Recommendations

Highlights: From November 12–14, Vietnam and the United States continued technical negotiations on the Reciprocal Trade Agreement. In the first 10 months of 2025, foreign direct investment disbursement in Vietnam exceeded USD 21 billion, up 8.8% from the same period in 2024 — the highest 10-month FDI disbursement level in the past five years. Ministry of Construction: Accelerating public investment disbursement in the last two months of the year. The National Assembly finalized the GDP growth target for 2026 at 10% or higher.   Technical View: The VN-Index closed the week at 1,635.46 (+36.3 points; +2.27%) on low liquidity. The index has returned to the 1,600–1,700 trading range. However, this weeks advance still failed to surpass last week’s strong bearish candle (around 1,660), indicating that buying demand remains weak; therefore, this week’s movement is mainly technical recovery. We expect stronger selling pressure next week as the index approaches the 1,660 area.     Investment Idea: Short-term traders should limit transactions and wait for clearer signals of buying strength and a new base formation. Medium- and long-term investors may consider gradual accumulation in sectors with solid earnings and attractive valuations, such as banking, finance, and construction materials.  

Reduce the probability of a Fed rate cut in December to around 50%. US stock futures stabilized on Friday after the major averages sold off in the previous session, as the boost from the US government reopening was outweighed by lingering concerns about stretched AI valuations and uncertainty over the Federal Reserve’s interest rate trajectory. In regular trading on Thursday, the Dow fell 1.65%, the S&P 500 dropped 1.66% and the Nasdaq Composite declined 2.29%, with all three benchmarks posting their worst day since the October 10 selloff. Megacap tech names led the decline, with Tesla, Nvidia, AMD, Palantir, Broadcom and Oracle losing between 3.6% to 6.6%, as investors remain cautious about a sharp rise in debt financing and surging AI capex plans. Markets have also cut the probability of a December 25 basis point cut to about 50% from nearly 95% a month ago as several Fed officials signaled caution over further easing amid persistent inflation and gaps in official data following the government shutdown.   Return to the sideways range of 1,600-1,700. VNINDEX moved sideways after a strong recovery session, closing at 1,631.44 (-0.42 points, -0.03%) with liquidity remaining lower than the 20-session average. The market had 268 gainers and 58 losers. The stocks that contributed the most to the indexs increase were VNM, GEE and DGC; the stocks that hindered the market were STB, HPG and VHM. Foreign investors net sold VND987 billion. The stocks with the strongest net sales were STB and VCI (over VND600 billion). On the contrary, VNM, FPT and TCB were net bought the most.   Trading Strategy: For Traders: It is advisable to limit transactions and wait for signs of renewed buying demand to emerge and for the market to form a new price base. For Medium- to Long-Term Investors: They may begin to partially disburse capital into stock groups with solid business results and a sufficiently attractive valuation discount such as those in the banking, finance, and construction materials sectors....        

▶ VN-Index continued its strong increase on Wednesday with a session of moderate trading and closed around the reference price. There was a high differentiation between industry groups. Although many bank stocks or Vingroup stocks decreased, there were still industry groups that moved in the opposite direction to stop the index from falling deep, typically chemicals, fertilizers, oil and gas, industrial zones... Liquidity continued to silence in the context of investors hesitating between buying and selling. Foreign investors widened their selling momentum compared to yesterdays session, with a net selling value of nearly 1,000 billion VND. ▶ At the end of the trading session, the VN-Index recorded a decrease of 0.42 points (-0.03%), closing at 1,631.44 points; HNX-Index increased by 1.5 points (+0.57%), reaching 266.29 points. Market liquidity remained flat at a low level, reaching VND24.6 trillion, equivalent to just over 823 million shares traded. Foreign investors narrowed their selling momentum with a net value of VND 969 billion, in which the largest selling value was concentrated in STB, VCI and VIX. ▶ Technical perspective: After a strong recovery session, VN-Index has temporarily stopped around 1,631 points. Liquidity did not increase sharply in the correction session, the small spread shows that selling pressure is relatively weak while buyers are also waiting to assess the market reaction. These are common developments when the market recovers from the bottom, T+2.5 stocks bought in 2 recovery sessions will be returned to investors accounts on Friday afternoon and next Monday afternoon. If selling pressure is not strong, this will reinforce the view that the market has found a balance point. In the base case: The market is showing signs of early balance at the 1,600 point area, with liquidity declining sharply across the market and institutional cash flow starting to spread to industry groups with good growth prospects. We believe that VN-Index will trade in a sideways trend (1,600 - 1,700) for the rest of 2025, and cash flow is expected to be stronger after the Party Congress in January 2026. In the negative case: The downtrend continues to increase with trading volume gradually increasing in a downward direction, there is no bottom-fishing force around the threshold of 1,550 - 1,580 points. The market may then continue to move towards the support zone of 1,500 and lower price zones for testing. Strategy: Investors following the trading style should limit transactions, waiting for the market to show signs of demand returning. Investors following the medium and long-term investment style can start to disburse part of the investment in groups of stocks with good business results and attractive discounts such as banking, finance, construction materials, etc.  

