The VN-Index has just recorded its 3rd consecutive gaining session, showing that recovery efforts are still maintained after the previous strong fluctuations. However, low liquidity is still something that analysts are worried about.
Cash flow is spreading positively in the Finance (banking) and technology groups. However, there is a differentiation in the real estate and steel groups.
Regarding the short-term trend of the market, the index is surpassing the moving average line system, showing that the upward trend is highly reliable and demand may support the market in cases of adjustment to the zones corresponding to the moving average line below.
Analyst groups of securities companies predict that the VN-Index may test the resistance of 1,800 points in the next trading sessions. In positive cases, the VN-Index may even surpass 1,800 points thanks to support from large-cap stock groups.
Entering the final trading session of 2025, the stock market also recorded two large-scale events in the market.
First, December 31 is the day that 3.9 billion shares of Vingroup issued to increase capital from additional listed owner's equity from December 18 will be transferred to investors' accounts and traded. Most of these shares will go to billionaire Pham Nhat Vuong and related individuals and organizations.
On the stock exchange, VIC shares are trading above the historical peak zone. The market price closed the session on December 30 at VND 163,000/share (up 2% compared to the previous session). Vingroup's market capitalization reached VND 1.26 million billion, an unprecedented figure in Vietnamese stock history. Estimated at this market price, the amount of VIC shares on accounts in the session on December 31 is worth about VND 630 billion.
A second event of interest to investors on December 31 was the departure of Mr. Trinh Van Quyet's FLC ecosystem from the stock exchange.
According to an announcement from HNX, December 31, 2025 is the date of cancellation of trading registration of FLC, one of the stock ecosystems that was once famous on the stock exchange.
The total volume of shares delisted for trading is more than 710 million units, corresponding to a delisted value of about 7,100 billion VND. The reason FLC was forced to leave UPCoM is because the enterprise was delisted as a public company according to the official letter issued on December 18, 2025 by the State Securities Commission, falling under the case of having to cancel transaction registration according to regulations.
In addition, HNX also announced the cancellation of trading registration for many other shares in the FLC ecosystem. Specifically, more than 14.9 million shares of FLC Mineral Investment and Asset Management Joint Stock Company (stock code GAB); more than 165.3 million shares of Trading and Import-Export Investment Joint Stock Company (stock code KLF); and nearly 182.7 million shares of HAI Agricultural Pharmaceutical Joint Stock Company (stock code HAI) will have their last trading session on UPCoM on December 30, 2025 and will be officially canceled from December 31, 2025.
In addition, other enterprises in the FLC ecosystem have had their public company status cancelled before, including FLCHomes Real Estate Development Investment Joint Stock Company, FLC Stone Investment and Mineral Joint Stock Company (stock code AMD). In addition, shares of BOS Securities Joint Stock Company (stock code ART) have also been mandatorily delisted, have been fined with suspension of securities business activities, but there is no official decision on canceling public status.
Thus, the FLC ecosystem with about 7 companies on the exchange has been successively denied public status and gradually "leaved the exchange" after the case of Mr. Trinh Van Quyet being criminally prosecuted for the crimes of "stock distortion" and "fraudulent appropriation of assets".
Stepping into 2026, the stock market also faces two major pressures that make investor sentiment more cautious. First, VN-Index is approaching the historical peak of 1,800 points with the leadership of some individual pillar stocks, raising concerns about the possibility of a deep correction if cash flow does not spread to other industry groups soon. Second, the savings interest rate level is forecast to increase, closing the cheap money period of 2023 - 2025 and reducing the relative attractiveness of the stock channel.
However, analysts still maintain the view that in the first half of 2026, the positive point is due to the "good news at the beginning of the year" effect and the possibility that the Vietnamese stock market will be officially upgraded after the mid-term review in March. The possibility that VN-Index may head towards the 1,860-point zone.
