The Vietnamese stock market recorded a positive trading week of 14-18.7, including 3 trading sessions increasing by over 10 points with explosive liquidity with an average trading value of nearly VND34,000 billion per session.
The industries with the most active and continuous attraction of cash flow circulating in the market are real estate, securities, banking and retail.
At the end of the week, VN-Index closed at 1,497.28, up 39.52 points compared to the previous week, equivalent to 2.71%.
Regarding the trading value of foreign investors, this group of investors had another week of net buying of thousands of billions, but the value had cooled down significantly towards the end of the week. Accumulated to 5 sessions, foreign investors net bought approximately VND1,300 billion, recording the 7th week this year that foreign investors have disbursed net purchases of Vietnamese stocks.
With the market having another week of strong gains and at one point reaching an important milestone of 1,500 points and liquidity continuing to stand at a high level, reflecting investors' positivity in the current trend.
According to the assessment report of MBS Securities Company (CTCK), the VN-Index is currently trading at 14 times P/E, higher than the average of the past 3 years (13.5x). However, it is still 17% lower than the 3-year peak (16.9 times in the fourth quarter of 2021).
The valuation of the VN30 group (with the majority capitalization ratio being the banking group) is 12.7 times P/E, about 3% higher than the average of the last 3 years of 12.3 times, but still lower than the peak of 15 times in the fourth quarter of 2021.
This shows that market valuations in general and large-cap stocks in particular are still attractive compared to profit growth as well as market upgrade expectations.
In the remaining half of 2025, analysts at MBS Securities Company believe that cash flow will spread to large-cap stocks that have not increased sharply in price in the past time thanks to attractive valuations and profit growth potential.
In the baseline scenario, with a 17% profit growth rate of listed enterprises, and a valuation of 13.5 - 13.8 times P/E, MBS expects the VN-Index to reach 1,500 - 1,540 points in the last months of the year.
In a more positive scenario, the impact of the US tariff policy is less than expected, foreign capital flows are pouring strongly into the Vietnamese market thanks to the prospect of upgrading, MBS experts expect the market's profit growth to reach 19%, P/E is expected to be 13.5 - 14 times, VN-Index can move up to 1,580 points by the end of the year.
In particular, after the US announced a new tax policy for Vietnam in a more positive direction than other countries in the region, combined with increasingly clear prospects for market upgrading, foreign cash flow is expected to return strongly in the coming time. This shift is likely to focus on large-cap stocks, especially stocks that still have room for foreign investors.
According to MBS experts, in the context of the market not really spreading the upward momentum and selective cash flow, focusing on large-cap stocks with good fundamentals, reasonable valuations and in the main investment trends will be a suitable strategy.
The list of exchange-traded stocks not only shows prospects for profit growth, but also shows a clear shift in capital flows, especially foreign cash flow returning to the Vietnamese market when the upgrade factor is consolidated.
Investors need to closely monitor policy developments, business results in the third quarter, as well as signs of industry differentiation to be able to optimize investment strategies in the second half of the year - a time when many opportunities are expected but also many challenges.
