According to data from the Vietnam Securities Depository Center (VSD), the number of domestic investor accounts increased by nearly 150,000 accounts in February 2025, a sharp increase compared to the first month of the year and the highest level in 4 months.
New accounts opened in February mainly came from individual investors, while the organization only had 61 additional accounts. As of the end of February, domestic individual investors have a total of nearly 9.5 million accounts, equivalent to about 9.5% of the population, completing the target ahead of schedule for 2025 and aiming for 11 million accounts by 2030.
Newly opened accounts increased sharply in the context of improved investor sentiment. Market liquidity continued to increase, the average value of matched orders on HoSE in February reached more than VND14,000 billion, one and a half times higher than the first month of the year. The trend continued to be maintained in the first days of March with 4 consecutive sessions with a total trading value exceeding VND20,000 billion.
Abundant domestic cash flow was the main driving force behind the VN-Index increasing by more than 3% in February, thereby surpassing 1,300 points for the first time in nearly 3 years. The increase continued in the first days of March when domestic cash flow continued to flow into the market along with the move to reduce net sales from foreign investors.
According to some analysts, the factor that helps market sentiment improve is that the financial market is having many speculations about the possibility that the State Bank can adjust OMO interest rates to support liquidity. However, up to now, the State Bank has not made any official announcement about the interest rate reduction in the open market.
However, before that, the State Bank also had a move to gradually reduce from 4.0% to 3.1%/year before deciding to completely stop issuing bonds from March 5, 2025. Thereby sending a strong and positive signal about the State Bank's orientation in reducing market interest rates, creating favorable conditions for the market. The State Bank's move comes in the context of exchange rate pressure showing signs of cooling down.
In addition, the improvement in profit growth also creates great momentum for the market. In 2025, corporate profit growth is forecast to be 15-20% in the context of the Government setting a target of economic growth of 8% with the attraction from monetary policy, fiscal policy or domestic consumption stimulus will continue to be a supporting factor to help the market go up.
Another factor that helps market sentiment improve is the return of foreign capital when the first net buying sessions after a long period of strong selling began to appear.
It is too early to determine whether foreign capital flows will reverse after net selling about 100,000 billion in the past year. However, the selling decrease by foreign investors is also a positive signal, especially in the context that Vietnamese stocks are being assessed as bright to upgrade in 2025.
Dr. Nguyen Duy Phuong - Investment Director of DG Capital - commented that the average trading value on HOSE reaching more than VND20,000 billion/session is a positive sign that cash flow is returning and will not be withdrawn soon, because the market's increase is being reinforced by fundamental factors, not simply short-term waves.
According to Dr. Phuong, the market outlook in 2025 is quite positive thanks to economic growth momentum, economic policies, expanded finances, low interest rates and public investment. Enterprises also have positive business plans. In 2025, the psychological barrier is only temporary.
"The risk of the market is mainly due to external factors, especially the policy of US President Donald Trump. The taxation of Chinese, Canadian, Mexico and EU goods by US President Donald Trump has negatively affected the global financial market and indirectly the Vietnamese stock market," said Dr. Phuong.