Positive developments in the markets. US stock futures fell on Thursday, with Nasdaq 100 futures leading losses amid continued rotation from technology shares toward value-oriented sectors like health care and financials. In Wednesday’s session, the Dow climbed 0.68% to fresh record highs, the S&P 500 edged up 0.06%, while the Nasdaq Composite slipped 0.26%. Health care led gains, supported by Eli Lilly (+3%) and AbbVie (+3.6%), as solid earnings sustained sector momentum. Financials also advanced, with Goldman Sachs up 3.5%, JPMorgan 1.5%, and American Express 0.7%. In contrast, tech and AI-linked names weakened, including Tesla (-2.1%), Meta (-2.9%), and Palantir (-3.6%). Meanwhile, optimism grew that the prolonged US government shutdown could be resolved this week.   Return to the sideways range of 1,600-1,700. The VN-Index had a strong upward session, closing at 1,631.86 (an increase of 38.25 points, or +2.40%), with liquidity still remaining lower than the 20-session average. The market recorded 268 gaining stocks and 58 declining stocks.The stocks contributing the most to the indexs upward momentum were VIC, VHM, and TCB; the stocks that hindered the market were BHN, TCX, and BCM. Foreign investors narrowed the scale of their net selling, with a value of 386 billion VND. The stocks that were net sold most heavily were VCI, HDB, and VIX. Conversely, VIC, HPG, and FPT were the most net-bought stocks.   Trading Strategy: For Traders: It is advisable to limit transactions and wait for signs of renewed buying demand to emerge and for the market to form a new price base. For Medium- to Long-Term Investors: They may begin to partially disburse capital into stock groups with solid business results and a sufficiently attractive valuation discount such as those in the banking, finance, and construction materials sectors....   Buy Recommendation: TV2, NT2    

▶ VN-Index had a positive trading session after a strong correction from the peak, bringing the index out of the resistance zone around 1,600. The increase spread quite well, especially in the VN30 pillar stocks with a gain of more than 50 points. The market had 268 increasing stocks and 58 decreasing stocks. However, liquidity has not improved as the trading value was still lower than the 20-session average. Foreign investors narrowed the scale of net selling with a value of 381 billion VND. ▶ At the end of the trading session, the VN-Index recorded an increase of 38.25 points (+2.4%), closing at 1,631.86 points; HNX-Index increased 3.71 points (+1.12%), reaching 264.79 points. Liquidity of the whole market remained flat at a low level, reaching 24 trillion VND, equivalent to just over 850 million shares traded. Foreign investors narrowed their selling momentum with a net value of VND381 billion, in which the largest selling value was concentrated in VCI, HDB and VIX. ▶ Technical perspective: After slowing down around 1,580 points, the VN-Index had a positive recovery session with an increase of more than 38 points today. The index has surpassed the resistance of 1,600 with strong support from the VN30 pillar stocks. Although the score increased, the market still lacked consensus from cash flow. Liquidity remained low, below the 20-session average, showing the caution of buyers when not disbursing strongly. We believe that the market has entered a short-term recovery phase, with the immediate recovery target possibly being the 1,700 zone. However, there needs to be an improvement in cash flow as well as a positive change in momentum indicators to confirm a trend reversal. Strategy: Investors following the trading style should limit transactions, waiting for the market to show signs of a return of demand. Investors following the medium and long-term investment style can start to disburse part of the investment in groups of stocks with good business results and attractive enough discounts such as banking, finance, construction materials, etc.