The Vietnamese stock market in 2026 is assessed by investors as likely to continue to move in a strongly differentiated direction.
Therefore, the appropriate investment strategy in 2026 recommended by experts should focus on selecting leading enterprises, capable of directly benefiting from the investment - reform cycle, owning a healthy financial foundation, stable cash flow and high capital efficiency.
Businesses with attractive valuations compared to medium-term profit prospects will have a clear advantage in attracting long-term cash flow.
Mr. Huynh Anh Huy, CFA - Director of Industry Analysis - Securities of Kafi, said that the banking industry will continue to play a central role in the economy when credit growth is expected to reach over 15%, reflecting increased capital demand from public investment, real estate and production - business activities.
For real estate, 2026 may mark a clearer recovery period when medium-term supply is improved thanks to legal clearance and new pilot mechanisms. However, recovery will be selective and largely dependent on the financial capacity as well as clean land funds of each business.
The construction and infrastructure sector continues to benefit directly from the public investment cycle, with a large backlog creating a foundation for revenue growth in the coming years. The recovery of the real estate market also contributes to improving cash flow and profit margins of construction enterprises, although risks of material and capital costs still need to be closely monitored.
In the energy sector, the refining - petrochemical segment is supported by improved profit margins, while key projects such as Block B - O Mon or Lac Da Vang continue to play a role as medium-term growth drivers.
The electricity industry entered a period of extensive reform with the adjusted Power Plan VIII and the amended Electricity Law, opening up a new growth cycle for both renewable energy and LNG gas power.
In the material group, the steel industry shows signs of improvement thanks to the recovery of domestic demand from public investment and real estate, along with anti-dumping measures to support domestic businesses.
Finally, the retail industry directly benefits from the recovery of domestic consumption as disposable income improves and consumer sentiment becomes more positive.
Based on positive macroeconomic expectations and the scenario that VN-Index may conquer the 2,087 point mark by the end of 2026, VPBankS Research's report also pointed out some leading stocks belonging to 6 typical industry groups.
VPBankS Research prioritizes the banking group that simultaneously achieves all 4 factors: High presence in the corporate customer segment and real estate value chain; sustainable CAR, credit growth higher than industry average; CASA and digital ecosystem belong to the leading group and do not have to bear pressure to maintain low interest rates. Three bank stocks, VPB, TCB and MBB, meet these criteria and are expected to continue to stand out more than the state-owned group in 2026.
In the residential real estate sector, VPBankS Research prefers investors with strong financial potential, high asset quality and good brand reputation such as KDH and VHM.
In the securities industry, the two stock codes chosen by VPBankS Research for 2026 are SSI and TCX.
For the retail group, the two leading stocks chosen are MWG and DGW. In which, MWG is favored by the leading position of the enterprise in the ICT-CE segment in Vietnam; Bach Hoa Xanh chain enters a new growth phase; retail chains begin to record positive results and healthy balance sheet structure.
Meanwhile, DGW was chosen thanks to its attractive valuation, continuously expanded distribution portfolio and cooperative relationships with many reputable businesses in the industry.
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