VN-Index surpasses 3-year high, investors need to exercise caution.

VN-Index rose over 20 points last week; A series of bank stocks surpassed their peaks; The female chairperson of Vietcap Securities received zero remuneration; Dividend payment schedule.

VN-Index surpasses its highest level in the past 3 years.

The stock market recorded impressive growth last week, with the VN-Index closing up 20.6 points from the previous week, reaching 1,326.05 points, the highest level in nearly three years.

Positive signals indicate that market sentiment has strongly surpassed the 1,300-point resistance level, with trading volume significantly exceeding the 20-week average. On the HOSE exchange alone, the total trading value last week reached VND 109,800 billion, an increase of over 15.9% compared to the previous week, marking the seventh consecutive week of rising liquidity.

The market's momentum last week was primarily driven by key sectors such as banking, securities, and real estate. VIC (Vingroup, HOSE) and VCB (Vietcombank, HOSE) were the two biggest contributors, followed by VHM (Vinhomes, HOSE), CTG (VietinBank, HOSE), BID ( BIDV , HOSE), and MBB (MBBank, HOSE).

The market is experiencing positive growth.

The market received a positive signal from the news that Vinpearl had filed for listing on the HOSE after a long period without initial public offerings (IPOs).

Regarding foreign investor activity, net selling by foreign investors slowed down last week, notably with block trades exceeding VND 2.6 trillion in VIB shares (VIB, HOSE) and heavy selling of TPB shares ( TPBank , HOSE). In total, this group sold a net 42.43 million units, with a total value of VND 775.89 billion, a decrease of nearly 41% in volume and over 69% in value compared to the previous week.

According to experts, positive sentiment is being maintained, and the market may continue to rise towards the strong resistance zone of 1,340 – 1,360 points; therefore, there is a risk of volatility.

Bank stocks simultaneously surpass all-time highs.

In line with the overall market trend, a series of VN30 stocks broke their previous highs, mainly driven by the banking sector.

First, MBB shares ( MBBank , HOSE) recorded their 5th consecutive day of gains, rising 6% to 24,500 VND/share, marking an all-time high. Trading volume on March 7th exceeded 47.4 million units, 2.5 times higher than the average of the past 10 days.

Next, ACB shares (ACB, HOSE) also surpassed their historical peak, rising 1% in the final trading session of the week to reach 26,650 VND/share. Liquidity also improved, with trading volume reaching 10.7 million units, a significant increase compared to the previous period.

CTG (VietinBank, HOSE) also showed positive signs, rising 1.8% on March 7th to 42,400 VND/share. At this price, VietinBank's market capitalization reached a new record high of 227,688 billion VND.

According to securities firms, in 2025, the banking sector will continue to play a major role in driving economic growth, especially given the government's ambitious goal of achieving very high economic growth targets, and the banking group will continue to be the "locomotive" driving market profit growth. Furthermore, credit growth is projected to continue at a high rate; non-interest income is also expected to remain stable thanks to strong digital transformation and expansion of non-credit businesses.

The female chairperson of Vietcap Securities receives zero remuneration.

According to the documents for the 2025 annual general meeting, scheduled for April 1st, Vietcap Securities Joint Stock Company (VCI, HOSE) has revealed the remuneration for its Board of Directors last year. Notably, the Chairman of the Board, Nguyen Thanh Phuong, along with two other Board members, Mr. To Hai and Mr. Dinh Quang Hoan, all received zero remuneration in 2024 despite the company's large profits.

Ms. Nguyen Thanh Phuong, Chairwoman of the Board of Directors of Vietcap Securities, received zero remuneration in 2024 (Photo: Internet)

Meanwhile, independent board members such as Mr. Nguyen Lan Trung Anh, Mr. Le Ngoc Khanh, and Mr. Nguyen Viet Hoa received remuneration of 180-240 million VND. Mr. Le Pham Ngoc Phuong, however, only received 60 million VND as he was relieved of his duties effective April 2, 2024.

In 2024, Vietcap recorded positive business results with operating revenue reaching over VND 3,695 billion and after-tax profit reaching nearly VND 911 billion, representing growth of 49% and 85% respectively compared to the same period in 2023.

VCI shares have recovered significantly over the past 6 months (Photo: SSI iBoard)

The Vietcap Board of Directors plans to present to shareholders a business plan for 2025 with total revenue of VND 4,325 billion, an increase of over 15%. The target pre-tax profit is VND 1,420 billion, a 30% increase compared to the previous year's performance.

Regarding profit distribution, Vietcap expects to pay dividends at a rate of 5-10%. In 2024, the company paid interim cash dividends twice, totaling 6.5% (650 VND/share).

On the stock exchange, VCI shares have seen a significant recovery since the beginning of 2025. The closing price on March 7th reached 38,950 VND/share – the highest in over 3 years and an 18% increase since the beginning of the year.

VNDirect releases its investment strategy for March.

In its newly released strategic report, VNDirect Securities highly praised the VN-Index's recovery of the 1,300-point mark. Particularly in the context of increasing US trade protectionism, the VN-Index still recorded an impressive 4.4% increase in February thanks to a relatively positive macroeconomic picture.

In March, VNDirect expects the market to maintain its upward momentum driven by internal factors, with the main impetus coming from corporate profit growth as investors build their investment portfolios.

The VN-Index is expected to advance towards the 1,340-point resistance level. Key factors supporting this upward trend include new capital inflows as the VN-Index surpasses the psychological resistance level of 1,300 points, bolstering investor confidence; progress in the implementation of the KRX system; the results of FTSE's market upgrade assessment in March; and the continued attractive market valuation.

