VN-Index has recovered for the fourth consecutive week and the green color has spread more than the previous 3 weeks. The general index increased sharply by 50.33 points last week, equivalent to an increase of 2.98% thanks to the recovery of the banking group and familiar names of the Vingroup group.
Despite a better week than before, the banking group still mostly increased their score relatively little compared to investors' expectations after this group had previously discounted very deeply. Some of the most prominent names include MBB, CTG, ABB.
The net selling momentum of foreign investors has officially ended. Last week, foreign investors were net buyers quite active and experienced many trading sessions. In the end of the week, this group net bought up to more than VND 4,400 billion (including agreed transactions).
Foreign investors have net sold nearly 4 billion USD in 2024 and an additional approximately 5 billion USD from the beginning of 2025 to present. Just a small part of this capital returning is enough to create a big boost for the market. Although the daily trading proportion of foreign investors is not too high, this capital flow still strongly affects market sentiment. In reality, just about 300 million USD in net buying value of foreign investors in the period of June - July helped the VN-Index increase sharply.
Currently, the VN-Index has overcome important psychological regions and the market level has gradually established a new balance point. The number of newly opened individual investor accounts has increased sharply in recent months, reflecting the return of personal cash flow.
However, market liquidity is still declining, a development contrary to the usual practice when account growth is often accompanied by improved liquidity. This shows that the cash flow withdrawn recently is likely to be temporary, mainly due to investors' cautious psychology.
In recent sessions, cash flow has entered the market more positively and spread to many key groups of stocks such as banking and finance, not just depending on stocks in the "VIN Index". Current developments once again confirm that the VN-Index has returned to the peak of 1,800 points, likely to surpass this mark in the period from now until January 2026.
In the short term, analysts at Kafi Securities Company expect the VN-Index to move towards the 1,750 - 1,800 point range (the old peak in October 2025). However, fluctuations may increase when the index approaches the strong resistance zone. The expected adjustment level is not too large because most stocks are still in the recovery phase, profit-taking pressure has not spread and index fluctuations still depend significantly on Vin stocks. A suitable strategy is to prioritize stock selection, disbursement at adjustment levels and limit chasing when the market is hot.
Kafi Securities Company also forecasts that the VN-Index will move sideways around the 1,730 - 1,750 point range. After a relatively stable recovery week, the market is expected to continue to have a further recovery week. However, there will be more differentiation and interspersed with adjustment sessions with low liquidity.
Although the market has successfully created a bottom, analysts from Pinetree Securities Company assess that there is a high possibility that the market cannot break out right from now until the end of the year, but needs more time to accumulate because it cannot completely solve the macro problem. Therefore, investors who have successfully bottomed out can partially lock in profits to protect their performance and portfolio structure.
Regarding new disbursement, investors should avoid beta stocks such as banks, securities or real estate because the amount of goods stuck above is quite large and requires a lot of recovery time. Regarding the general score, VN-Index is too affected by Vingroup, so investors do not need to pay attention but should focus on the portfolio and developments of each group of stocks they are holding, promote risk management and should not be greedy at the present time.
