The stock market opened the trading session on September 5 with the green color dominating. VN-Index increased by nearly 13 points after the ATO session, thereby surpassing the 1,700 point mark for the first time in history. The total trading volume reached 670.8 million units, worth VND 20,134 billion.
The VN30 group closed the session with an increase of more than 7 points, with the main driver being VIC shares when they increased by 3.7% to the highest price of VND 129,600/share. Next were GVR up 3.1% and VJC up 2.9%, while other green stocks increased by over and under 1%. The remaining member of Vingroup, VHM, closed the session down 1.1%. In terms of industry groups, after yesterday's "wave-breaking" session, steel stocks quickly cooled down in this morning's session.
According to experts, the market has continuously set new peaks thanks to demand from domestic leaders. At present, the world macro picture does not have many fluctuations, so the driving force for growth this year is entirely from domestic capital flows.
According to VCBS Securities Company, market P/E is at an attractive level compared to the regional average (~15.3x) and 5-year average (~14.4x), while the low interest rate level and credit growth increased sharply in the last months of the year, which is expected to continue to support abundant market liquidity and raise the P/E valuation level of industries to a new high level.
In addition, the room for the banking group is still at a moderate valuation level, this could still be a support to create momentum for the VN-Index to increase further in the future. It can be seen that although the current P/E of the market is even lower than April 2024 and October 2023, it is completely superior in terms of scores. This reflects the profit picture of businesses that are still growing well. As of the second quarter of 2025, enterprises on the exchange recorded a profit growth of more than 32% over the same period last year.
With the positive developments of the stock market in recent times, many large organizations and analysts have predicted that the VN-Index could reach higher levels in the coming time.
In a recent analysis report, Maybank Securities Company (MSVN) maintained its target of VN-Index reaching 1,800 points by the end of 2025, with the main driver coming from the financial and real estate groups, while exporting industries need more time to recover.
Sharing the same view, VCBS expects VN-Index to continue to aim to conquer the positive scenario at 1,838 points (with the latest updated EPS of the whole market reaching 18%) in the last months of 2025 with the expectation of upgrading the market, drastic policies to boost growth and further steps from flexible diplomatic arts.
Mr. La Giang Trung - CEO of Passion Investment said that there is a lot of room for increase in Vietnamese stocks. However, the strongest growth period has passed and will be more difficult in the coming period, meaning that investors need to make appropriate strategic adjustments.
Regarding the recent net selling of foreign investors, Mr. Trung said that it comes from the investment philosophy based on enterprise valuation. Currently, the market has gone about half the uptrend journey, with an average valuation of about 60%. If 50% is considered a "fair value", then at the current 60% for value investors, selling is understandable.
However, in an uptrend, when cash flow and macro policies are supportive, the market is often priced at an overval level. Therefore, throughout the upward period, value investors continue to sell, while buyers are cash flow investors (momentum). Only when cash flow is no longer strong enough to "carry" the valuation level will the market reverse.
