The Vietnamese stock market entered the trading session on April 22 with external factors somewhat supporting psychology when geopolitical tensions between the US and Iran temporarily cooled down.This information helped stabilize the international financial market, but the impact was not strong enough to create a clear push.This is reflected in the differentiated developments in Asian markets and the cautious sentiment of domestic investors.
The stock market only recorded positive developments in the afternoon session with the main support still from the Vingroup group of stocks.When the Vin group of 3 stocks was strongly pulled up, in which VIC went straight to the ceiling level of 207,200 VND, helping VN-Index turn around and increase sharply accordingly.Despite a strong breakthrough in points, market breadth still leaned towards decline when red color prevailed.
Closing the session on April 22, VN-Index increased by nearly 24 points to 1,857 points. Liquidity on HOSE is still low, with a matched order value of only about 17,500 billion VND. Regarding foreign investors' transactions, the group of foreign investors continued to net sell about 108 billion VND across the market.
The biggest contributor to today's trading session is VIC when it jumped from below the reference level to the ceiling price of 207,200 VND, matching 4.7 million units and still having a ceiling buy order of more than 1.2 million units.This stock contributed more than 22 points to VN-Index.
In terms of industry stocks, today, the real estate group had a positive session, in addition to Vingroup, there are also many codes that increased to the ceiling price such as TDH, DRH, SJC, VPH, OGC.Other codes increased strongly such as HTN (+6.34% to 8,050 VND), NVL (+5.93% to 18,750 VND)...
In terms of liquidity, SHB and NVL are the 2 largest matched codes with 47.5 million units and 41.3 million units respectively. Next is HPG 27.7 million units and VIX more than 21.4 million units.
Returning to the market, what investors are most interested in today is why large cash flow is still outside the market?Many opinions suggest that when deposit interest rates decrease, in theory, the savings channel becomes less attractive, thereby promoting cash flow to shift to more risky assets such as stocks and real estate.
In fact, this trend is well-founded, especially when loose monetary policy also helps improve business profit prospects, thereby increasing the attractiveness of the stock market.However, if we expect cash flow to return immediately, it is still too early.
Notably, according to statistics, as of the end of Q1/2026, outstanding loans (including margin and advances from sales) at securities companies are estimated at more than 420,000 billion VND, an increase of about 9,000 billion VND compared to the end of 2025, and is a record high ever. In which, outstanding margin loans are estimated at about 405,000 billion VND, an increase of 13,000 billion VND after the first quarter of the year and also the highest figure in the history of Vietnamese stocks.
Experts assess that in the context of the stock market's strong fluctuations in recent times, liquidity has been boosted, thereby creating opportunities for margin debt to continue to increase.Investors' demand for margin is often at a high level, especially after market sessions of deep correction and many stocks falling into attractive valuation zones, which also helps margin debt set records.
However, in the current period, market liquidity is still not really recovering as expected.In addition to the session on April 8, 2026 when FTSE Russell confirmed that Vietnam passed the review period, the market increased sharply in both points and liquidity, the subsequent increase of more than +100 points (from 1,740 points to nearly 1,850 points) seems to have no participation of large cash flow.
In that context, according to the assessment of some experts, the phenomenon of many securities companies having large outstanding loans but disproportionate market share is reflecting the reality that a significant amount of margin does not serve the purpose of trading.
In other words, this lending activity does not completely provide for the leverage needs of individual investors, a significant amount is used for organizations, business leaders, and large shareholders for other purposes.
