Stocks adjust after a period of overheating - Photo: QUANG DINH
VN-Index drops, stock trading volume also drops sharply
With increased selling pressure, at the end of today's trading session, November 6, the VN-Index fell more than 12 points, falling back to 1,642.6 points. The entire floor recorded more than 370 stocks falling in price, significantly more than the number of stocks rising.
Recently, this index once approached the 1,800 point threshold, in the initial exciting phase thanks to the news that Vietnam was being considered for upgrading its stock market status from frontier to secondary emerging.
However, the growth momentum quickly slowed down and reversed sharply. Despite many positive macro factors such as GDP growth in the last quarter reaching 8.23%, Vietnam reaching a reciprocal tax framework agreement with the US, US-China trade tensions cooling down and the US Federal Reserve (FED) just cutting interest rates further.
Notably, not only did the VN-Index decrease, but market liquidity also weakened.
In today's trading session, November 6, the total value of matched orders on the three main exchanges only reached about VND20,300 billion. Meanwhile, the average liquidity of last month also fluctuated around VND37,000 billion/session, down nearly 30% compared to the peak (August 2025).
Individual investors are struggling, how are the "bosses" doing?
In the context of the short-term reversal of the stock market after a period of overheating, Mr. Huynh Hoang Phuong, a financial management expert (FIDT), commented that the performance of many open-ended funds (managed by "sharks") is not very positive. However, in such a period of strong differentiation, most individual investors will find it difficult to outperform the market.
Mr. Hoang Phuong emphasized: "Not many people can "take advantage" of the speculative group's increase, and even suffer losses due to buying at the wrong time or lack of discipline. Meanwhile, funds still maintain double-digit profits with significantly lower risks."
The 2025 market is being led by many highly speculative stocks, so it is reasonable for open-end funds to maintain a defensive portfolio to preserve investment efficiency for a longer cycle.
According to data from the Fmarket platform, for stocks, funds still maintain a large proportion in three key industry groups including banking, construction materials and retail... (9-2025), which have stable cash flow and attractive valuations.
Specifically, 24 funds hold the stock code MBB ( MBBank ), 21 funds hold CTG (Vietinbank) and 19 funds hold TCB (Techcombank), playing the role of "support" to help control risks during volatile periods. In the construction materials group, HPG (Hoa Phat Steel) appears in the portfolios of 24 funds. Meanwhile, MWG (Mobile World) is a retail stock held by 23 funds.
Expert Huynh Hoang Phuong said that the sharp increase in speculative cash flow has caused short-term performance to not reflect the long-term management capacity of open-ended funds. However, adjustments are necessary to refresh the market and purify speculative cash flow, thereby creating a foundation for the next growth cycle.
"After corrections, funds that know how to restructure their portfolios at the right time often achieve outstanding performance in the next recovery period," said Mr. Phuong.
The sharp market correction has somewhat affected the short-term performance of equity funds. However, in the last 3 months (up to the end of October 2025), many funds still outperformed the VN-Index.
According to Fmarket, the group of funds leading the growth include: UVEEF (+15%), BVFED (+13%), MAGEF (+12.6%), VINACAPITAL-VEOF (+10.5%) and VCBF-BCF (+10.4%), while VN-Index only increased by 9.2%. Since the beginning of the year, many funds have recorded an increase of over 20%.
Statistics from 2020 - 2025 show that most Vietnamese open-end equity funds outperform the VN-Index more than 50% of the time, showing consistency and a clear strategy that helps reap sustainable results. In particular, the top open-end equity funds on Fmarket still bring compound interest returns of about 20.4%/year.
Expert-managed funds record impressive long-term gains - Source: Fmarket
Many stocks still have good growth potential.
Amid short-term fluctuations in the stock market, Vietnam's economic picture still shows many clear signs of improvement, creating a solid foundation for expectations of sustainable recovery.
Ms. Nguyen Hoai Thu, Deputy General Director of VinaCapital, said that if we remove the 13 stocks that have increased rapidly, the P/E (ratio between stock price and expected profit) forecast for 12 months, that is, next year, will only be about 10.5 times. Meanwhile, corporate profits will still increase about 16%.
According to investment fund experts, this shows that: "Many stocks have not yet reflected their full potential, this is an investment opportunity for 2026". The forecast for listed companies' profits this year is expected to increase by about 23%, maintaining a rate of 16%/year in the period 2026 - 2027.
Since the beginning of 2025, foreign investors have sold more than VND75,000 billion, pulling the foreign ownership ratio on the VN-Index down to 15.5%. However, analysts believe that when the Fed lowers interest rates and Vietnam's securities are upgraded to a market, foreign capital will soon return.
Experts note that interest rate risks may increase again due to exchange rate pressure. However, in the long term, choosing stocks with solid foundations and reasonable valuations is still considered the optimal direction for investors today.
Source: https://tuoitre.vn/tien-vao-chung-khoan-suy-giam-ca-nhan-than-trong-ca-map-co-dang-san-co-hoi-dau-tu-20251106183133101.htm
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