HIGHLIGHTED NEWS
- Regarding the VND500 trillion credit program for infrastructure and digital technology investment, the State Bank of Vietnam said that it has coordinated with the Ministry of Construction, the Ministry of Industry and Trade, the Ministry of Science and Technology, and sent a dispatch to 21 commercial banks to determine the level of registered capital to participate, along with the project portfolio and credit capital needs until 2030. State-owned commercial banks will play a core role with a registered scale of approximately 50%. By the end of September, the industry's credit growth had reached 13.37% and is expected to reach 19-20% this year.
- The Vietnam Association of Financial Investors (VAFI) has just sent a dispatch to the Prime Minister, the Ministry of Finance, the State Bank and relevant agencies, proposing to apply a 10% value-added tax (VAT) on gold bar and jewelry trading activities. According to VAFI, countries that impose high taxes on gold transactions have good control over speculation and stable currency markets.
TRADING STRATEGY
- The stock market closed the week in red at 1,639 points with average liquidity remaining low. Selling pressure was still concentrated mainly on large-cap stocks in the real estate, banking, and financial services sectors. Meanwhile, cash flow tended to seek small and medium-cap stocks in the oil and gas, chemical, construction, and materials sectors, along with some individual stocks in the technology and F&B sectors. The VN-Index today is likely to fluctuate around the 1,625-1,650 point range.
- The market fell sharply in the session when ETFs completed their portfolio restructuring in the fourth quarter of 2025. Divergence continued to occur. However, the fact that large-cap stocks with high popularity were continuously under pressure to decrease points caused the index's recovery to be interrupted. In the short term, the VN-Index may retest the base support area of 1,600-1,620 points to re-evaluate the strength of cash flow and the stability of the supply-demand balance before officially returning to the recovery trend. Investors prioritize short-term portfolio management according to price fluctuations of individual stocks instead of the general index. On the other hand, portfolio restructuring activities prioritize growth stocks with attractive valuations for the end of 2025 and the first half of 2026.
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