Opening today's trading session July 22, the VN-Index has had fluctuations around the reference early, although the range is not too large. The market continues to fluctuate unpredictably as electronic boards continue to differentiate.
There were times when it was thought that the previous sharp decline would have a negative impact on investor sentiment in today's session. However, with optimistic expectations about market trends, investors do not hesitate to push buying orders above the reference price. Thanks to that, the index was pulled green for most of the trading period. Notably, strong demand really took off in the final minutes of the afternoon session, pulling most of the major stocks up.
The increase in large stocks helped the VN Index soar by more than 20 points and easily surpass the 1,500-point mark. Accordingly, this index closed up approximately 24.5 points (equivalent to 1.65%) to 1,509.5 points. Liquidity in today's session, although decreasing, remained high with 1.28 billion shares matched, equivalent to a trading value of VND 33,732 billion.
Real estate stocks recovered strongly with the overall increase of the whole group of 3.2%. In particular, the big names contributing the main and high driving force for the VN-Index are the Vingroup group with VIC when +4.9% to VND 117,500 and VHM +3.9% to VND 95,500, while VRE +3.5% to VND 30,000.
The most impressive thing about today's session is the VJC code when it maintained the ceiling increase momentum for most of the time and re-established the 100,000 VND mark. However, this aviation stock code recorded a record from foreign transactions. VJC was net sold by a foreign investor for nearly VND 1,860 billion. The strong net selling of VJC was also the reason why foreign investors had a net selling session of VND1,756 billion on the HoSE.
In the real estate group, LDG shares are still on the floor and only matched 0.2 million units, while there are nearly 39 million shares with excess for floor selling.
Commenting on the market after conquering the historical threshold, Dr. Nguyen Duy Phuong, Director of Strategic Investment of DG Capital, commented that along with the increase in the stock market, the P/E valuation of the VN-Index for the last 4 quarters has increased from 10.8 times on April 9, 2025 (short-term bottom due to the tariff shock) to 14.35 times on July 15, 2025.
The recent price increase has a significant contribution from " Vo Vin" stocks and if this group of stocks is excluded, the valuations of the stock groups will be significantly lower. However, with the prospect of positive growth in business results for the whole year of 2025, the market's projected P/E is at about 12.1 times on July 15, 2025, 14.4 times lower than the 5-year average. Compared to other markets in the region, the Vietnamese stock market is having attractive valuations, high ROE and positive profit prospects, Dr. Phuong stated his opinion.
The analysis block of Dragon Capital Securities Company (VDSC) stated that the VN-Index may move towards 1,756 points in the next 6 - 8 months, equivalent to an increase of 23% compared to the closing price on July 9, 2025.
The direct impact of tariffs on Vietnam's economic growth in 2025 will not be too large and the EPS of the VN-Index in 2025 can reach a growth rate of 15 - 22,2% compared to the previous year.
VDSC adjusted the target P/E range for VN-Index in the next 6 - 8 months to 13.3 - 14.7 times (compared to 13.5 - 14.5 times before) to reflect positive supporting factors such as loose fiscal - monetary policy, helping to maintain low interest rates and expectations of upgrading the stock market in the September 2025 review period of FTSE.
VDSC recommends that investors should still monitor risks such as geopolitical fluctuations and exchange rate pressure if the US Federal Reserve (Fed) delays interest rate cuts and uncertainty in the policies of the Donald Trump administration. However, VDSC believes that these risks are mostly risky and can have a short-term impact on market psychology and will hardly affect the foundation of the business if it is not structured.
