Vietnam Stock Exchange Recap
VN-Index closed at 1,502.52 points in July (up 11.67%, MoM), driven by domestic retail investors
In July, the Vietnam Stock Market hit a 3-year high and daily liquidity was consistently among the highest in ASEAN. To put this into perspective, in USD terms average daily trading value (ADTV) exceeded USD$2 billion. Domestic retail investors have taken a positive view on Vietnam's updated US-Vietnam tariff position-and, so they should. The fact is, it is regionally very competitive (one neighbouring country now has a 40% US tariff rate). The stock market's rally reflects this new actuality.
Several Tier-1 (large-cap) banks contributed strongly to the upward movement (exhibit: VPB VN up +39.5%, MoMj, as did diversified financial stocks, Gelex-related enterprises, and Vingroup-related companies-with the exception of Vinpearl (VPL VN), which saw profit-taking after a stellar 're-listing' in May. The largest sector by market value of the VN-Index-Financials sector (which total approximately 39% of the VN-Index market cap)-saw listed constituents in this sector contribute an impressive +4.9% MoM to overall movement. Conversely, consumer discretionary sector constituents underperformed (down-4.4% MoM). Banks are being viewed more positively since the government announced - Resolution 68 - a strategic directive focused on the nation's private sector, which empowers and encourages businesses to advance the economy and utilize non-public funding. Further, in this year of Vietnam's 80th anniversary of sovereign nationhood, in excess of 250 government-driven development projects have been launched or are in extant stages of delivery, spanning air, road and rail projects, ports, industrial parks, low-emission energy. housing more. Vietnam's listed banks will be intricately connected to most all of these.
Macroeconomic fundamentals remain strong (Vietnam posted a trade surplus of USD$2.8 billion in June), and the government upped its 2025 GDP growth target to 8.3 to 8.5%, and confirmed that public investment disbursement increased by more than 25% YOY. Large projects and capital works continue, apace. One of the largest projects in ASEAN in the aviation logistics sphere is on/even ahead of schedule (Long Thanh International Airport). More encouraging news was made relating to the establishment of an International Financial Centre (IFC) in HCMC and Danang, and on the proposed High-Speed Rail network (Hanoi to Ho Chi Minh City, Haiphong, etc). FDI flows remain strong and, as at H1 2025, disbursed FDI hit USD$11.7 billion (up +8.1%), and pledged FDI hit USD$21.5 billion (up +32.6%).
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