The stock market is experiencing impressive trading sessions in early July. The bustling domestic cash flow with bidding sessions of more than VND 25,000 billion, even exceeding VND 33,000 billion, foreign investors have also returned to a state of net buying of thousands of billions of VND per session, helping the VN-Index continuously set new peaks in 2025 and also the peak of 3 years.
In yesterday's trading session on July 9, strong demand participated right at the opening, helping the VN-Index continue to move forward. The focus of cash flow continues to be the group of banking stocks. Next is the securities and real estate group.
It can be seen that in recent sessions, the fear of missing opportunities (FOMO) effect has appeared, when buying demand is more proactive, clearly demonstrated at the end of the session with the influence of the banking and securities groups, to other industry groups, has accelerated the VN-Index.
At the end of the session on July 9, the VN-Index increased by nearly 16 points, equivalent to 1.12%, to 1,431.3 points. The continued cash flow helped the liquidity of the HoSE exchange today's session skyrocket to nearly VND35,432 billion, equivalent to 1.5 billion shares matched. On all 3 exchanges, the total trading value of today's session reached nearly VND41,600 billion, equivalent to USD1.6 billion.
Foreign capital flows have also been a factor that has helped the market flourish in recent sessions. In today's session alone, foreign investors net bought VND1,950 billion, raising the net buying streak on the HoSE to 6.
Although cash flow is spreading widely, the factors driving the market at this stage are mainly due to the psychology of excessive excitement and the strong flow of foreign cash flow, helping to absorb the selling pressure of domestic individual and institutional investors.
However, in the nature of the Vietnamese stock market, foreign currency is more psychologically supportive than it determines market trends, mainly the increase and decrease of the domestic market still comes from domestic investors - and the story of sustainable growth still comes from the internal business.
Shared by analysts from PHS Securities Company, economic data for the first quarter of 2025 does not fully reflect the direct and indirect impacts from tariffs, the economic picture in the coming time will be unpredictable. Changes in global trade policy, especially from the US side, will still put pressure on the business environment, production activities, import and export and investment capital flows.
However, with proactiveness in management, the Government and the State Bank have many tools to support the economy. This helps create favorable conditions for businesses to adapt, improve competitiveness, production and minimize the impact of external instability.
Although the economy in the last months of the year may better depict the difficulties if there is no smooth progress in negotiations, PHS experts still believe in Vietnam's adaptability, as a remarkable bright spot in the region and the world.
The stock market with valuations at a 10-year below average is also expected to have more room for growth. PHS experts predict that the entire market will increase by 15% in 2025, creating a foundation for the VN-Index towards the 1,3001,400 point range in the base scenario and 1,4501,550 points in the more positive scenario.
At the same time, expectations of upgrading the market from FTSE continue to be a potential catalyst, which could lead to a strong return of foreign capital in the fourth quarter of 2025.
PHS forecasts that the profit growth of the whole market will increase by 15% in 2025, corresponding to P/E forward of 11.8 times, a fairly attractive level for investment compared to the average P/E of 10 years of nearly 15 times.
On the cautious side, experts recommend that investors still need to pay attention to uncertain external factors. The result of the tariff agreement with the US will have a significant impact on Vietnam's economic growth prospects.
margin lending activities are bustling and can be a "double-edged sword". When a widespread call margin occurs during strong corrections. There was a time when many midcap and penny stocks were white on the buyers' side with very low liquidity. bottom-fishing cash flow is mainly concentrated in the large-cap group. Therefore, investors should prioritize maintaining long-term investment positions but limit the use of too high leverage during this period.
