VN-Index "struggles" when reaching 1,500 points
The Vietnamese stock market experienced its fifth consecutive week of growth, reaching the 1,500-point threshold for the first time in the past three years. However, pressure at this point quickly appeared, causing the index to experience a "tug of war" situation.
At the end of the week, the VN-Index increased sharply by 2.71% to 1,497.28 points, the highest closing level since 2022.
Record matched liquidity, 45.5% higher than the 20-week average. Last week, the average weekly liquidity on the HOSE floor reached 1,416 million shares (+9.98%), equivalent to a value of VND34,207 billion (+12.47%).
"Green" covered 17/21 industry groups with increased points. Of which, Real Estate led (+8.79%), followed by Securities (+5.44%) and Sugar (+3.47%). On the contrary, the 3 industry groups with the strongest adjustment pressure with slight prices were: Seaport (-1.11%), Insurance (-0.95%), Chemicals (-0.53%).
For foreign investors, the buying momentum was maintained at a high level, with the value at the end of the week reaching 1,220 billion VND. The focus was on VPB (VPBank, HOSE) reaching 654 billion VND, SSI (SSI Securities, HOSE) reaching 582 billion VND and MSN ( Masan , HOSE) reaching 354 billion VND.
Experts said that the Vietnamese stock market ended an exciting trading week with the index reaching the important psychological threshold of 1,500 points. This improvement came in the context of many businesses announcing their business results for the second quarter of 2025, attracting the attention of speculative and investment cash flows.
8 "stock families" increase in value
VN-Index "approached" the historical peak of 1,500 points, meaning that the stock market recorded a capitalization value of nearly 8.3 million billion VND. Of which, the value of stocks on HOSE is 6.4 million billion, on HNX is nearly 0.4 million billion and the market capitalization value of stocks traded on UPCOM is more than 1.4 million billion.
Accounting for 29% of the total market capitalization, equivalent to more than 2.4 million billion VND 'in the hands' of 8 'families' of stocks in the ecosystem of private enterprises including: Vingroup , Masan Group , FPT , GELEX , T&T Group , Sovico Group , Hoang Huy and DNP - Tasco .
VIC stock has been "increasing rapidly" recently (Screenshot)
For Vingroup, the 4 codes VIC (Vingroup, HOSE), VHM (Vinhomes, HOSE), VRE (Vincom Retail, HOSE), VEF (VEFAC JSC, UPcoM) have reached 1.11 million billion VND, accounting for 45% of the total value of the group, equivalent to 13% of the whole market.
In just over 6 months, the ecosystem's capitalization has grown 186% since the beginning of the year. The main driving force comes from the "parent stock" Vingroup (VIC, HOSE) increasing by 193% and the "trump card" real estate Vinhomes (VHM, HOSE) increasing by 140%.
"Them" Hoang Huy and GELEX followed closely with capitalization growth of 86% and 83% respectively, in which HHS (Hoang Huy Services) increased by 162%, GEE (Gelex Electricity, HOSE) increased by 359% and GEX (Gelex Group, HOSE) increased by 134%.
Also growing well is the T&T Group with 4 members SHB (SHB, HOSE), SHS (SHS Securities, HNX), CQN (Quang Ninh Port, UPCoM), VIF (Vinafor, HNX).
Stocks enter recovery cycle with Q2/2025 business results
Overall, the Vietnamese securities industry has had a clear recovery in the second quarter of 2025 and the first half of 2025, thanks to improved market liquidity, the VN-Index surpassing 1,500 points and the return of individual investor cash flow.
The picture of the first 6 months of the year shows that the securities industry is entering a recovery cycle, but not for everyone. Diversification will continue and only those who adapt quickly and invest effectively will be able to maintain their position in the coming time.
Leading the way is Techcom Securities (TCBS) with profit after tax (PT) reaching VND 1,420 billion, up 9% over the same period. This is also the quarter with the highest profit of TCBS since the beginning of the year, contributing greatly to the accumulated results of the first 6 months of the year with VND 2,431 billion - accounting for nearly 10% of the total profit of the whole industry.
