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▶ The index opened the trading session with a sharp gain of 9.64 points after the previous correction. Foreign investors continued their strong net selling trend during the session, putting pressure on the indexs recovery. The market correction occurred when the index returned to its new historical peak of 1,900 and faced selling pressure from foreign investors. Foreign investors focused on net selling to take profits in state-owned bank stocks today. ▶ At the close of trading, the VN-Index fell slightly by 2.71 points (-0.14%), reaching 1,882.73 points; the HNX-Index increased by 5.77 points (+2.28%), reaching 258.43 points. Market liquidity decreased during the index correction, reaching the 20-day average of 37.1 trillion VND, corresponding to 1,236 million shares traded. Foreign investors sold heavily, netting VND 1,455 billion, with the largest net selling value in VHM, VCB, and VHM. Conversely, FPT, GMD, and GVR were the stocks with the largest net buying. ▶ Technical perspective: Profit-taking pressure emerged in the SOEs group that had seen rapid increases recently, such as VCB, BID, the VIC group, and the oil and gas group, causing the VN-Index to close in the red. Cash flow shows signs of shifting towards stocks that have been trading sideways or undergoing corrections recently, such as securities and real estate. The VN-Index continued to experience a session with minimal fluctuations and average liquidity, indicating a prevailing wait-and-see sentiment in the market. The RSI has now fallen to the neutral zone (around 65), within a predominantly uptrend. In the context of the ongoing 14th Party Congress, market liquidity tends to slow down as investors maintain a cautious attitude and prioritize observation. However, we believe that cash flow will soon improve again after the new leadership is finalized. Historically, previous Party Congresses have shown that when policy direction becomes clear, market sentiment is usually loosened, thereby creating momentum for a new upward trend. From a statistical perspective, we monitor the percentage of stocks trading above the 50-day moving average (EMA50) as an indicator to identify market bottoms. Historically, the VN-Index typically confirms its bottom when this ratio fluctuates between 30% and 40%, and peaks around 60-70%. With the current figure above 46%, the data suggests there is still room for growth for most stocks.  

Global stocks ‘dance’ to Trump’s remarks. US stock futures steadied on Wednesday after the major averages slumped in the previous session on escalating tensions between Washington and Europe over President Donald Trump’s ambitions to take over Greenland. Over the weekend, Trump threatened to impose new tariffs on eight European countries opposing the plan unless a deal is reached. He is scheduled to meet with various stakeholders to discuss Greenland at the World Economic Forum in Davos on Wednesday. In regular trading on Tuesday, the Dow fell 1.76%, the S&P 500 slid 2.06%, and the Nasdaq Composite dropped 2.39%, marking the worst daily performance for all three since October 10. US Treasury yields also jumped while the dollar weakened, reflecting eroding confidence in US assets and concerns that Europe’s substantial holdings of US bonds and equities could be leveraged in retaliation. Meanwhile, Netflix shares fell nearly 5% in extended trading despite reporting a narrow Q4 earnings beat.   Profit-taking triggers slight VN-Index retreat. The VNINDEX closed at 1,885.44 (-8.34 points, -0.44%) with improved liquidity above the average of the last 20 sessions. The market saw 96 gainers and 246 losers. The stocks contributing most to the indexs rise were GAS, STB, BSR, and CTG; the stocks contributing most to the indexs decline were VNM, VCB, and VPB. Foreign investors net sold VND 291.2 billion, mainly focusing on VNM, VCB, and VIC.   Trading Strategy: Price corrections serve as strategic entry points to scale up positions. Our recommendation is to prioritize tickers with robust fundamentals and promising 2026 growth trajectories, including banks, retail, and securities firms...          

