Growth momentum comes from corporate profits
August 2025, recorded many notable developments in the Vietnamese stock market. In less than a month, the VN-Index has continuously set new peaks, approaching the threshold of 1,700 points with skyrocketing liquidity, trading value at one session reached 78,000 billion VND - nearly double the previous record. These figures not only reflect the heat of the market, but also affirm that Vietnamese stocks are becoming one of the most vibrant focuses in the region.
Analysts said that the main driving force still comes from favorable macro factors, business profit expectations and market upgrading.
According to Mr. Dao Hong Duong - Director of Industry and Stock Analysis, VPBank Securities (VPBankS), the big difference of the current period compared to 2021 is that market motivation no longer depends mainly on cash flow, but relies more on the profit growth expectations of listed enterprises.
He said that the current valuation is still attractive, because the after-tax profit of the whole market in the first half of the year has increased sharply and the EPS outlook for 2025 is at a positive level. "If in 2021, the market increased thanks to fiscal and monetary support packages when the economy was heavily affected by the epidemic, then now, GDP has grown strongly and the expectation of profit is the decisive factor" - Mr. Duong analyzed.
He also believes that in the short term, if they follow market developments, investors will always see ups and downs in the past. From a medium and long-term perspective, the market still has a lot of room for development thanks to a profit platform. Therefore, Mr. Duong recommends that investors should restructure their portfolios, both maintaining a trend-oriented strategy and allocating appropriately to ahead of leading industry groups.
The cash flow leads and the colorful picture
Cash flow is an indispensable factor to strengthen the trend. Recent statistics show that the banking industry is the locomotive, accounting for more than 1/3 of the total transaction value of the market. Trading volume has increased steadily for many consecutive weeks, showing that cash flow is still stable and there are no signs of distribution. In addition, the financial services group - especially securities stocks - is also accumulating strongly, accounting for about 18% of trading value.
Mr. Dao Hong Duong commented that the current market has a clear differentiation: From the group of pillar stocks of banks, securities, to industrial park and oil and gas real estate. This creates a diverse picture, both bringing opportunities and requiring investors to select and restructure their portfolios.
Meanwhile, BSC Securities noted that the VN-Index may still have short-term corrections to find a balance. According to BSC, after a period of strong increase, the index is likely to fluctuate in the range of 1,600 - 1,670 points. This perspective shows that despite the positive outlook, investors still need to pay attention to cycalism and caution in trading.
Technology infrastructure before the liquidity "fever"
The liquidity explosion in August 2025 with record trading sessions has proven the attraction of the market, while posing challenges for the technology infrastructure system.
Since the Ho Chi Minh City Stock Exchange officially operated the KRX system (May 5, 2025), a big step forward has been made. This system not only improves the ability to process orders, but is also expected to create a foundation for many new products such as controlled counterfeit, transactions on the day (T+0), the CCP mechanism or deposit according to international standards will soon be launched on the market.
During the recent vibrant trading market period, many securities companies said they have processed a large volume of transactions, the VPS system alone has received up to 700,000 - 800,000 orders/session but is still operating smoothly. Ms. Vu Yen Dung - Director of Stock and VPS Operations Department - affirmed that this result comes from systematic investment in infrastructure and servers, thereby strengthening investors' confidence in the stability of the system.
From the perspective of a solution provider, Mr. Ngo Quang Huy - Deputy Director of Financial Software Solutions (FSS) - considered the recent record liquidity sessions as a "endurance test" for the entire system. We have invested long-term in both software and hardware to ensure not only good performance at present but also enough to expand by 3 to 5 times, he emphasized. According to him, the biggest challenge at present is how to both meet the huge transaction volume and improve the user experience - from ordering, tracking to risk management - quickly and smoothly.
In reality, Vietnamese stocks have been affirming their appeal with new records, but to conquer the next peaks, it is necessary to combine many factors such as the quality of goods on the market, financial health of listed companies, quality cash flow and solid technology infrastructure. This is an important factor for the market to not only be vibrant in liquidity, but also gradually affirm its position on the global financial map.
