The Vietnamese stock market has gone through October with unfavorable developments. In the last week of October, the VN-Index lost 44 points. The market continues to maintain a state of tug-of-war within the range of 1,600 - 1,700 points.
In particular, banking and securities stocks continued to maintain a rather negative red color for 1 week. Market developments last week showed a clear differentiation between stock groups.
VN30 is under the biggest pressure, especially from the Vingroup (VIC, VHM, VRE, VPL) group when this group took away more than 40 points from the VN-Index. The financial - banking group also traded less positively. On the contrary, cash flow tends to shift to small and medium-sized groups, along with industries with their own stories such as oil and gas (PVD, PVS), residential real estate (K Human, NLG), chemicals, energy; while FPT continues to play the role of anchor of psychology.
At present, market valuation (if excluding the strong increase of Vingroup stocks) has decreased to a sluggish P/E of about 12 times, significantly lower than the 5-year average of 15 times.
Although the pressure of selling mortgages may still appear in the short term, the price reduction range is currently quite limited and the 1,600 point mark is becoming an attractive area for investors to accumulate.
After a period of strong adjustment, experts predict that the VN-Index may continue to fluctuate strongly in the 1,600-1,700 point range, with large fluctuations and the possibility of deep adjustments to the support zone cannot be ruled out.
Analyst of Kafi Securities Company (CTCK) commented that the VN-Index is likely to continue to struggle when demand is still cautious and the impact of the adjustment of large-cap stocks has not completely ended, causing fluctuations and the possibility of re-evaluating the support zone may continue. However, the improved market width shows that the general trend has not changed badly and the 1,600 - 1,630 point area is expected to be a reliable support area in the short term.
The market strategy research section of HSC Joint Stock Company gave an analytical viewpoint, instead of spreading widely as in the 2021 growth cycle, cash flow is currently focused on enterprises with positive business results in the third quarter of 2025 and are in the group that clearly benefits from the domestic reform process.
In the real estate group, the difference is clearly shown: businesses that announce weak profits or have legal problems continue to be sold off, while businesses that own large land funds, transparent legal status (K human, NLG...) and profits exceeding expectations attract large capital flows from both domestic and foreign investors.
This trend is also spreading to other industry groups such as consumer retail and construction materials, where cash flow is prioritized to select enterprises with healthy financial conditions, real profit growth and improved prospects in the fourth quarter as well as in 2026. According to HSC experts, this is a positive signal, showing that the market is entering a more sustainable growth period, based on a fundamental foundation instead of short-term speculation.
DSC Joint Stock Company assessed that at this time, "cautious but not giving up opportunities" is the most appropriate investment strategy ever. Regarding this week's scenario, DSC Securities said that the market will be unpredictable, especially when Vingroup stocks are fluctuating strongly, affecting investor sentiment.
In the positive scenario, in order for the market to recover sustainably, there is a high possibility of strong shake-off sessions appearing at the beginning of the week, which could penetrate the support level of 1,600 points, then rebound at the end of the week.
