The Vietnamese stock market continued to face adjustment pressure in the last trading week of May from May 25-29. After a slight recovery at the beginning of the week, VN-Index quickly weakened again in the following sessions when demand was not strong enough to maintain the upward momentum, especially in the context that the pillar stock group gradually lost its leading role.
VN-Index closed a rather gloomy trading week with 4 consecutive adjustment sessions. In the context of prolonged differentiation on the basis of low liquidity and foreign investors maintaining net selling, the market still lacks momentum to form a recovery momentum in the short term.
Regarding the level of influence, GAS, BSR and MCH are the most positive contributing codes in the last session of the week when bringing in a total increase of 5.8 points for VN-Index. In the opposite direction, VHM and VCB put the greatest pressure when taking away nearly 3 points of the index.
Differentiated developments continued to dominate on the last trading day of May when most industry groups only fluctuated in a narrow range. Except for the two energy and utility groups that surged strongly thanks to pulling power from leading codes such as BSR (+4.39%), PLX (+3.93%), PVT (+1.37%), PVD (+1.67%) and GAS increasing to the full range.
Assessing the stock market in the coming time, experts believe that the market is in a state of very strong differentiation, even at times the index increases but investor accounts still decrease.
However, if viewed in the long term in the current macroeconomic conditions, the market is showing early signs for a new wave of increase. This will be a cycle with many major changes in development strategies, institutional reforms, growth support policies and economic management orientations.
At a conference on the new growth cycle of the stock market recently, Ms. Do Hong Van - Head of Data Analysis Department of Fingroup - said that in the current period, the market has many characteristics of a growth phase, when business profits are still increasing but valuation is no longer the main driving force to promote the market.
According to Fingroup data, the market's projected P/E ratio is currently around 12.3 times, no longer too attractive compared to the profit growth outlook for 2026. Therefore, the upward momentum of the market in the coming time will mainly depend on the actual growth of the business.
Mr. Nguyen Minh Hoang - Analysis Director of Nhat Viet Securities Joint Stock Company (VFS) said that the upcoming upward momentum of the market is likely the continuation of the policy wave that has formed since 2025. The core drivers still revolve around credit growth, public investment, institutional reform and market upgrades. In which, credit growth continues to be considered the most important driving force.
With a credit growth target of about 15% on a balance of about 19 million billion VND, the amount of capital injected into the economy may reach about 2.7 million billion VND, significantly larger than the scale of public investment disbursement.
In addition, if upgraded, the Vietnamese stock market could attract about 1.5-1.6 billion USD from ETF funds and total capital flows could reach 5-6 billion USD if active funds are added. However, the disbursement process will take place in stages.
The market has shown early signs of a new wave. This is no longer a period of being too pessimistic or worried," Mr. Hoang stated his opinion.
