At the end of the first trading week of the new year 2026, the VN-Index increased by 83.41 points (+4.67%), to 1,867.9 points. Order matching liquidity was nearly 17% higher than the 20-week average.
Accumulated in the week, the average matched order liquidity on the HOSE floor reached 1,083 million shares/session, an increase of more than 37% compared to the previous week, the average trading value reached 33,175 billion VND/session, an increase of nearly 33%.
Foreign investors traded positively with the general market in the first week of 2026 when net buying was approximately VND 500 billion, in which the focus was strong disbursement of bank stocks, especially MBB and VCB.
Important events and information have had strong impacts on related stock groups, with the main highlight being the oil and gas industry and some large bank codes.
On the HOSE floor, the group of stocks that highlighted was oil and gas when contributing four codes PLX, GAS, BSR, PMG and all were the leading stocks in the floor increase, affected after the geopolitical event in Venezuela.
Following are bank stocks, with the largest pair in the industry being BID and VCB, which have a large proportion of state ownership, when receiving strong demand in the last three sessions.
State-owned bank stock codes are said to maintain good long-term growth momentum in the spirit of Resolution 79/NQ-TW of the Politburo.
In the opposite direction, it is noteworthy that STB shares went against the industry wave after a surprising announcement of business results in 2025. Accordingly, consolidated pre-tax profit is estimated at VND 7,628 billion, only reaching 52% of the plan. Although previously, accumulated for the first 3 quarters of 2025, STB announced a profit of nearly VND 11,000 billion. Thus, in the fourth quarter of 2025, this Bank had suffered losses.
In the newly released market strategy report, Rong Viet Securities (VDSC) assessed that 2026 will be the year the market shifts from the story of "expensive on the index" to "widely attractive".
More specifically, profit growth returns to its leading role, while overall valuation is expected to be rebalanced when deviations from the large-cap group with extremely high P/E are gradually revalued according to actual economic benefits.
The analysis group forecasts that VN-Index will aim for the target range from 1,712 to 2,032 points in the next 12-14 months.
VDSC believes that the financial stock group - including banks, securities services and insurance - will continue to play a pillar role in profit growth for the entire market, in the context that the economy needs a large amount of capital to meet the needs of all social investment and consumption. In which, the banking group is expected to contribute mainly, with profit growth estimated at about 16.4% compared to the same period.
In the opposite direction, the non-financial group is forecast to record revenue growth similar to the growth of the economy, but the profit margin is likely to be under pressure to narrow in the scenario of not generating unusual income. Accordingly, the net profit of this group is estimated to increase by about 4.4% compared to the same period.
The real estate group alone is expected to record outstanding profit growth. Besides the assumption of cyclical asset price increases, the removal of legal obstacles in the past two years has created conditions for many projects to restart construction and sales in 2025, while forming a basis for continuing sales, handover and revenue recognition in 2026. According to estimates, the profit of the real estate group may increase by about 26.1% compared to the same period.
Although the stock market has many growth prospects, this securities company also pointed out the upside winds that investors may receive in 2026, including: geopolitical tensions, uncertainty in management in the US, the Fed delaying interest rate cuts leading to domestic exchange rate - interest rate pressure, and adjustments in the large-cap group with high P/E but profits not keeping up with expectations.
