Stock market outlook remains bright in the long term

Currently, Vietnamese stocks are yielding 7.7%, outperforming major investment channels such as bank deposits, real estate and gold (after recent price increases).

5 groups of stocks worth noting at the end of the year

VN-Index ended August at 1,682.21 points, up 11.96% compared to July, the strongest price increase in 1 month since the end of 2017. Trading volume set a new record with more than 35 billion shares, an average of 1.67 billion shares/session. In terms of price trends, the VN-Index has surpassed the historical peak of 2022 with outstanding liquidity.

Along with that, data from the Vietnam Securities Depository and Clearing Corporation (VSDC) shows that the number of newly opened securities accounts in August 2025 reached 257,632 accounts, the highest level in the past year. In the first 8 months of the year, the market had nearly 1.5 million additional accounts.  

However, entering September, the stock market showed significant differentiation with some correction sessions. In 6 trading sessions, VN-Index recorded 3 increasing sessions - 3 decreasing sessions. Closing the trading session on September 10, 2025, the index closed at 1,643.26 points, equivalent to a slight decrease of 2% compared to the end of August.  

Assessing the stock market developments, analysts from Saigon - Hanoi Securities JSC (SHS) said that, historically, after a period of strong growth, surpassing historical peaks, the market will have a period of adjustment, accumulation, and re-testing the historical peak that has been surpassed. Therefore, in September or the end of the year, the market may be under pressure to adjust and re-test the historical peak.  

From September, the stock market will face a number of challenging factors, including: Corresponding taxes will begin to impact businesses and the economy , reflected in business results in the third quarter of 2025; Credit growth may slow down after a surge in the second quarter while other positive factors are still maintained such as expectations of high GDP growth, above 8% and expectations of new growth momentum from Resolutions 57-59-66-68-NQ/TW 2025.

SHS forecasts that the market will be strongly differentiated in September and the end of the year, depending largely on the business prospects of each industry group and enterprise in the last two quarters of the year and in accordance with the positions held according to the growth trend.

This securities company continues to recommend 5 main stock groups in the last 6 months of 2025: residential real estate, securities, banking, construction materials, and construction - infrastructure. However, investors should also note that many stocks have reached "reasonable" prices in the long term.  

The stock market will remain positive in the long term.

At SSI Securities Company, the analysis team also noted to investors that the market's short-term upward momentum is still strong, but there is still the potential for adjustment.  

Vietnam's stock market has grown impressively since the beginning of the year. Source: SSI

The stock market in September may be supported by the expectation of a Fed rate cut on September 17 and the possibility of a market upgrade in early October. However, SSI expects the pressure on the market to increase significantly next month after the index has grown impressively in the last two months. In a more cautious scenario, a strong correction may take place in September - early October, with the amplitude possibly larger than the corrections since the bottom in April.

Analysis of stock performance by capitalization size over the past 14 years shows that the average monthly growth between large-cap, mid-cap and small-cap groups has not significantly differed. However, it is noteworthy that over the past 5 years, mid-cap and small-cap stocks have consistently outperformed large-cap groups in the first half of September, but have underperformed in the second half of the month. This suggests a temporary rotation of cash flow and can be used as a reference for short-term transactions, SSI suggests.  

This securities company assesses that in the long term, the market outlook will remain positive. Currently, Vietnamese stocks are bringing in a yield of 7.7%, outperforming major investment channels such as bank deposits (common interest rates of 5-6%), real estate (rental yield of 3-4%) and gold (after recent price increases).  

Therefore, a strong correction in the coming time, if it occurs, could open up opportunities to accumulate stocks for a long-term investment vision.  

This outlook is underpinned by four factors, including: Expectations of double-digit GDP growth over the next 5-10 years, driven by comprehensive institutional reforms and a focus on promoting private sector development; Prospects for solid profit growth of over 14% per year in 2025-2026; Prospects for market upgrades to help attract more international capital flows, and supportive monetary policy, maintaining a favorable interest rate environment for the stock market.  

Investment opportunities will tend to be positive in high dividend stocks, real estate, public investment and promising stocks that have not recovered much compared to the market. In addition, the group of securities stocks related to the prospect of market upgrade will be suitable for short-term transactions.

Source: https://baodautu.vn/trien-vong-thi-truong-chung-khoan-van-sang-trong-dai-han-d383224.html