VN-Index experienced a trading session on January 8 with strong fluctuations. For most of the time, cash flow poured into the banking stock group playing a supporting role, helping the index at times break through quite positively. However, the simultaneous correction pressure in the Vingroup stock group towards the end of the session pulled the market back down.
At the end of the session on January 8, VN-Index decreased by 6 points, stopped at 1,855 points and broke the 6-session winning streak. In this winning streak, the index had two sessions setting new record points.
Market liquidity exploded, trading value on HOSE jumped to more than 38,000 billion VND with 9 codes recording trillion-VND liquidity. SHB led with nearly 2,300 billion VND, followed by VHM and VCB, respectively reaching 2,175 billion VND and 1,700 billion VND.
Foreign investors continued to net buy. This group disbursed a total of 5,240 billion VND, while selling nearly 4,700 billion VND.
On HOSE, VIC shares were bought the most by foreign investors with a value of more than 264 billion VND. Following, SHB was the next code to be strongly accumulated 250 billion VND. In addition, TCX and VCB were also bought for 183 and 166 billion VND respectively.
Conversely, MCH was the stock that foreign investors sold the most with 717 billion VND. Following that, VHM and ACB stocks were also sold for 344 billion VND and 84 billion VND.
Vingroup stocks today caused the index to lose about 17 points. VIC increased by more than 6% at the beginning of the session but decreased by 1.3% at the close. VHM and VRE both hit the floor and had no buyers. VPL also lost more than 6.4%, down to 94,100 VND.
Other stocks in the real estate industry decreased sharply due to selling pressure from domestic investors. KDH lost 2.7%, while LDG, HDG, HQC, PDR all decreased by over 1.5%.
The bank played the role of a pillar to help the market avoid a deep correction. In which VCB closed the session at the ceiling price of 63,700 VND and contributed to the general index by more than 7 points.
The oil and gas group continued to have a good winning streak, positively impacting the market. In the securities group, green dominated, but the increase range was not large.
Experts assess that this correction is a bit surprising but not too negative for the market. This is a technical fluctuation that appears when the index increases rapidly. What is noteworthy is that liquidity improves and remains above average, showing that cash flow still supports the upward trend.
In the short term, after a period of strong price increases, VN-Index is entering a state of overbought in the short term. Therefore, there may be continuous fluctuations in the coming sessions. Investors should limit buying at high prices.
Looking at the long-term market picture, SSI Research believes that the Vietnamese stock market has officially closed the bottom-fishing phase to enter a new chapter full of prosperity from 2026. This is the time when the market transitions to a "breakthrough post-upgrade" state, when policy reform efforts and the global integration process converge to open a sustainable growth cycle.
The attractiveness of the market is strengthened by the attractive P/E valuation at 14.5 times, but the profit growth prospects of businesses are completely superior with 14.5%. Stepping into 2026, when the projected P/E decreased to only about 12.7 times (significantly lower than the 10-year historical average of 14 times), SSI expects VN-Index to possibly reach 1,920 points.
Similarly, Vietcap forecasts that VN-Index in 2026 may head towards the milestone of 2,033 points, an increase of about 17% compared to 2025. The main driving force driving this figure is the profit explosion of listed companies, with EPS growth expected to reach 19%. This is the second consecutive year that profits maintain a two-digit growth momentum, showing that production and business activities have truly recovered stably and sustainably.
Notably, although the index increased sharply, market valuation is still considered attractive. Even when VN-Index reached the target level of 2,033 points, the expected P/E ratio was only 14.4 times, much lower than the current level.
This shows that the market's upward momentum is based on the actual value of the business, not just a temporary excitement, helping investors feel more secure about the long-term growth potential.
