Resolution 68: More impetus for the stock market

The stock market recovered strongly thanks to the push from the private sector and expectations for Resolution 68 with solutions to promote long-term growth.

Shares of large private companies lead the market

The stock market's growth from early May 2025 not only shows that the overall health of the economy is improving, but also indicates that investor confidence in the market has become more sustainable.

In fact, after a strong correction in April 2025, the Vietnamese stock market recorded a positive recovery in the first half of May. The VN-Index surpassed the 1,260-point mark, with 4/5 trading sessions in the week from May 5-9 closing in the green, thanks to the excitement from the official operation of the KRX system. Most recently, the first 2 trading sessions of this week recorded a significant increase and the market is conquering the 1,300 mark again.

The stock market is reflecting expectations that the private sector will continue to be the main driver of growth. Illustration photo

At the end of the session on May 12, VN-Index increased by 15.96 points (+1.26%), thereby climbing to 1,283.26 points. And at the end of the session on May 13, VN-Index increased by 10.17 points (+0.79%), to 1,293.43 points. Total trading volume reached more than 952.5 million units, worth VND23,894.9 billion, up more than 5% in volume and 10% in value compared to yesterday's session. Negotiated transactions contributed more than 49 million units, worth VND1,165.6 billion. Analysts said that the market's recovery was driven by positive business results of large private enterprises. According to Dragon Capital's report, after-tax profits of the 80 businesses they monitor increased by 22.1% in the first quarter of 2025, marking the highest profit quarter since 2022.

Analyzing more closely the role of large private enterprises and their stocks on the Vietnamese stock market, Ms. Cao Thi Ngoc Quynh - Director of Institutional Clients - VNDIRECT Securities Joint Stock Company expressed: The current developments show that stocks of some large private enterprises are truly the locomotives and pillars for the stock market, typically stocks of the Vingroup group. In the context of the VN-Index moving sideways since the beginning of the year, 3 stocks of this group have contributed more than 90 points to the market. In addition, stocks of some large private enterprises have also had positive developments since the beginning of the year such as the private banking group (Techcombank, Sacombank, SHB ), Gelex stocks, stocks of Thanh Thanh Cong Group... These stocks all have impressive growth rates from 30% to over 100%.

Sharing the same view, Mr. Nguyen Quang Thuan, an analyst at a large securities company, commented: The market is reflecting expectations that the private sector will continue to be the main growth driver when the macroeconomic context gradually stabilizes. The fact that many private stocks are increasing again is not only a technical signal but also reflects confidence in the intrinsic resilience of this sector.

Money flows back into the stock market

According to economic experts, the room for fiscal and monetary policies is still quite large, especially when inflationary pressure is controlled and the exchange rate stabilizes again. Operating interest rates continue to be maintained at low levels, while the Government is promoting public investment disbursement, creating a spillover effect to manufacturing and service industries. This is a favorable environment for cash flow to return to the stock market, which was "frozen" for most of April due to cautious sentiment. But more than that, it is the market's confidence in strategic directions and guidelines, specifically Resolution No. 68-NQ/TW on private economic development. In the context of the private economy being affirmed to play an important role in maintaining growth, especially large enterprises identified as the leading birds not only for the stock market but also for the whole economy, the birth of the Resolution is considered a significant "strengthening drug".

According to Ms. Cao Thi Ngoc Quynh, there has been a clear change in the guiding viewpoint on the private economy in the recent statements of the leaders of the Government and ministries, departments and sectors and concretized by Resolution 68 of the Politburo. Resolution 68 has affirmed the role and position of the private economy as an important driving force of the national economy, and at the same time clearly stated the expansion of private enterprise participation in important national projects. The State proactively has a policy of ordering, limited bidding or designated bidding or has preferential policies to encourage the private economic sector to participate with the State in strategic areas, projects and key scientific research tasks.

From the spirit of the Resolution, experts in the securities sector believe that there will be more motivation for the stock market to develop in 2025 and the following years. “ We assess that businesses in sectors such as energy, construction materials, infrastructure and technology will benefit and have breakthroughs when enjoying preferential development policies as well as participating in major national projects such as the North-South high-speed railway project, urban railway, renewable energy projects and digital transformation projects... In addition, with the Government promoting the removal of difficulties and obstacles in more than 2,200 projects with a total capital of nearly 6 million billion VND, it will contribute to improving the business environment and promoting the growth of banking, real estate and construction sectors... "- Ms. Quynh emphasized.

Regarding the further future of private enterprises, especially listed enterprises, Ms. Cao Thi Ngoc Quynh said that Resolution 68 will pave the way for long-awaited institutional reforms such as protecting property rights and freedom of business, creating a level playing field between state-owned and private enterprises, especially in bidding and access to land and credit. The Resolution will also help unlock socialized resources, especially in digital infrastructure, energy and logistics, which are areas where the private sector is often hindered by administrative procedures.

Ms. Cao Thi Ngoc Quynh: Resolution 68, if implemented synchronously and effectively, can help build a three-tier private sector ecosystem, including large corporations leading satellite small and medium enterprises (SMEs) and innovative startups. Positioning this sector to become the central pillar of the Vietnamese economy by 2045.

Duy Minh

Source: https://congthuong.vn/nghi-quyet-68-them-dong-luc-cho-thi-truong-chung-khoan-387398.html