The stock market has gone through an emotional trading week. VN-Index increased a series of 4 consecutive sessions at the beginning of the week and turned around to adjust in the last session of the week to close at 1,630 points, equivalent to an increase of 45 points (+2.8%) compared to the end of the previous week.
Trading liquidity last week continued to be raised to a new level with an average value of about VND47,500 billion/session, an increase of about 5% compared to the previous week.
Regarding the trading value of foreign investors, this group of investors continued to net sell thousands of billions of VND, the value gradually increased towards the end of the week. Accumulated to 5 sessions, foreign investors net sold more than VND 8,435 billion in the whole market.
Statistics according to each stock code, in the last trading week, FPT led the list of net sales with a value of VND 2,238 billion, far surpassing the remaining codes. Second place is HPG with VND 1,519 billion, followed by MBB (VND 613 billion) and SSI (VND 588 billion).
The net selling of foreign investors can be explained for many reasons. The first is profit-taking. Previously, foreign investors net bought nearly VND 11,000 billion in July. Second, cash flow is tending to flow into developed markets after a short period of "surfing" in emerging markets including Vietnam.
Commenting on the foreign capital flow trend, most experts believe that cash flow is flexible and will soon return to the Vietnamese market. From investors' perspective, a short break is necessary not only for many stocks that have increased sharply in the recent period, but also for the general market.
The trend of net buying again in emerging markets has just begun, so the Vietnamese stock market will continue to benefit from this momentum. In addition, if FTSE upgrades the Vietnamese market to emerging market in the coming time, it is estimated that it can attract an additional 2-3 billion USD.
In terms of long-term prospects, the Vietnamese stock market is still very attractive to foreign investors. Dragon Capital analysts said that the market saw a strong increase with high liquidity, an average trading value of more than 2.1 billion USD/day and a record of 3 billion USD in an early session in August.
Dragon Capital believes that the general outlook for the stock market is still positive. Dragon Capital pointed out that legal reforms continue to be implemented. The State Bank has issued Circular 14/2025, regulating a roadmap to gradually remove credit growth limits and adjust capital safety requirements according to Basel III standards.
At the same time, the draft amendment to the Land Law proposes to adjust a number of contents issued in 2024, to improve operating conditions for real estate developers.
These proposals include applying a land price list regulated by the State instead of the market, which can help reduce land use costs, along with a more loose approach to project approval, land acquisition and land use fee payment. The proposal to tax real estate has also been postponed for further study.
Despite facing external challenges such as tariffs from the US, the Vietnamese economy remains resilient thanks to stable credit growth, controlled inflation, strong public investment and active FDI inflows.
"Investor sentiment can remain optimistic if macro conditions and business results continue the current trend. However, given the market's one of the strongest gains in three years, sensitivity to global negative factors related to trade wars and economic outlook may increase," Dragon Capital emphasized.
