash flow is having relatively healthy circulation, not just focusing on a single group.
Last week, real estate, some steel codes and food and beverages recorded quite good increases, along with the banking group still playing the main supporting role. However, liquidity is not large enough to confirm that the "industry wave" has formed.
The question that investors are currently interested in is which industry group will receive cash flow in the coming time. According to experts, the first is the group that benefits from public investment and supply chain restructuring: construction - materials, industrial parks, logistics, infrastructure - utilities. The National Assembly has just approved the 2026 public investment plan to increase by about 9% compared to the 2025 implementation estimate, with a fairly large public debt space compared to the ceiling of 60% of GDP; this creates a foundation for the continued infrastructure disbursement cycle.
Along with that, FDI and production are shifting strongly into Vietnam, especially when some free trade zones, deep-water ports, and new industrial parks are approved, opening up positive prospects for the shipping, logistics and industrial park groups. This is an area that can create medium-term waves.
Second, real estate and banking are likely to continue to be "the focus but highly selective". The strong increase of some real estate codes last week was largely associated with positive information about project legality, debt restructuring or strategic cooperation, while the general level of the industry is still in the process of "detoxifying" the balance sheet.
Experts say that if there is a real estate wave, it will be very differentiated: priority will be given to investors with a good handover history, cash flow from existing projects, and clear legal land funds.
For banks, despite being net sold quite strongly by foreign investors last week, this is still a pillar of the market; many stocks are trading around P/B 1.3-1.5 times, not too expensive if asset quality and profit growth remain stable. However, it is difficult to expect an immediate " sprint" but it will be a gradual recovery process, requiring patience.
In addition, technology - digital transformation enterprises are benefiting from the trend of investing in data infrastructure, AI, data centers... globally; in Vietnam, some leading technology stocks have been showing quite stable business growth results. This is not necessarily a "big wave, fast surfing" group, but it is suitable for medium and long-term investors who want to accumulate at a reasonable price range.
