The stock market in today's trading session (September 10) continued a gloomy trading state. Liquidity matched to orders continued to decline, along with the flow of differentiated money and electronic boards divided in half, while the price range in most industry groups and stocks only stopped at a low level.
The VN-Index fluctuated and fluctuated around the reference with increasing rates, decreasing narrow range and closing slightly increasing thanks to stocks with large participants such as VCB, VIC, CTG ending the session in green.
At the end of today's trading session, the VN-Index increased by 5.94 points to 1,643.26 points. The total trading volume reached more than 1 billion units, worth VND 29,833.3 billion.
It can be seen that in the period of strong market growth in recent times, there has been an increasingly large role of domestic institutional investors. The proportion of trading value of this group has increased sharply, from 6 - 10% in the period of 2023 - 2024 to 40 - 50% in the last four months.
This strong participation is considered the main driving force to help the average liquidity per session in August reach VND46,600 billion. Meanwhile, the group of foreign investors has a strong net selling move.
The weakening of individual investor cash flow in the first trading sessions of September, especially after the market reached the highest level of 1,700 points in history for the first time, is greatly affecting the market's increase.
Experts predict that when investors continue to put caution first, large-amplitude fluctuations will continue. However, at the present stage, fluctuations with large ranges have gradually become a normal thing for the market, when investors wait for the realization of positive news, the outlook has almost completely reflected the increase of the VN-Index in the recent past.
A typical example is FTSE Russell's September assessment of the opportunity to upgrade the stock market to emerging market status and the decision to lower interest rates by the US Federal Reserve (Fed) at the upcoming September meeting. However, neither of these factors is new information. Investors believe that any fluctuations in information can become a signal for investors to take profits, in order to preserve the accumulated results from previous months.
With the story of upgrading, foreign capital flows following this decision are still considered long-term, because the large scale of capital will require a suitable disbursement roadmap. The current disbursement trend of foreign investors is still quite cautious.
Meanwhile, experts are not too optimistic about the Fed's decision to lower interest rates at the present time as the impact of a widespread trading war will continue to affect inflation in the coming time - this will continue to limit the Fed's room for interest rate cuts in 2026 and exchange rate pressure on Vietnam will still exist.
However, in the medium and long term, there are still many optimistic views about the market's acceleration. Mirae Asset experts believe that the VN-Index still has room to increase, and can head towards a new historical peak of 1,800 - 2,000 points if the upward momentum is maintained and the exchange rate pressure is within the allowable threshold of the State Bank.
Accordingly, the two scenarios were proposed by the analysis team. The base scenario is that the VN-Index is expected to establish a short-term support zone at 1,650 points and continue the uptrend to 1,800 points. The less promising scenario is that the VN-Index forms a medium-term support zone around 1,550 points.
Meanwhile, the valuation of the Vietnamese stock market is still at an attractive level compared to history. As of the end of August 2025, the VN-Index is still maintaining below the 10-year average P/E, showing that there is still room for growth.
