The unexpected adjustment session yesterday, January 8, did not cause a negative effect on the market, when before that VN-Index had a 6-session consecutive increase with a total increase of more than 130 points.
Entering today's trading session on January 9, the market still maintained good cash flow as a psychological support for investors. The highlight came in the afternoon session, when VN-Index had a fairly strong increase from the threshold of 1,855 points to nearly 1,880 points when some large bank stocks widened their upward momentum.
The Vietnamese stock market closed the first trading week of the new year with quite opposite developments. Although VN-Index was dyed positively green, the entire market still recorded an overwhelming number of decliners.
Closing the session on January 9, VN-Index increased by more than 12 points to a new peak of 1,867.9 points. Matched order value on HoSE reached a high threshold of 36,000 billion VND.
Foreign investor transactions also became a plus point when net buying VND 790 billion on the entire market.
In the first trading week of the new year 2026, the VN-Index increased by 83.41 points, equivalent to +4.67%.
In today's session, the trio of large bank stocks CTG, VCB, BID led the upward momentum in the VN30 group, in which BID touched the ceiling price at 46,050 VND.
VCB and CTG also approached the ceiling price at 68,000 VND and 40,850 VND respectively, matching orders from nearly 23 million to nearly 39 million units. Contributions from these three stocks reached more than 16 points for VN-Index.
Following is the oil and gas stock group PLX, BCM, GVR, GAS when they also had good increases from more than 3.6% to 6%.
The analysis team of KBSV Securities Company maintains a positive view on the price and liquidity developments of the Vietnamese stock market in 2026, based on three main drivers.
First, foreign capital is expected to return after a long period of net selling. According to KBSV, in the period 2020-2025, foreign investors net sold strongly mainly due to global economic and political instability causing capital to withdraw from near-border and emerging markets.
Stepping into 2026, foreign capital flows are expected to reverse when Vietnam is officially upgraded by FTSE Russell to a secondary emerging market, effective from September 21, 2026, thereby expected to attract more than 6 billion USD from ETF funds and funds actively imitating the FTSE index basket.
Second, the business results of listed companies are expected to be more positive in the context that the Government sets a GDP growth target of about 10% for 2026, thereby making the valuation level attractive.
KBSV said that the forecast P/E of VN-Index is about 17 times, lower than the average of 17.9 times of the secondary emerging market group, showing that the market still has room to increase in price.
Third, market liquidity is forecast to be maintained at a high level thanks to interest rates maintained in a reasonable range. KBSV forecasts the general level of interest rates in 2026 to increase by about 50-100 basis points compared to 2025, equivalent to the 2015-2019 period and still at a suitable level. In addition, exchange rate pressure is expected to stabilize thanks to the trend of monetary policy easing from the US and the return of FDI capital, thereby promoting stock investment demand in the context that the deposit channel is no longer attractive enough.
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