Next is VPS Securities with net profit of VND 702 billion, up 35% and SSI Securities (SSI, HOSE) with net profit of VND 923 billion, down slightly 1%.
Notably, VIX Securities (VIX, HOSE) unexpectedly broke out with a profit of VND1,302 billion, up 952% year-on-year, thanks to the huge benefit from its proprietary trading portfolio. This was also the quarter with the highest profit record for VIX ever. After 6 months, VIX recorded a net profit of VND1,674 billion - nearly 5 times higher than the same period last year.
In contrast, some large-scale companies recorded declining business results. Ho Chi Minh City Securities Corporation (HSC) reported a 39% decrease in second-quarter profit to VND192 billion due to high provisioning costs.
FPT Securities (FPTS) also recorded the deepest decline among the leading group, when net profit in the second quarter of 2025 was only VND61 billion, down 62% year-on-year, mainly due to the impact of revaluation of the stock portfolio. KB Securities Vietnam (KBSV) decreased by 20% to VND51 billion.
Opportunity for VN-Index to return to old peak, what should investors do?
Last week, the stock market continued to record positive developments after the VN30 index surpassed its historical peak in 2021. Despite two slight fluctuations to retest the old peak, the market quickly regained momentum with strong cash flow rotation between stock groups. At the end of the week, the VN-Index increased by 2.7% to 1,497 points - approaching the highest historical peak set in January 2022. Notably, the real estate group had many leading codes surpassing historical peaks. The securities group also
According to experts, the Vietnamese stock market is going through a period with many similarities to 2020-2021, when the growth rate of money supply is very strong, only lower than the same period in 2021. This is one of the important factors driving the market's growth wave.
In the current uptrend, especially with the high consensus from the money pumping policy, the return of foreign investors, supporting policies such as tariffs and the prospect of upgrading the market, it is difficult to predict whether stocks will continue to increase. Therefore, investors holding key sectors such as banking, real estate, retail, securities... with good capital prices should be patient, to let profits continue to run.
The biggest challenge during a bull market is not cutting losses but keeping large profits. Many people easily accept a loss of 10-20% without selling, but rush to take profits when they only make a profit of 5-10%, which can easily lead to losing the opportunity to make a large profit.
With expectations that the economy will continue to maintain growth momentum, the VN-Index may reach the 1,600 point zone.
Some industry groups are clearly benefiting from this trend, typically real estate stocks attracting great attention from cash flow, thanks to still attractive valuations and strong support policies from management agencies.
Comments and recommendations
Mr. Nguyen Nhat Tan, Investment Consultant, Mirae Asset Securities (MAS) , commented that VN-Index is approaching the historical peak set in early 2022, and liquidity in the whole market remains high.
The market is benefiting from positive signals such as: GDP in the second quarter increased by 7.5-8% - the highest level in 20 years; the Prime Minister and the Securities Commission promoted transaction reform, implemented the CCP system, upgraded to reach regional standards, and achieved the goal of upgrading the market; KRX and derivatives projects are expected to develop, especially supporting liquidity and attracting shares from professional investors.
Investors need to have appropriate investment strategies.
Long-term supportive macroeconomic reforms are helping to improve structural foundations, confidence and access to capital.
However, there are still some risks such as: Foreign capital flows into some large stocks causing short-term disruption, low liquidity in other industries; Risks from the US-China trade war, complicated developments of the Fed (US Federal Reserve) and the US dollar.
Some investment strategy recommendations for investors are as follows:
Maintain high stock ratio, prioritize groups with positive Q2 business results - Banking, Securities.
Avoid buying stocks that have increased by more than 30% in the last 2 weeks.
Take advantage of the correction to accumulate basic stocks when the market corrects.
Monitor macro factors such as observing the Fed, USD/VND exchange rate, China policy.
Vietnam's stock market is showing positive signs of recovery thanks to foreign capital flows, a stable macro foundation and expectations of strong reforms.
In a market where expectations can push stock prices up 50% in 2 weeks, investors need to understand more clearly: managing emotions - managing expectations and allocating capital reasonably, especially knowing how to "take profits".
BSC Securities believes that VN-Index witnessed a fierce tug-of-war before the 1,500-point threshold. In the coming sessions, the market may experience another short-term shaking period to form a new price base as a premise for the next uptrend.