▶ The index opened the trading session with a sharp decline of 16.82 points after the previous correction. Foreign investors continued their net selling trend, putting pressure on the indexs recovery. The market correction occurred after the index surpassed its new historical peak of 1,900. Securities stocks faced strong selling pressure following negative news regarding stocks in the sector. ▶ At the close of trading, the VN-Index fell 8.34 points (-0.44%), to 1,885.44 points; the HNX-Index fell 0.45 points (-0.18%), to 252.66 points. Market liquidity increased during the index correction, exceeding the 20-day average, reaching VND 41.0 trillion, corresponding to 1,379 million shares traded. Foreign investors net sold VND 291 billion, with the largest net selling values in VNM, VCB, and VIC. Conversely, GMD, KBC, and VHM were the typical net buying stocks. ▶ Technical perspective: The VN-Index corrected slightly by more than 8 points due to profit-taking pressure at the peak. Liquidity remained stable, with selling pressure mainly concentrated in the Securities sector and stocks that had risen sharply; there were no signs of widespread sell-offs. Since the index remained above the MA20 and MA50 lines, this is considered a healthy correction within the main uptrend. In the context of the ongoing 14th Party Congress, market liquidity tended to slow down as investors maintained a cautious and observational attitude. However, we believe that capital flows will soon improve again after the new leadership is finalized. Historically, previous Party Congresses have shown that when policy direction becomes clear, market sentiment is usually loosened, thereby creating momentum for a new upward movement. From a statistical perspective, we monitor the percentage of stocks trading above the 50-day moving average (EMA50) as an indicator to identify market bottoms. Historically, the VN-Index typically confirms its bottom when this ratio fluctuates between 30% and 40%, and peaks around 60-70%. With the current figure above 50%, the data suggests there is still room for growth for most stocks.  

A perfect starter for the new Era At the beginning of 2025, the Vietnamese Government’s target of 8% growth raised many concerns over the ambition. And Vietnam’s economy finished the year with the growth of 8.02% - a remarkable achievement thanks to the Government’s tremendous efforts. The agriculture, forestry, and fisheries sector contributed 5.30% to the overall increase in added value of the entire economy; the industry and construction sector contributed 43.62%; and the service sector contributed 51.08%.   Towards more ambitious goals The Vietnamese Government aimed for consecutive double-digit growth in the period 2026-2030. In 2026, the growth target was specifically set at 10%. Inflation remained at the target of 4.5%. Manufacturing would play a crucial role in boosting the economy, along with public investment in infrastructure upgrades.

U.S. stocks plunged. US stock futures steadied on Wednesday after the major averages slumped in the previous session on escalating tensions between Washington and Europe over President Donald Trump’s ambitions to take over Greenland. Over the weekend, Trump threatened to impose new tariffs on eight European countries opposing the plan unless a deal is reached. He is scheduled to meet with various stakeholders to discuss Greenland at the World Economic Forum in Davos on Wednesday. In regular trading on Tuesday, the Dow fell 1.76%, the S&P 500 slid 2.06%, and the Nasdaq Composite dropped 2.39%, marking the worst daily performance for all three since October 10. US Treasury yields also jumped while the dollar weakened, reflecting eroding confidence in US assets and concerns that Europe’s substantial holdings of US bonds and equities could be leveraged in retaliation. Meanwhile, Netflix shares fell nearly 5% in extended trading despite reporting a narrow Q4 earnings beat.   Profit-taking triggers slight VN-Index retreat. The VNINDEX closed at 1,893.78 (-2.81 points, -0.15%) with trading volume around the average of the last 20 sessions. The market saw 149 gainers and 180 losers. The stocks contributing most to the indexs rise were BID, VCB, VNM, and PLX; the stocks contributing most to the indexs decline were VHM, VIC, and GEE. Foreign investors net sold VND 1,793 billion, mainly focusing on GMD, VNM, and VCB.   Trading Strategy: Investors can begin disbursing capital into stocks with positive Q4 earnings results and strong growth prospects for 2026. Favorable candidates include sectors showing improved liquidity and prices returning to trade above the EMA50, such as securities, banking, construction materials, and industrial real estate. Conversely, for sectors exhibiting weakening investment flow—such as residential real estate—investors should consider reducing their weightings to manage risk if stop-loss levels are triggered.