Regarding investment strategy, VNDirect Securities highly values ​​two sectors: Electricity and Construction Plastics.

Regarding the electricity sector, VNDirect stated that it expects double-digit growth in electricity consumption to support high GDP growth targets, which will boost the prospects of power plants.

As for the Construction Plastics group, analysts highly rate its performance as the recovery of the real estate market will boost production growth, coupled with low PVC input costs due to continued weak demand from China.

Stocks worth watching

KB Securities Vietnam (KBSV) has issued a buy recommendation for MWG (Mobile World Group, HOSE) with a target price of VND 76,200 per share.

Accordingly, MWG's business performance has improved significantly recently, with net revenue reaching VND 34,794 billion, a 9.9% increase year-on-year in Q4 2024, and after-tax profit of VND 852 billion, a 9.4-fold increase year-on-year. In addition, this is the second consecutive quarter that MWG has recorded profit from the Erablue chain (reaching VND 2.4 billion).

KBSV projects MWG's 2025 business results with net revenue reaching VND 144,132 billion (+7.3% year-on-year) and after-tax profit of VND 4,798 billion (+28.5% year-on-year). Given the positive outlook for its business segments, especially the long-term growth potential of Bach Hoa Xanh (a supermarket chain), KBSV recommends a buy rating for MWG shares in 2025.

MB Securities (MBS) recommends a positive outlook for KBC (Kinh Bac Urban Development, HOSE) with a target price of VND 35,100 per share.

Accordingly, supporting factors include the promising outlook for the industrial real estate sector thanks to the "China +1" strategy, especially after Donald Trump took office as US President; the approval of the Trang Due 3, Trang Cat, and Kim Thanh 2 Phase 1 projects, creating new land for long-term development; and the plan to privately issue 250 million shares to strategic shareholders. These additional capital sources contribute to a healthier financial structure.

VPBankS Securities recommends holding BSR (Binh Son Refinery, HOSE) with a target price of VND 21,650/share.

The impetus comes from the business performance outlook for 2025, when BSR operates at full capacity throughout the year, with production output expected to return to normal levels, increasing by 15-16% compared to 2024, which is expected to bring better results for the company.

In addition, BSR will increase its capital to over 50,000 billion VND, strengthening its financial capacity and ensuring financial viability for the upgrade and expansion project and other projects in the future.

Assessment and recommendations

Mr. Bui Ngoc Trung, investment consultant at Mirae Asset Securities, commented that two weeks have passed since the VN-Index spectacularly broke through the 1,300-point mark. This breakout will be different from previous ones, as it clearly shows a large influx of capital, driven by consensus on macroeconomic factors, economic recovery, and the gradual return of investor confidence.

The market trend was further strengthened by the Banking and Securities sectors leading the way, with large-cap stocks consistently breaking through. Foreign investor activity also showed positive signs, with net selling value significantly reduced.

Therefore, the main trend will remain positive, with potential higher scores reaching 1,400-1,500 points this year. The primary driving force comes from the government's strong commitment to boosting public investment, which is more effective than ever, and the increased credit from the banking system, making the goal of achieving 16% credit growth in 2025 highly convincing.

The real estate market is also witnessing a resurgence in growth with a new, stable legal framework, banks promoting attractive home loan policies, and the "thawing" of the real estate market being one of the key factors driving growth in related sectors.

In addition, there's the story of market upgrade, witnessing many new changes to transform for a new era, with the KRX trading system rapidly completing its final steps and expected to be operational as early as Q2 of this year.

ASEAN Securities stated that the market has seen seven consecutive weeks of growth without any significant correction. Investors should carefully consider their options and exercise caution in the coming period, only investing in case of a correction, and taking advantage of the market's strong long-term growth potential.

Proof Bao Viet Securities assesses that market correction pressure may appear in the following sessions. However, the correction will not be widespread. Stock groups will remain differentiated, and some stocks may even rise even during market corrections and fluctuations. The firm believes that some potential stock groups in the coming period include industrial parks and real estate.

Dividend payment schedule this week

According to statistics, 13 companies finalized dividend payments during the week of February 24-28, of which 11 companies paid in cash and 2 companies paid in shares.

The highest percentage was 49.5%, and the lowest was 5%.

Two companies paid in shares:

Vietnam Foreign Trade Commercial Bank (VCB, HOSE) , the ex-dividend date is March 12th, with a dividend yield of 49.5%.

Vinh Phuc Infrastructure Development Joint Stock Company (IDV, HNX), the ex-dividend date is March 10th, with a dividend rate of 15%.

Cash dividend payment schedule

*Ex-dividend date: This is the trading day on which a buyer, upon establishing ownership of the shares, will no longer be entitled to related rights such as the right to receive dividends or the right to subscribe to newly issued shares, but will still retain the right to attend the shareholders' meeting.

Code	Floor	Ex-dividend date	TH Day	Proportion
Architect	HNX	March 10th	April 10th	10%
NTH	HNX	March 11th	March 27	10%
LAF	HOSE	March 11th		15%
PJC	HNX	12/3	2/4	15%
EBS	HNX	March 13	April 28	8%
NBE	UPCOM	March 13	August 12th	11%
SMN	HNX	March 14th	5/5	11%
FOX	UPCOM	March 14th	May 30th	20%
SHP	HOSE	March 14th	March 27	15%
NDP	UPCOM	March 14th	June 19th	5%
STC	HNX	March 14th	April 10th	14%

Source: https://phunuvietnam.vn/chung-khoan-tuan-10-14-3-2025-vn-index-vuot-moc-cao-nhat-3-nam-nha-dau-tu-can-than-trong-20250310090557504.htm