The market has just experienced the first trading week of February being less positive due to strong selling pressure from domestic and foreign investors. At the same time, the lack of support from pillar groups, especially the great pressure from the Vingroup ecosystem, has caused the VN-Index to "perform" the strong psychological support threshold of 1,800 points.
Seasonal factors continue to make trading cash flow not as expected. In the trading session on February 9, after a short period of positive recovery at the beginning of the session due to the positive developments of many bluechip stocks, the market gradually shifted to a state of differentiation and VN-Index decreased in height, even at times slightly adjusted.
Closing the trading session on February 9, VN-Index decreased by 0.67 points to 1,754.82 points. Market liquidity is quite low, just over 21,0000 billion VND. This is a fairly familiar state in the pre-Tet period when cash flow tends to "stop early" and stand aside to observe, prioritizing preserving achievements rather than expanding new positions.
According to experts' assessment, although the stock market adjusted more than 5% in the recent period of February 2026, since the beginning of the year, the VN-Index still recorded an increase of 2.5% accompanied by a clear improvement in liquidity, an increase compared to the last month of 2025.
Regarding the structure of the stock market, it is currently relatively solid, reflected in the circulation of cash flow between large-cap stock groups, especially enterprises with state-owned capital controlling, helping to limit the risk of deep correction. Notably, cash flow has also begun to spread to stock groups that were once "forgotten" such as industrial parks, textiles, seafood...
With improved market breadth, experts believe that short-term corrections are currently more technical and psychological than trend reversal. Market history shows that more positive prospects will appear in the post-Tet period, especially when the previous year recorded high performance. The profit buffer achieved from 2025 will help reduce psychological pressure, encourage investors to maintain positions and be ready to disburse when opportunities appear.
In the medium and long term, the Vietnamese stock market is assessed to be intertwinedly affected by many factors. On the one hand, the market welcomes a "new breeze" from the strong management decisions of the Government, especially Resolution No. 79-NQ/TW of the Politburo on developing the State economy, improving the efficiency of using national resources and resources, towards the goal of economic growth of 10% or more in 2026.
In the opposite direction, pressure is still present when domestic interest rates maintain an increasing differentiated trend, especially lending interest rates in the real estate sector. The positive point is that the average deposit interest rate level of the whole market has slowed down compared to the end of last year.
Experts recommend that investors should maintain calm psychology, avoid being influenced by low liquidity in the pre-Tet sessions. Short-term fluctuations when temporary demand weakens can be seen as opportunities to accumulate good fundamental stocks, benefit from new economic policies, thereby creating price advantages and being ready to welcome expectations in the early spring period.
