Business results in the second quarter of 2025 are the driving force
The Vietnamese stock market recorded positive developments for most of the trading period last week. The first three sessions of the week improved with wide spread across industry groups, especially technology and securities. The technology group increased strongly in the last session of the week, contributing to consolidating the recovery momentum after the technical adjustment session on Thursday.
Notably, the securities group also had a positive trading week, thanks to expectations of market upgrading and improved liquidity. Foreign investors continued to be a bright spot when buying strongly in the last three sessions of the week, showing a clear support for the market's upward trend.
Entering next week (July 711.7), investors' attention will shift to the financial reporting season for the second quarter of 2025.
Mr. Dinh Quang Hinh - Head of Vi mo and Market Strategy, VNDIRECT Securities Company - said: "We maintain a positive view, believing that the VN-INDEX index is in a short-term uptrend, with a strong resistance zone around 1,400 points".
The macro picture continues to be a fulcrum for the market, with many positive indicators in the first 6 months of the year: GDP increased by 7.57.6%, exports increased by 14.4%, total social investment increased by 9.8%, realized FDI increased by 8.1% and credit growth as of June 26 reached 8.3%. These figures create expectations for positive business results of listed enterprises in the second quarter.
Mr. Hinh recommended: Investors can take advantage of technical adjustments to restructure portfolios, prioritizing stocks in industries with positive profit prospects such as banking, securities, consumer goods and retail.
VN-INDEX is getting closer to target, valuation is still attractive
According to SHS Securities Company, after touching the overbought zone in early April 2025, the VN-INDEX and VN30 indexes have recovered strongly and are now approaching the overbought zone in early July 2025. VN30 is approaching the 1,500-point threshold - the average level for the peak market period from November 2021 to March 2022.
SHS said that it is very difficult for VN30 to surpass the historical peak of 2022 in the last 6 months of this year. VN-INDEX is also likely to move in line with the forecast from the beginning of the year, towards the target price range around 1,420 points.
SHS experts also noted that the current cash flow circulation characteristics focus on stocks or industry groups that have not recovered strongly, and have not returned to the highest price before recent adjustments.
As of the end of June 2025, the total market capitalization reached about 310 billion USD, equivalent to about 65% of GDP in 2024 - still an attractive level if considering the scale of the economy and growth prospects in the coming years.
Regarding valuation, SHS assessed the market as being at a reasonable level. The current valuation coefficient of the VN-INDEX index is lower than the average of the past 5 years, while the profit prospects of listed enterprises tend to improve.
