Vietnam Insight

Quick Summary — The VN-Index closed the 08/10/2026 session at 1,738.97 points (-0.82%), a mixed session with market-wide liquidity of VND 17,291 bn. Utilities led sector gains (+2.00%), while the VN-Index slipped back below the MA50 zone around 1,780 points under pressure from real estate and financials. Foreign investors net sold VND 446 billion, concentrated in TCB, HDB and PNJ. In contrast, PLX, VIC and PVT saw solid net buying. The VN-Index is expected to trade within a support zone of 1,725 and resistance of 1,780 points over the coming sessions.

Technical: The market saw sharp swings and was dragged down by real estate and financials, while oil, gas and energy names rallied strongly. That divergence makes price action hard to read and keeps the index largely rangebound. In our medium-term base case, we expect divergence to stay high and the index to fluctuate within the 1,800 – 1,900 zone by year-end; breaking out of that zone requires clearly broader market liquidity, which is still missing at this point. Support and resistance stand at 1,725 and 1,780 respectively.

Short-term scenarios for the next 2 weeks:

• Bullish (15%): The market heads toward 1,900 points without needing to consolidate first
• Base case (60%): The market trends toward a recovery up to the MA50 at 1,780
• Bearish (25%): The market falls to the lower bound of the support zone around 1,725

Strategy: Prioritize defensive, low-beta names with strong cash flow, high dividends, and low debt leverage amid rising interest rates. The insurance and utilities sectors are worth considering. Given the market can drop unexpectedly when liquidity is thin, this is a better time to buy on dips than to chase prices. Investors should also focus more on individual sectors and stocks than on the headline index given the market's strong divergence.