Asean Securities assessed that VN-Index still maintains the upward trend, however, the increase is slowing down as VN-Index approaches the historical peak. In the coming time, the market will continue to fluctuate, with the near support zone being 1,460 - 1,480 points, while the near resistance is at 1,500 points. With short-term positions, investors with a high proportion of stocks can consider partial profit taking, especially with stocks that are increasing rapidly and approaching strong resistance zones. Meanwhile, investors with a high proportion of cash can consider exploratory disbursement at fluctuations or accumulation of the base of stocks in leading groups such as Banking, Securities and Real Estate.
Dividend schedule this week
According to statistics, 27 enterprises announced dividend closing rights in the week of July 21 - 25, of which 18 enterprises paid dividends in cash, 6 enterprises paid dividends in shares, 2 enterprises awarded bonus shares, 1 enterprise issued convertible bonds and 1 enterprise issued additional shares.
The highest rate is 162.91%, the lowest is 0.5%.
6 businesses by stock:
Quang Ngai Agricultural Products and Food Joint Stock Company (APF, UPCoM) , ex-right trading date is July 25, rate is 10%.
VIWACO JSC (VAV, UPCoM), ex-dividend date is 24/7, ratio is 50%.
Tipharco Pharmaceutical JSC (DTG, HNX), ex-right trading date is July 24, rate is 15%.
Hai Phong Electricity, Water and Installation JSC (DNC, HNX), ex-right trading date is July 24, rate is 25%.
Rox Key Holdings JSC (TN1, HOSE), ex-dividend date is July 21, rate is 10%.
Vietnam National Reinsurance Corporation (VNR, HNX), ex-rights trading date is July 21, rate is 10%.
2 companies award shares:
Danang Rubber Corporation (DRC, HOSE), ex-right trading date is July 23, ratio is 30%.
FPT Corporation (FPT, HOSE), ex-dividend date is July 21, rate 15%.
1 enterprise issues convertible bonds:
Thanh Thanh Cong - Bien Hoa Joint Stock Company (SBT, HOSE), ex-right trading date is July 25, ratio is 16291:100 (162.91%).
1 additional issuer:
Vietnam Airlines Corporation (HVN, HOSE) , ex-rights trading date is July 21, rate 41%.
Cash dividend payment schedule
*Ex-right date: is the transaction date on which the buyer, upon establishing ownership of shares, will not enjoy related rights such as the right to receive dividends, the right to purchase additional issued shares, but will still enjoy the right to attend the shareholders' meeting.
| Code | Floor | GDKHQ Day | Date TH | Proportion |
|---|---|---|---|---|
| BEL | UPCOM | 7/25 | 8/8 | 4% |
| LHG | HOSE | 7/25 | 8/25 | 19% |
| DHN | UPCOM | 7/25 | 8/20 | 20% |
| HWS | UPCOM | 7/25 | 8/28 | 9.5% |
| VTR | UPCOM | 24/7 | 7/8 | 10% |
| MWG | HOSE | 24/7 | 8/8 | 10% |
| BMC | HOSE | 24/7 | 12/8 | 13% |
| POT | HNX | 24/7 | 15/8 | 1.4% |
| NTW | UPCOM | 7/23 | 18/8 | 15% |
| VDN | UPCOM | 7/23 | 11/8 | 20% |
| VVS | UPCOM | 7/23 | 8/28 | 10% |
| SAS | UPCOM | 7/22 | 5/8 | 22.1% |
| VIF | HNX | 7/21 | 8/21 | 6.5% |
| TN1 | HOSE | 7/21 | 13/8 | 5% |
| DNE | UPCOM | 7/21 | 15/8 | 5.5% |
| AMC | HNX | 7/21 | 11/8 | 13% |
| SZB | HNX | 7/21 | 8/22 | 30% |
| IVS | HNX | 7/21 | 5/8 | 0.5% |
Source: https://phunuvietnam.vn/chung-khoan-tuan-21-25-7-chien-luoc-dau-tu-khi-vn-index-cham-nguong-1500-diem-20250720225001288.htm
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