HIGHLIGHTED NEWS
According to statistics based on the financial reports of the third quarter of 2025, the average net interest margin (NIM) of 27 listed banks was only 3%, down 0.1 percentage points compared to the second quarter and 0.3 percentage points compared to the same period, the lowest level since the fourth quarter of 2018. This decline is assessed to come from two main factors: increased capital costs and decreased asset yields. Tight liquidity pushed up the cost of mobilized capital, while asset yields decreased because banks maintained interest rate support policies for businesses and customers, while increasing the proportion of corporate credit in the context of retail credit not recovering. The pressure on capital costs is also clearly shown through the industry-wide loan/deposit ratio of up to 110%. Meanwhile, the lending interest rate level cannot increase accordingly due to the need to support the economy. However, experts believe that NIM can improve next year when public investment activities are boosted. When public investment funds are disbursed, system liquidity becomes more abundant, helping to reduce mobilization pressure and reduce input capital costs.
TRADING STRATEGY
The stock market closed in a slight red near the 1,655 point mark with liquidity decreasing compared to the previous trading session. Diversification between groups and sectors tends to increase as cash flow is mainly concentrated in individual stocks in the real estate, basic resources, and tourism services sectors. Meanwhile, downward pressure appears in stocks in the finance, F&B, oil and gas, chemicals, retail, and industrial services sectors. Today, the VN-Index is likely to fluctuate around the 1,650-1,670 point area.
The market has a series of four consecutive sessions moving sideways within a narrow range. The general cautious sentiment in the November derivatives expiry week has also caused cash flow to weaken slightly. However, the fact that the VN30 pillar stocks alternately increase and decrease to maintain the foundation for the general index and foreign investors return to a selective buying and selling state instead of selling widely like the previous trading sessions will most likely help the VN-Index soon return to a positive state, aiming to break out of the resistance zone of 1,655-1,665 points to move towards the psychological zone of 1,680-1,700 points in the following trading weeks. This is the period when investors prioritize screening and restructuring short-term portfolios in a controlled concentration direction. On the other hand, buying activities for a medium- and long-term vision can completely continue to take place at base price or support price zones, prioritizing basic stocks with good growth potential or in attractive areas compared to valuations in the period 2025-2026.
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