From September 21, 2026, the Vietnamese stock market is officially upgraded from a frontier market to a secondary emerging market according to FTSE Russell's classification.
In the first trading session when the official upgrade took effect, the market started positively. Right after opening the morning session on September 21, VN-Index at one point increased by more than 10 points. However, the green color did not last long, the index gradually narrowed its upward momentum and then turned down.
Recorded at 10:39 AM, VN-Index decreased by 6.09 points, equivalent to 0.34%, to 1,809.57 points. Red dominated with 154 declining stocks, while 118 gainers and 62 unchanged stocks. Liquidity reached more than 159.8 million shares, trading value of about 4,326 billion VND.
In the group of stocks with large trading volume on HOSE in the morning session, NVL led with about 12.9 million shares, up 1.2% to 12,950 VND/share. VPB increased 1.6% to 27,900 VND/share, matching about 8.3 million shares.
SSI decreased by 0.9% to 21,200 VND/share with about 6.5 million shares traded. TCB increased by 0.9% to 31,900 VND/share, with a volume of about 4.2 million shares.
Exchanging about the diễn biến of the first trading session after upgrade, Mr. Dinh Minh Tri - Director of Personal Customer Analysis, Mirae Asset Securities Joint Stock Company (MAS) - said that it is necessary to distinguish between the time the official upgrade takes effect and the time ETF funds implement portfolio restructuring.
According to Mr. Tri, the restructuring activities of ETF funds following the FTSE index took place last week. Therefore, net buying related to this activity was also mainly concentrated last week, instead of concentrating in the session of September 21.
After the upgrade phase, the stories of the world and Vietnamese markets will return to normal. The net buying and selling of foreign investors will depend more on market developments, not the story of the upgrade," Mr. Tri assessed.
According to MAS experts, the current interest rate level is still high, not only in Vietnam but also in the world. This is one of the factors creating pressure on capital flows in emerging markets, including Vietnam, and at the same time making market sentiment more cautious in the short term.
Interest rates are maintaining at a high level, so in general the market will be cautious in the short term. This will also be reflected in liquidity, the possibility of market liquidity will not be high," Mr. Tri said.
Another factor is that after the upgrade information officially took effect, the market entered a waiting phase for new information. The next focus is on Q3/2026 business results, which are expected to become clearer in the next few weeks.
According to Mr. Tri, when Q3 business results are gradually announced, cash flow may differentiate between stock groups. Businesses with positive business results will be able to attract better cash flow. In which, large-cap stocks may be noticed more than small and medium-cap stocks.
This week, liquidity is expected to be maintained at a low level. Strong cash flow like last week is unlikely to happen," Mr. Tri assessed.
In the context of low liquidity, Mr. Tri believes that investors should not maintain a portfolio proportion at too high a level and may prioritize large-cap stocks.
For a market with low liquidity, cash flow is not really strong as it is now, so you should avoid chasing purchases. Usually, stock price increases will not be long. With the current conditions, investors can prioritize buying at low prices and consider taking profits when achieving a suitable profit level, instead of expecting too large increases in the short term," Mr. Tri recommended.
