The stock market bulletin records notable developments, providing investors with multi-dimensional information about trends and growth potential. Below is a summary of some of the highlights and analysis of the market situation in the form of a bulletin.
Blue-chip stocks surge, VN-Index approaches all-time high.
The final trading session of 2025 saw a strong surge in blue-chip stocks, especially the Vin group, pushing the VN-Index close to its historical peak. Although liquidity did not truly break through, both domestic and foreign demand showed signs of improvement.
- Signal: Neutral
- Impact on: VIC, VHM, VPL, CII, MWG, PDR, VPI, DXG, TCH, FTS
- Analysis: The return of large-cap stocks signals a gradual stabilization of investor sentiment, especially with stronger foreign participation towards the end of the year. In the short term, the market may still have room for further gains, but investors should pay attention to profit-taking pressure around historical highs. In the medium and long term, the sustained upward momentum of leading stocks will provide good support for the positive trend. Investors should allocate their portfolios flexibly, increasing the proportion of blue-chip stocks if the market establishes a new accumulation base.
VN-Index closes 2025 at a historical high, reaching an 8-year record increase.
The VN-Index ended 2025 at 1784.49 points – its highest level since the exchange's establishment. This achievement stemmed from the strong recovery of the real estate, finance, and consumer sectors, despite relatively cautious capital flows.
- Signal: Neutral
- Impact on: VIC, VHM, VPL, VRE, BID, GAS, STB, GVR, MBB, HDB
- Analysis: Closing the year at a high price level indicates that positive sentiment is prevailing, creating an optimistic foundation for the beginning of 2026. However, the disproportionate increase in liquidity compared to the index could pose a short-term reversal risk. In the long term, the Vietnamese economy is still in a growth cycle, supporting an upward trend for the index. Investors should implement a strategy of accumulating shares during corrective waves, while reducing margin to minimize risks from technical corrections.
Liquidity and margin debt will boom in 2026 thanks to blockbuster IPOs.
Forecasts indicate that 2026 will witness a strong wave of IPOs from large companies, creating conditions for a surge in market liquidity and a significant increase in margin debt. This opens up great opportunities for securities companies and active individual investors.
- Signal: Positive
- Impact on: HOSE, TCX, VPX, HDS, FTSE, KRX, CCP, MCH, VPL, PVX
- Analysis: Preparations for major IPOs could attract new capital into the market, enhancing liquidity and optimizing capital allocation efficiency. In the short term, this expectation may cause a price increase in the securities sector. In the long term, the market ecosystem expanded by IPOs will also promote the development of the capital market infrastructure. Investors should focus on the financial sector and securities companies, taking advantage of the IPO wave to maximize profits.
ETFs continue to experience net outflows ahead of the holiday season.
ETFs investing in the Vietnamese stock market recorded net outflows of over 32 billion VND, reflecting profit-taking or portfolio restructuring ahead of the long holiday. However, foreign investors continued to be strong net buyers in the underlying market.
- Signal: Positive
- Impact on: FTSE, KIM, ACE, VFM, MAFM, VIC, VHM, SSI, HPB, VCB
- Analysis: Although ETF capital flows are experiencing a slight net outflow, a positive sign is that foreign investors continue to maintain an active net buying position in the underlying market, indicating unchanged long-term expectations for Vietnam. This is beneficial for the stable price trend of large-cap stocks. In the short term, profit-taking pressure from ETFs may affect some stocks in the portfolio. Investors should focus on stocks with low foreign ownership and strong fundamentals to protect investment performance.
US stocks fell for the third consecutive session, while crude oil edged lower.
The US market recorded three consecutive days of declines amid the release of the Fed meeting minutes showing a lack of consensus on the path to lowering interest rates, leading to cautious sentiment and impacting oil prices.
- Signal: Negative
- Impacts: AMD, CNBC, WTI, UBS
- Assessment: Negative developments from Wall Street could spread profit-taking sentiment to regional markets, including Vietnam. In the short term, stocks sensitive to international markets such as oil and gas and technology may be affected. In the long term, if the Fed maintains a hawkish stance on interest rates, pressure on capital flows will continue. Investors should increase their cash holdings, reduce leverage, and seek opportunities in defensive sectors such as consumer goods or energy.
Gold and silver rebounded after a sell-off.
Gold and silver prices rebounded after sharp declines, reflecting renewed safe-haven demand amid uncertainty over global monetary policy and geopolitical risks.
- Signal: Neutral
- Impacts: LSEG, SPDR
- Analysis: The recovery in precious metals indicates increasing risk aversion, a negative factor for the stock market but an opportunity for defensive assets. In the short term, investors can take advantage of corrections in mining and gold for short-term trading. In the long term, this sector remains heavily dependent on global interest rate policies and defensive capital flows. Close monitoring of USD and interest rate fluctuations is necessary to develop a sound strategy.
The US dollar is on track to complete its sharpest annual decline in a decade.
The US dollar is facing its biggest annual decline in 10 years, as investors believe the Fed will aggressively cut interest rates next year, raising expectations of growth for emerging markets.
- Signal: Neutral
- Impact on: ECB, ING
- Analysis: The weakening trend of the USD typically supports capital flows into frontier markets like Vietnam, especially when exchange rate risks lessen. In the short term, this could boost prices for export-oriented, textile, and seafood sectors. In the long term, the Fed's shift in interest rates will help reduce capital costs for global businesses. Investors should consider increasing the proportion of sectors benefiting from exchange rate fluctuations in their portfolios, while closely monitoring monetary policy actions to manage the risk of foreign capital inflows.
Have long-term Bitcoin investors stopped selling?
The sell-off by long-term Bitcoin holders is slowing down, however, the overall cryptocurrency market remains volatile due to a lack of supporting information and weak demand.
- Signal: Negative
- Impact on: BTC, ETH
- Analysis: Temporarily halting selling pressure may help stabilize Bitcoin in the short term, but it's not enough to create a solid long-term price base. Legal factors and capital flows into the cryptocurrency market remain major uncertainties. Investors should adopt an observational strategy, avoid bottom-fishing, and only invest when the market establishes a clear trend. Liquidity risks and global macroeconomic factors make Bitcoin a highly volatile asset, requiring careful leverage control and tight stop-loss orders.
The stock market news bulletin aims to provide investors with an overview, while emphasizing the importance of careful analysis before making investment decisions. Following market news from HVA The provision will help investors seize opportunities from short-term fluctuations and adjust their portfolios in line with market trends.
