In the last trading week of May, the stock market continued to adjust after a period of strong increase. On May 29, VN-Index stopped at 1,863 points, down 0.73% compared to the previous week and receded far from the historical peak above 1,930 points.
Notably, market liquidity has decreased significantly. In recent sessions, the trading value is only around 20,000 billion VND, equivalent to less than 1 billion USD. This development shows that cautious sentiment is prevailing, as cash flow is not ready to return strongly to stocks.
According to experts' assessment, at the present time, the stock market is having many characteristics of a growth phase. The index is not increasing too strongly, valuation is no longer the main driving force, while corporate profits are increasing but the speed is no longer too high.
In a context where both macro cash flow and industry valuation are limited, cash flow in the market will not disburse widely but focus on finding opportunities at the level of each individual enterprise. These are stocks with their own story to create motivation for revaluation, such as the story of enterprise restructuring, IPO activities, divestment of subsidiaries, or issuing capital increases to strategic shareholders to strengthen the thinning capital buffer.
In a recent report, National Securities Joint Stock Company (NSI) mentioned the prospects from the IPO wave and accelerated the divestment process of state-owned enterprises.
According to NSI, IPO activities are expected to continue to be vibrant in 2026 thanks to the increasingly complete legal framework, especially Decree 155/2020/ND-CP and Decree 245/2025/ND-CP.
The new regulations contribute to raising requirements for governance, information transparency and investor protection. At the same time, compliance with foreign ownership limits according to specialized regulations and international commitments also creates more favorable conditions for foreign investors to participate in IPO deals.
In addition, the IPO process has also been significantly improved by allowing parallel review of IPO and listing dossiers, thereby shortening the listing time from 90 days to 30 days.
NSI believes that these changes will help increase the attractiveness of the market, promote capital mobilization, improve scale and liquidity, and support the goal of market upgrade.
Notably, in the period 2026-2028, the total value of IPO deals is estimated to exceed 40 billion USD. This is considered an important source of quality goods for the stock market, especially in the context that Vietnam is entering the upgrade cycle and needs more large-scale enterprises to attract domestic and foreign institutional capital," NSI experts said.
On the other hand, Resolution 79-NQ/TW has been issued, following Decision 1479/QD-TTg, to orient the state economy to play a leading role, while improving the efficiency of capital restructuring and state-owned enterprises.
Accordingly, state-owned enterprises will continue to be restructured in the direction of reducing focal points, increasing scale and improving operational efficiency. The equitization process is being accelerated to improve governance, attract more social resources, but still ensure that the State holds key sectors, avoids asset losses and maintains the national brand.
NSI also believes that the State Capital Investment Corporation (SCIC) will be restructured in a more professional direction, towards a national investment fund model. Resources will focus on large enterprises, technology projects, innovation, digital transformation and expanding investment abroad.
For State-owned credit institutions, the orientation is to improve governance standards, risk management, promote digital transformation, rearrange networks and increase charter capital. According to NSI, state-owned enterprises and credit institutions with large total assets and capitalization will be the group directly benefiting from Resolution 79.
