2025 saw a strong surge in the index, with the VN-Index increasing by approximately 38% compared to the beginning of the year. Looking ahead to 2026, experts believe the market will maintain its positive trend; however, investors should still prioritize stocks with potential.
Mr. Nguyen The Minh, Director of the Individual Client Research and Development Division at Yuanta Securities Vietnam, believes that this is the time for investors to improve their analytical skills, shifting their focus from short-term index movements to the fundamental quality of businesses. Entering 2026, correctly identifying large-cap stocks with genuine intrinsic value will become a key factor in long-term investment strategies.
Looking at the overall Vietnamese stock market, Mr. Minh believes it is still in a recovery cycle. Market-wide earnings are projected to grow by approximately 17-20%, with a market-wide P/E ratio of around 12.5 times. This valuation level is considered relatively attractive, opening up opportunities for many stocks with strong business fundamentals that were overlooked in the previous period.
Experts fromOCB Securities (OCBS) assess that in 2026, investment flows will continue to show a clear differentiation, rather than being evenly distributed across the entire market. Capital is likely to concentrate on industries and businesses with solid fundamentals, sustainable growth, and those that directly benefit from the development of the economy.
Among these, several sectors will have significant prospects and serve as noteworthy foundations for 2026. First and foremost are the banking and financial services sector; the banking sector is accelerating digital transformation, while the securities sector is actively expanding capital to meet market demand – these two sectors are particularly noteworthy. In addition, the consumer and retail sector, especially leading businesses, may benefit from the year-end peak season and the recovery trend in domestic demand.
What should you keep in mind when investing in stocks in 2026? (Illustrative image).
Furthermore, the real estate sector may gradually improve for businesses with clean land reserves, sound finances, and products that meet actual housing needs. The agriculture and export sector is also a noteworthy investment area, as many businesses are currently increasing investment in large-scale agriculture and adopting advanced technology to achieve high productivity.
Similarly, Mr. Dang Tran Phuc, Chairman of the Board of Directors of AZfin Vietnam Joint Stock Company, believes that 2026 could be a pivotal year for the market, as reforms in infrastructure, policies, and capital flows simultaneously take effect.
According to Mr. Phuc, the stock market is still considered the channel with the highest growth potential if the economy maintains its recovery momentum. However, it is also a channel that requires investors to accept the risk of volatility, have clear knowledge, and a sound strategy. The end of the year often sees strong differentiation, where opportunities lie not in "following the index" but in the ability to choose companies with strong financial foundations, stable cash flow, and clear business prospects.
“ One of the factors that investors are most interested in is the market upgrade roadmap. Vietnam has been informed that it may be upgraded from a frontier market to a secondary emerging market, with the expected timeframe being September 2026, if it passes the mid-term review in March 2026.”
"The upgrade is linked to key criteria such as accessibility for foreign investors, quality of trading infrastructure, clearing and settlement mechanisms, and information transparency. These improvements not only help the market operate more efficiently but also bring Vietnamese securities closer to international standards, thereby significantly improving their attractiveness in the eyes of global investors, " Mr. Phuc said.
From a cash flow and investment strategy perspective, Mr. Phuc believes that public investment, banking, construction, materials, and retail sectors, currently undervalued, could become the market leaders in 2026.
“ The banking sector will continue to play a central role in the economy as credit growth is expected to exceed 15%, reflecting increased capital demand from public investment, real estate, and manufacturing and business activities. For real estate, 2026 could mark a clearer recovery phase as medium-term supply improves thanks to legal reforms and new pilot mechanisms.”
The construction and infrastructure sector continues to directly benefit from the public investment cycle, with a large backlog providing a foundation for revenue growth in the coming years. In the materials group, the steel industry shows signs of improvement thanks to recovering domestic demand from public investment and real estate, along with anti-dumping measures supporting domestic businesses.
Ultimately, the retail sector directly benefits from the recovery of domestic consumption as disposable income improves and consumer sentiment becomes more positive ,” Phuc commented.
Offering advice to investors for 2026, experts from Saigon - Hanoi Securities Company (SHS) noted that, entering 2026, quantitative and qualitative data show a clearer trend of selective capital flows as the market enters a new revaluation cycle. Capital will prioritize sectors with strong fundamentals, reasonable valuations, and long-term growth drivers, rather than spreading evenly across the entire market.
The banking sector continues to be considered a cornerstone of the market. With a market capitalization of nearly 30%, contributing over 20% of after-tax profits, and having the lowest valuations in the market, banks still play a crucial role in the overall performance of the VN-Index.
Although short-term price trends are mostly in a consolidation phase and the leading role is not as clear as in previous cycles, this group remains suitable for medium- to long-term investment strategies, especially given that credit growth in 2026 continues to be a variable to monitor.
In addition, the Technology - Telecommunications sector stands out for its operational quality and business efficiency, with ROE and ROA indicators among the highest in the market. However, valuations in this group are currently higher than the average, so the appropriate strategy is to selectively hold and prioritize investment when the market experiences corrections.
Source: https://vtcnews.vn/dau-tu-chung-khoan-nam-2026-can-luu-y-gi-ar996502.html
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