The Vietnamese stock market is continuing to extend its series of good days. VN-Index increased to 1,139.81 points, the highest in more than 3 years since April 2023.
HoSE liquidity is approximately VND 25,000 billion, reflecting strong cash flow in the context of investors being positive with market prospects.
Since the session on April 9, 2025, when there was information about tariffs from the US, the Vietnamese stock market had fallen sharply to the area close to 1,090 points, after which the main index quickly recovered.
After less than 2 months, the VN-Index increased by nearly 250 points. HoSE's equity increased by more than 1.2 million billion VND (equivalent to 47 billion USD) to 5.78 million billion VND.
However, joy is not for all investors. The market has a huge differentiation between the increases of stock groups, in which many stocks increased by more than 100%, while many other stocks, even many large-cap stocks, increased by less than 10%.
According to statistics, up to now on the HoSE floor, there are 42 stocks with an increase of over 30%, 215 stocks with an increase of over 10% to under 30% and the remaining 154 stocks with an increase of less than 10%. Over 2/3 of stock codes on the market increased below 30%, half of codes on HoSE increased lower than the VN-Index. This is the understandable reason why many investors' portfolios have not even "entered shore".
Speaking to investors at the Vietnam program and the indicators on May 26, Mr. Dao Hong Duong, Director of Industry and Stock Analysis, VPBank Securities Joint Stock Company (VPBankS) commented that large-cap stocks are having a relatively significant impact on the recovery of the VN-Index.
In particular, if only calculating VN30 or VN50, 27 codes have a superior increase compared to VN-Index, such as the seaport group, Vingroup, NVL, MWG group. If comparing the price of this group with before the decline in early 2024, it will increase by about 10-15%.
Returning to the mid-cap group, VPBankS has statistics that most of the VN50 group only had an increase of the same or lower than the VN-Index (about 40 codes).
According to Mr. Duong, investors have only witnessed a small part of the large-cap group with impressive increases and this group has led the general index to increase to 1,300 points. Many other groups have modest increases, and have not even recovered after the decrease due to tariff information.
In fact, Mr. Duong said that there are less than 10 codes with an increase of over 50% in the VN50 portfolio, mainly Gelex (average increase of 100%), HAH, Vingroup, or NVL. If investors do not hold stocks in this group, portfolio performance will find it difficult to achieve the same increase as the market.
VPS experts say that the upcoming announcement of business results for the second quarter of 2025 could bring new momentum. Meanwhile, information on assessing the impact of tariffs on each industry is only at the reference level, because in reality, it has not been clearly affected. Therefore, for sectors and groups of stocks that are likely to be affected, there are still many investment opportunities in the coming period, with relatively safe disbursement valuations.
Mr. Dao Hong Duong, Director of Industry and Stock Analysis, VPBank Securities Joint Stock Company, also recommended that investors do not follow the market if they have not recently kept a few stocks up for price, or in other words, "performance disease". "Following" market trends is an investment method that involves relatively high short-term risks.
If it is an investment fund, the pressure on performance compared to the index is very heavy. However, for a personal investment portfolio, it should focus on the balance, safety level and risk management capability of the entire portfolio.
