After unblocking the 1,500-point bottleneck, investors' sentiment was more excited so they were confident in investing, helping the VN-Index open today's trading session, July 23, to increase by more than 10 points. However, many investors who want to make a profit should sell, causing pressure on the VN-Index to cool down and retreat closer to the reference.
However, in the current market context, along with the positive information about tariff negotiations between the US and major trading partners being published, the cash flow entering the market helps the VN-Index regain its upward momentum. When people expected the VN-Index to fly even higher, even reaching 1,530 points, this index suddenly turned around and decreased sharply in terms of reference.
This expectation failed due to the pressure of the group of stocks Vingroup when all 3 codes VHM, VRE, VIC had the strongest decrease in the VN30 group. The positive point is that the VN-Index still maintains its green color with strong liquidity increase.
At the end of the session on July 23, the VN-Index increased slightly by 2.77 points to 1,512.31 points. The value of matched orders on HoSE continued to record a sudden value, reaching about VND 36,182 billion. Regarding foreign transactions, foreign investors returned to net buying with a value of about 106 billion VND in the whole market.
In terms of impact, VPB, VJC, HDB and VNM are the stocks that have the most positive impact on the VN-Index with an increase of 4.2 points. On the other hand, VHM, VIC, TCB and LPB are the stocks that are still under selling pressure and took away more than 6.2 points from the general index.
Experts assess that cash flow is very excited to welcome the business results of the second quarter of 2025, select industries with good growth compared to the same period and continue to be supported by the expectation that the stock market will get closer to the goal of being upgraded to an emerging market.
According to experts from Mirae Asset Vietnam Securities Company, in the most recent assessment (March 2025), FTSE acknowledged Vietnam's efforts in implementing the NPF model, improving account opening procedures and adjusting regulations on foreign ownership ratios. Mirae Asset Vietnam expects that in September 2025, FTSE Russell will announce the decision to upgrade the Vietnamese stock market to the Secondary Emerging Market.
Mirae Asset Vietnam believes that after being upgraded, the Vietnamese stock market can attract cash flow from large funds such as Vanguard FTSE Emerging Markets ETF. Suppose, with an estimated proportion of about 0.7% (equivalent to FTSE's investment proportion in a few markets with similar capitalization to Vietnam), Vietnam can be disbursed about 581 million USD from Vanguard FTSE Emerging Markets ETF.
Regarding the valuation of the stock market, Mr. Nguyen Viet Duc, Digital Business Director, VPBank Securities Joint Stock Company (VPBankS) said that for the Vietnamese stock market, the two most recent peaks in the Vietnamese stock market, P/E were all over 20 times.
In 2018, P/E was about 21 times, by 2021 - 2022, P/E was about 19 times. Currently, the market P/E is only about 16 times, which is still 20% away from the peak. Not to mention, business profits may increase by about 15% in the next year, helping to reduce P/E.
Therefore, this expert believes that it is possible to expect the VN-Index to reach a minimum of 1,800 - 1,900 points. This expert also commented that FOMO is a factor to consider, but at present, the market has not yet reached its peak. The peak of the market must be at P/E about 19 - 20 times.
