Although the VN-Index dropped sharply in the last session of the month, the index still increased by 1.38% in the past week, to 1,331.6 points. Generally in May, VN-Index increased by about 9%, regained all the lost points in the volatile period due to tariffs, sometimes touching the peak of 3 years.
Market liquidity improved significantly. On the HOSE, the average trading volume of the last week of May exceeded 1 billion shares/session, up 5% compared to the previous week. The HNX recorded a stronger increase with an average liquidity increase of up to 40%, reaching more than 96 million shares/session.
Notably, after more than 2 years of tireless release, foreign investors have had positive signals and a general trend of the market in May when they returned to the net buying state.
Accordingly, foreign investors have net bought nearly 57.8 million units with a total net buying value of VND 473 billion, of which, if only counting the HOSE floor, the net buying volume reached nearly VND 80 million and the net buying value reached more than VND 895 billion.
Although the net buying value in the past month is not large, the net buying move of foreign investors has spread positive psychology to the general market. This is evidenced by the VN-Index index also recorded an impressive increase and closed May at the top of the 3 years. Generally, in May, the VN-Index increased by more than 105 points, equivalent to more than 8.6%, to 1,330 points.
The names of stocks are the focus of foreign disbursement in the past month, in which MBB bank code led when it was net bought for more than 62 million units, equivalent to a total net buying value of nearly VND 1,528 billion.
On the other hand, in the general trend of the market, foreign investors raced to gather real estate stocks in the last week of May. However, this group still net sold nearly VND3,000 billion, 4 times more than last week.
This foreign bloc took profits from Vingroup's shares as these stocks competed to accelerate strongly. VHM had the strongest net selling volume of up to approximately VND 1,525 billion, equivalent to net selling volume of over VND 26.6 million; but leading in the portfolio of strong net selling in volume was VRE, reaching over 30.3 million units, with a corresponding net selling value of over VND 753 billion.
Although it is still early to determine whether foreign capital flows have really reversed after 2 years of net selling, the trend of international capital flows and internal factors of the Vietnamese market are supporting this trend.
As experts share, international capital flows tend to withdraw from the US market to shift to emerging markets, including Vietnam when the USD depreciates. In addition, the Vietnamese market is supported by domestic policies and is preparing to enter the upgrading assessment period in September.
In a recent letter to investors, Mr. Petri Deryng, head of Pyn Elite Fund from Finland, assessed that the Vietnamese stock market is valued at an attractive price/S ratio (priced on revenue) of 1.3.
Vietnam's economic growth continues to boost the revenue of listed companies and the growth potential of the market.
However, the tariff situation initiated by the US makes the stock market movement in 2025 difficult to predict. In particular, it is noteworthy such as US economic growth, global trade tensions, Fed's monetary policy, tariff agreement between Vietnam and the US, the power of the USD, and the re -allocation of cash flow of investors ... and from the viewpoint of this investor block, the current prospect is quite vague, and need to monitor.
The stable macro situation, strong economic growth along with increased profits from listed companies, combined with favorable financial market conditions and the modernization of the stock market, all support the argument that the P/S ratio of the Vietnamese stock market can increase to nearly 2.0, Mr. Petri Deryng commented.
