Vietnam Insight

Highlights:

Starting from February 24, goods imported into the U.S. will be subject to a temporary 10% tariff, according to an executive order signed by President Trump on February 20. This move comes after the U.S. Supreme Court rejected tariff levels citing the International Emergency Economic Powers Act. The U.S. will increase tariffs on imports from some countries to 15%, up from the current 10%, according to U.S. Trade Representative Jamieson Greer.

Overnight interbank interest rates have dropped sharply below 3%, and the State Bank of Vietnam has withdrawn over 10,000 billion VND from circulation.

In line with government directives, the cryptocurrency trading market is set to be piloted before February 28, 2026.

Assessment: The market has shown strong gains after the Lunar New Year due to investor optimism in anticipation of money flowing back into the market. Positive news has consistently supported the broader market, but there is still sectoral differentiation. For example, the technology sector, represented by FPT, faced heavy foreign net selling amid pressures related to losing competitive advantages against AI tools. U.S. tariff news remains an unpredictable risk factor, but the market may have already become “used to it,” making a sharp decline like in April 2025 less likely. Overall, we maintain a positive outlook for the market, though we will continue to monitor these factors closely.

Technical view: The VN-Index closed the week at 1,880 (+56.24 points, +3.08%) on the weekly chart, with improved liquidity. The market is on an upward trend after testing the 1,800 support level before the Lunar New Year. In the short term, there is some profit-taking pressure at 1,900.

Investment ideas: Short-term investors should prioritize holding and locking in profits with stocks that have surged and are nearing resistance levels, specifically the 1,900-point mark of the VN-Index. For medium to long-term investors, holding onto positions is advisable as the upward trend persists. Attention should be paid to the securities, port logistics, and basic resources sectors, as they show potential for favorable developments.