Vietnam Insight

Highlights:

On January 28, after a two-day policy meeting, the Fed decided to keep its benchmark interest rate unchanged at 3.5–3.75%.

On January 29, Chinese media reported that China has lifted borrowing restrictions on real estate developers, known as the “three red lines” policy.

On January 26, Prime Minister Pham Minh Chinh directed that a gold trading exchange be put into operation in February, along with a pilot launch of a digital asset trading platform.

Full text of Government Resolution No. 17/NQ-CP dated January 26, 2026, on measures to remove difficulties and bottlenecks for long-delayed projects.

Assessment: The market showed mixed performance after rebounding from the 1,800 level. We believe the market is in an upward phase, with new buying opportunities emerging on pullbacks. Domestic and international macroeconomic factors continue to support the market. Specifically, China’s removal of the “three red lines” policy opens up opportunities for a recovery in real estate demand, thereby supporting steel demand. Resolution 17 continues to support the real estate, infrastructure, construction, and renewable energy sectors.

Technical view: The VN-Index closed the week at 1,829.04 points (+14.06 points; +0.77%) with slightly improved liquidity. The primary trend remains upward, and the market is rebounding after a short correction toward the 1,800 level. Liquidity may remain low due to the approaching Lunar New Year holiday. The key support level is around 1,800, while resistance is at 1,900.

Investment ideas: Investors may consider participating in the securities and steel sectors for long-term positions, as these groups have not yet attracted significant capital flows. In addition, the industrial park sector is showing stronger momentum, making it suitable for short- to medium-term investment strategies.