The stock market has just experienced the first trading week of May with the highlight of VN-Index increasing sharply and setting a new peak above 1,910 points.
At the end of the first trading week of May, the VN-Index increased by 61.27 points, equivalent to +3.3% to 1,915.37 points. Matched order liquidity in the week was only 4% lower than the 20-week average. Accumulated to the end of Friday's session, the average matched order liquidity on the HOSE floor reached 851 million shares/session, an increase of more than 12% compared to the previous week, the average trading value reached 25,152 billion VND/session, an increase of more than 13%.
Regarding the level of influence, VIC, BID and VHM were the leading locomotives in the last session of the week, bringing a total of 8 increasing points for VN-Index. In the opposite direction, VJC and GAS put the most significant pressure when taking away nearly 1.5 points of the index.
Another highlight is the Gelex duo, GEE and GEX, following behind with an increase of around 25%, after both had a deadline for receiving bonus shares and dividends in shares during the week. A stock related to the Gelex group, VIX, also had a positive week, although the increase was less than 1/2 of the above two codes, but liquidity has improved significantly compared to the recent period.
Although the Vietnamese stock market has set a new historical peak, the index's increase is still mainly driven by large-cap stocks, while the rest of the market has not shown a corresponding improvement. The "green shell, red heart" state continues to appear in many sessions as the number of declining stocks still prevails even though the VN-Index continues to rise.
This development causes the actual performance of investors to have a significant deviation from the index. In other words, although the market increased sharply in terms of points, not many investors actually benefited commensurately.
In a newly released report, analysts from SHS Securities Company said that the market entered May with the focus being macroeconomic data for April such as inflation, import and export, PMI... These indicators are expected to reflect more clearly the impact of the Middle East conflict on business operations and the economy.
The analysis group noted that global geopolitical tensions are still continuing and are shifting to a new state. In addition, credit growth shows signs of slowing down, while energy crises, inflation and increased cost pressure are beginning to affect businesses and the economy more clearly. In addition, outstanding margin loans in the market are still at a high level.
In a positive direction, SHS assesses that the Vietnamese economy still maintains strong growth momentum. The Q1/2026 business results of many enterprises continue to record positive growth. At the same time, if excluding the impact of the Vingroup group, the market capitalization level of the remaining part is at a relatively reasonable level after a period of sharp decline, especially considering the long-term growth potential.
According to SHS, if the Vingroup group is separated, the remaining market capitalization is currently about 320 billion USD, almost unchanged compared to the end of March 2026. At that time, the market's valuation indicators are at a P/E ratio of about 12.96 times, P/B ratio of about 1.8 times and P/S ratio of about 1.4 times.
SHS assesses this as a relatively reasonable valuation zone in the context that business results still maintain growth, thereby opening up opportunities for investors to consider accumulating and investing in value.
Regarding industry cash flow, SHS assesses that some industry groups are likely to attract cash flow in the short term in May, in order including securities, residential real estate, banking, fertilizers and steel.
SHS experts also noted that although VN-Index has returned to the historical peak, investor sentiment is still quite cautious because the market's increase in the past time mainly came from the effect of the Vingroup group.This makes market developments in May still contain many unpredictable fluctuations.
