Domestic investors play a leading role
Last week, the Vietnamese stock market performed positively when VN-INDEX increased by nearly 35 points, equivalent to 2.6% compared to last week, to above 1,350 points.
Mr. Dinh Quang Hinh - Head of Macro and Market Strategy, VNDIRECT Securities Company - assessed that the market has reacted very quickly to information from the outside. In particular, after a "slow" session last weekend, domestic investors reassessed the risks from Middle East tensions - which had not affected the domestic economy much - and immediately returned to disbursement, helping VN-INDEX increase sharply by more than 20 points in the first session of the week.
The recovery momentum quickly spread from the oil and gas group to leading stocks such as banks, securities and steel. The consistent spread shows that the confidence of domestic investors is being strengthened in the context of the Government maintaining a growth support policy and cash flow in the financial market is very abundant, reflected in the sharp decline in interbank interest rates.
marking liquidity remains stable, investor sentiment is significantly improved as expectations of positive second quarter business results are gradually taking shape. Despite major events such as the FED meeting, derivatives maturity and ETF structure, the market still maintains an upward trend, said Mr. Hinh.
Expectation VN-INDEX to conquer the 1,380-1,400 point zone
Entering the trading week from June 23 to 27, the market is expected to continue to test supply at the short-term peak of 1,350 points. According to Mr. Hinh, if VN-INDEX stays strong and convincingly surpasses this mark, the uptrend will be consolidated and open up the possibility of conquering the 1,380-1,400 point area in the short term.
However, VNDIRECT experts also note that investors should not be subjective, because many risk factors still exist, especially unpredictable geopolitical developments in the Middle East.
Investors should maintain a reasonable proportion of stocks, avoid chasing when the market has increased rapidly. Risk management is a key factor in the current context, Mr. Hinh recommended.
Industry groups with stable business prospects, less affected by geopolitical factors, such as retail, technology and real estate, are expected to attract cash flow in the coming time. These are industries that are being reasonably priced and have the potential to benefit from domestic consumption and credit easing policies.
Although the general trend is leaning towards the positive, securities companies are giving cautious recommendations in investment strategies. VN-INDEX will continue to test the resistance zone of 1,350-1,370 points and crossing this mark will not be easy without the consensus of large cash flow.
In the context of liquidity not really breaking out, investors are advised to choose stocks with good fundamentals, high liquidity and less affected by external macro risks. Industries with growth momentum from within the business or supported by policies will be suitable choices.
Despite unfavorable information from the world's political tensions, the Vietnamese stock market had a smooth trading session on June 23. The VN-Index increased by 8.83 points to 1,358.18 points, setting the highest mark since the beginning of the year. Notably, this is also the highest price zone in more than 3 years.
Market liquidity increased compared to the previous trading session, with the trading volume matched by the VN-Index reaching more than 734 million shares, equivalent to a value of more than VND 18,200 billion. HNX-Index reached more than 88.2 million shares, equivalent to a value of more than VND 1,700 billion.
The main driving force for the market to increase the destination is large-cap stocks, especially Vingroup and oil and gas stocks. VIC shares alone increased sharply, contributing more than 4 points to the VN-Index, while VHM also contributed more than 2 points to the VN-Index.
The market is entering a sensitive period as it awaits the results of international negotiations related to tariffs and trade, a factor that can affect global investor sentiment. In the country, the profit picture in the second quarter of 2025 is expected to improve but there will also be a clear differentiation between industry groups.
Industries are expected to record positive results, including banking as this group continues to play a leading role thanks to room for credit growth and the Government's determination to promote economic growth. Recently, the legalization of Resolution 42 is also expected to help unblock the handling of bad debts and collateral, thereby supporting the reduction of bad debt ratio; at the same time, improving access to capital and reducing borrowing costs.
The real estate group, after a period of many difficulties, is showing signs of recovery when liquidity improves in some segments, along with a low interest rate environment supporting investor psychology. Many real estate projects have recently been cleared of legal problems to help businesses be able to implement projects soon.
The steel industry is also expected to have positive profits thanks to recovering selling prices and increased construction demand, especially from public investment and real estate projects. The retail industry may continue to witness a recovery in domestic consumption. At the same time, the VAT reduction policy to 8% will continue until the end of 2026, tightening the management of counterfeit goods and the overall planning for e-commerce development will be important driving forces for large retail chains to expand their market share. Bao Chuong
