In the last trading week of October, the VN-Index unexpectedly reversed the world stock market trend when there were continuous sessions of decline despite a series of positive supporting information appearing in the market.
Strong adjustment pressure comes from pillar stocks that have increased in recent times, especially the group of "hamlet" stocks Vingroup, Gelex and the banking group. In particular, Vingroup shares are under strong net selling pressure from foreign investors, especially in the last session of the week.
The adjustment of Vingroup has almost completely erased the increase that this group contributed to the VN-Index in early October. However, according to many experts, this adjustment is not completely negative, because it can help cash flow in the market to be distributed more evenly, instead of focusing too much on a group of stocks.
After having a price increase of 4 times since the beginning of the year, adjusting to 20-30% is normal and if this happens, the VN-Index is completely likely to lose the 1,600 point mark. In the scenario where Vingroup stops decreasing, this will be a good signal for the general market, VN-Index can recover to the 1,700 point mark.
However, with the VN-Index closing the trading session last weekend with a fairly strong decrease of nearly 30 points, the widespread selling pressure shows that cautious sentiment is dominant, and the market may need more time to absorb the current supply.
In the short term, experts believe that the VN-Index is likely to re-evaluate the 1,620 point zone. Notably, the 1,600-1,620 point zone has repeatedly recorded strong bottom-fishing cash flow since August 2025, showing that the current valuation level is accepted by most investors. Therefore, this price area could become an important buffer layer, reinforcing the market's medium and long-term uptrend in the coming period.
Experts from CSI Securities Company analyzed that although liquidity decreased sharply last week, the decrease range of the VN-Index was quite large, showing that selling pressure is still dominant in the short term.
The risk level for buying at this time according to CSI experts is quite high. The VN-Index is expected to have a correction to the support zone around 1,560 points next month when the new selling pressure is temporarily suspended.
"Therefore, at present, we maintain a cautious view, holding the stock market share at a moderate level (50%-60%) and patiently waiting for the VN-Index to test the above support zone before starting to return to new buying positions," CSI experts said.
Also holding a cautious view, experts from Asean Securities Company believe that the VN-Index may continue to fluctuate in the short term and recommend that investors should only hold stocks that are maintaining a short-term uptrend or holding good prices in the current fluctuations of the market, along with safe capital prices.
Investors with a high cash ratio can disburse a portion, prioritizing stocks that are adjusting in an uptrend or stocks that are recorded to be in the after-sales zone.
Dr. Nguyen Duy Phuong, Investment and Strategy Director of DG Capital, commented that in theory, the adjustment phase is not over and if the market continues to move sideways next week, it is not surprising. What is more worrying is whether the market will continue to fall below the 1,600-point mark while many large stocks are still in adjustment. The probability of further adjustments is still something investors need to consider.
"For investors holding many stocks, the top priority is to pay attention to controlling the holding stock ratio, limiting the use of leverage, waiting for the opportunity for the market to recover with a waiting period of 1-2 weeks to 1-2 months. The principle of capital preservation and kept the portfolio in a safe state is more important before thinking about how to invest profitably," this expert stated his opinion.
