The Vietnamese stock market closed the trading session on May 14 in green and the spread of cash flow. Strong pull in the afternoon session helped VN-Index break through by more than 27 points, surpassing the 1. 925 point mark and officially setting a new historical peak.
This is an unprecedented milestone for the Vietnamese stock market, marking a new step forward after a period of VN-Index continuously fluctuating around the peak. Along with the index's increase, the capitalization scale on the HoSE exchange also for the first time exceeded 9.07 million billion VND.
However, the noteworthy point is that liquidity is not really commensurate with the strong increase of the index. Compared to yesterday, liquidity in today's session decreased sharply with 672 million shares matched, equivalent to 21,888 billion VND.
The fact that the large stock group was pulled green is a factor creating the index's breakthrough. The main puller for the index in today's session continued to be VIC stock contributing 15 points to increase. Another Vingroup code is VHM contributing 4 points. In addition to the above 2 codes, the index received support from pillar codes such as VCB, VPB, BID, GAS, CTG...
Notably, in the list of stock groups supporting the index, unexpectedly there is FPT code. After a series of days of being heavily dumped by foreign investors, in today's session, they only net sold 36 billion VND. Thanks to that, this technology stock closed the session with an increase of 4.53%.
The breakthrough of this large-cap group created a strong effect on the overall index, but also made the market picture "out of sync": the index set a record, while the actual feeling of many investors was not too positive.
In today's session, foreign investors unexpectedly accumulated goods after a series of 15 consecutive net selling sessions. Statistics show that foreign investors net bought 254 billion VND on the HoSE exchange.
In the strategic report for May, the Analysis and Investment Division - An Binh Securities Joint Stock Company (ABS Research) assessed the projected P/E of VN-Index at about 13.4, equivalent to the long-term average. If excluding the Vingroup stock group, the P/E at 10.5 is still an attractive level for medium and long-term investment.
In May, ABS Research said that many good news continuously appeared to help improve the attractiveness of the Vietnamese market to international capital flows, such as the prestigious credit rating agency Moody's recently raising Vietnam's national credit outlook from'stable' to'positive'.
At the same time, there is much information that Vietnam may be included in the MSCI Watch List in the June 2026 review, when Vietnam has achieved 10/18 criteria on market access and is actively improving the remaining criteria. Meanwhile, domestic cash flow will be improved thanks to partially relieved macroeconomic pressure.
Forecasting VN-Index developments in May 2026, ABS Research proposes 2 scenarios.
In the first scenario, the VN-Index soon surpasses the old peak of 1,920 points, accumulates in the peak area with spreading cash flow and increased liquidity, consolidating the upward momentum towards the nearest target around the resistance zone of 2,084 - 2,145 points.
In scenario two, in the event that the conflict in the Middle East continues to prolong, causing negative impacts on the world economic outlook, the market may return to testing support at 1,750-1,800 points. This can be considered the area to assess the strength of the upward trend and the correction phase is the release phase in the upward trend.
According to ABS Research, the risk factor for stocks has decreased significantly, which is quite safe for continuing to increase medium-term holding positions when the general market is still doubting the upward trend.
For short-term trading investors, trading frequency can be increased based on the available support - resistance levels of stocks. Priority is given to trading stocks forming bottoms after gradually increasing above the short-term framework. Businesses with positive business results prospects, healthy financial structure, high dividends, reasonable valuation and stocks with prospects of being bought by foreign capital when the market is upgraded... are noteworthy stocks.
