HIGHLIGHTED NEWS
Corporate bond issuance in the third quarter reached VND 172 trillion, a 9.7% increase year-on-year but lower than the VND 230 trillion recorded in the second quarter. Bank bonds accounted for 66% of the total issuance value, primarily aimed at supplementing Tier 2 capital, while real estate bonds made up 26%, with issuance value rising by 29%. Private placements totaled VND 143 trillion (83% of the total), whereas public offerings amounted to VND 29 trillion (17%). By the end of the third quarter, outstanding bond debt stood at VND 1,535 trillion, equivalent to 10.9% of GDP. The bond default rate over the past 12 months fell to 0.2%, while the cumulative debt recovery rate rose to 51.5%. However, 9.5% of outstanding bond debt remained in default regarding principal or interest payments. Notably, approximately VND 252 trillion in bonds is scheduled to mature within the next 12 months, creating refinancing pressure, particularly for financially weak real estate enterprises.
TRADING STRATEGY
The stock market underwent a corrective session, closing at 1,720.98 points with liquidity falling below the 20-day average. Market divergence persisted; leading stocks in the Banking, Basic Materials, Financial Services, and Construction & Materials sectors maintained positive momentum, helping to support the overall index. Conversely, selling pressure intensified among stocks in the Real Estate, Oil & Gas, Insurance, F&B, and Personal & Household Goods sectors. Foreign investors increased their net selling positions. Overall, cautious sentiment has led to weakened liquidity; with cash flow constantly rotating between sectors rather than settling into specific, sustainable targets, the market is unlikely to end its short-term downward correction soon. The market is likely to experience alternating gains and losses while retesting the solid support level around the 1,720–1,740 point range in upcoming sessions.
The VN-Index may fluctuate between 1,710 and 1,740 points today. Short-term investors might consider concentrating their portfolios and prioritizing profit optimization, given the weakening trend of short-term cash flow. Meanwhile, medium- and long-term investors could continue holding stocks with promising business growth prospects for the second half of 2026.
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