At the end of the trading week, the VN-Index increased by 89.74 points (+6%), to 1,584.95 points and recorded a new record high. The high liquidity level reflects investors' growing confidence in the uptrend.
While the trading market exploded and the general index continuously established new peaks, foreign investors had a huge net selling week, especially a stock with a record net selling of more than VND 12,700 billion.
In the newly published August strategy report, SSI Securities (SSI Research) assessed that investors' optimism sentiment increased with many outstanding catalysts. This includes favorable macro conditions when Vietnam officially reached a trade agreement with the US with an applied counterpart tax rate of 20%, lower than the 46% announced in April.
In addition, thanks to the positive effect of the US stock market and the business results season in the second quarter of 2025 exceeding expectations and spreading in most industry groups.
SSI Research experts said that banks continue to be the main growth driver, followed by real estate. Although the market may face short-term fluctuations due to increased profit-taking pressure after a period of high margin at the end of July, SSI expects the VN-Index to reach the 1,750-1,800 range in 2026.
The main driving force comes from the solid recovery of profit growth, supported by the recovery of the real estate market and public investment. The favorable interest rate environment, concerns about tariff risks are gradually easing, and especially the expectation of upgrading the market in October.
From their perspective, Mirae Asset Securities Company's analysis team also found that the corrections in late July and early August reflected the cyclization of the market after surpassing the historical peak.
Although corrections of more than 4% are relatively rare for the VN-Index, profit-taking pressure is likely to continue to be maintained in the first half of August as the market continues to absorb mixed news about the impact of tariffs on Vietnam's growth prospects.
However, these are considered short-term fluctuations, helping the market form a new balance before entering an uptrend in the medium and long term. Although the macro context still has many uncertainties, policies to promote domestic growth such as expanding credit, boosting public investment, loosening business regulations, tax reductions and stimulating consumption are creating a foundation to stabilize cash flow in the market in the remaining months of 2025.
In particular, the market is waiting for a new wave from the prospect of upgrading to emerging market according to FTSE's criteria in the upcoming September review.
Therefore, Mirae Asset maintains a positive view on the medium and long term but at the same time recommends being cautious in the short term. The current corrections are considered an opportunity to help the market establish a new balance zone, thereby reducing volatility from the next 2-3 weeks.
Mirae Asset's analysis team has proposed two scenarios for trading in August. The base scenario is that the VN-Index will remain stable around the support zone of 1,486 points - the lowest price zone of the first week of August, before heading towards a new peak around 1,600 points.
The less optimistic scenario occurs when the VN-Index continues to fluctuate and adjust to re-evaluate the old peak, with a new expected support level at 1,470 points.
