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▶ In Tuesdays trading session, the VN-Index successfully broke through the 1,800 resistance zone and closed at 1,816, recording an impressive gain of nearly 28 points. Despite the index increase, the market remained quite polarized as half of the gains were concentrated in a few individual stocks, typically VHM, VRE, and banks like MBB, VPB. Nevertheless, the level of divergence gradually narrowed as, alongside the VIN group, bright spots appeared in several sectors such as Finance, Oil & Gas, and Retail. Liquidity remained relatively above the 20-session average. And foreign investors continued to be net sellers in todays strong gaining session, although the selling momentum also narrowed. ▶ At the end of the trading session, the VN-Index increased by 27.87 points (+1.56%), closing at 1,816.27 points; the HNX-Index decreased by 0.22 points (-0.09%), reaching 246.52 points. Total market liquidity reached 30 trillion VND, corresponding to more than 1.1 billion shares traded. Foreign investors still recorded a net selling session, with a net value of 415 billion VND, in which prominent net selling values were recorded in VIC (-420 billion VND), VHM (-296 billion VND), and DXS (-189 billion VND). On the other side, typical net buying included MBB, VPB, GEX ... ▶ Technical perspective: VN-Index experienced volatility as the index approached the 1,800-point resistance level during the morning session, then decisively broke through and closed at a new threshold of 1,816 points. Liquidity remained at a moderate level; cash flow was still cautious, but mainly due to low selling pressure. The market showed divergence, with cash flow primarily concentrated in blue-chip stocks and the banking sector. Signals from the MACD continue to support a recovery phase; however, the 1,800-point mark remains a strong resistance level. The market may see sessions of alternating increases and decreases, with the nearest support level around 1,730 points. Best-case Scenario: The market surpasses the 1,800 resistance level with good liquidity, and market breadth expands alongside the return of foreign investors. A leading sector emerges to drive the market, with gains subsequently spreading to other sectors. Base-case Scenario: The market trades within the 1,700 – 1,800 range with improved liquidity, while market breadth enhances as foreign investors return. We believe the market will encounter certain resistance when returning to its previous peak and will fluctuate around 1,800 before cash flow improves. Strategy: Short-term investors can participate in stock groups showing strong upward signals above the MA20, such as banking, oil & gas, utilities, and state-owned enterprises. For medium-term investors, downward corrections toward the 1,720 zone represent good disbursement opportunities.  

Dow rises to record high. US stocks extended their gains on Monday with support from banks, oil companies, and consumer cyclicals as markets were unfazed by the capture of Venezuelan President Maduro by the US military. The Dow advanced 800 points to a new record high, while the S&P 500 gained over 1.5% and the Nasdaq 100 rose by 1%. Chevron shares jumped more than 5% as it is the only US company with operations and valid warrants to operate in Venezuela, with expectations greater US influence in the country supporting the outlook for its sales and future investments. Refiners also rose on the news amid the improved outlook for companies with infrastructure that works with heavy sour crude from Venezuela   Recovery. VNINDEX closed at 1,788.4 (+3.91 points, +0.22%) with liquidity exceeding the 20-session average. The market recorded 95 gainers and 223 losers. Leading the decline were GEE, VPB, and LPB, while VIC, VHM, and GAS were the primary contributors to the indexs upward momentum. Foreign investors were net sellers of 732 billion VND, focusing heavily on VIC and VIX.   Trading Strategy: Short-term investors may consider participating in stocks showing strong upward signals above the 20-day moving average (MA20), such as the banking, oil & gas, and utilities sectors. Medium-term investors can view pullbacks toward the 1,720 level as favorable opportunities for disbursement.      

▶ The market started 2026 in the green; however, the general stock landscape was not very positive. The current characteristic remains high divergence, as gains were almost entirely concentrated in the VinGroup duo including VIC-VHM and the Oil & Gas group, while other sectors recorded a losing session, especially the Securities group with many representatives such as SSI, VCI, VIX… all decreasing by over 3%. Liquidity showed improvement as matching volume surged above the 20-session average. ▶ At the end of the trading session, the VN-Index increased by 3.91 points (+0.22%), closing at 1,788.40 points; the HNX-Index decreased by 2.03 points (-0.82%), reaching 246.74 points. Total market liquidity reached 28 trillion VND, corresponding to more than 988 million shares traded. Foreign investors still recorded a net selling session, with a net value of 735 billion VND, in which prominent net selling values were recorded in VIC (-182 billion VND), VIX (-158 billion VND), and FPT (-105 billion VND). On the other side, typical net buying included STB, VRE, PVD… ▶ Technical perspective: VN-Index experienced strong volatility as the index approached the resistance zone of 1,780 – 1,800 points. Liquidity remained at a moderate level with cautious cash flow; the market moved stably within short-term fluctuations, and there were no signs of large-scale capital exit. Signals from the MACD continue to support the recovery phase; however, profit-taking pressure at the resistance level may cause short-term volatility, with the markets nearest support level around 1,730 points.  Base-case Scenario: The market has recovered positively and climbed above 1,700 (temporarily escaping the 1,600 - 1,700 sideways range) with improved liquidity, broadening market breadth, and the return of foreign investors. However, the market will face certain resistance as it nears its old peak and may see fluctuations around 1,800 before cash flow improves further following the conclusion of the Party Congress in early 2026. Negative-case Scenario: Downward momentum continues to increase with rising trading volume on the sell side, and no bottom-fishing demand appears around the 1,600 - 1,650 level. In this scenario, the market could continue toward the 1,500 support zone and even lower price ranges for testing. Strategy: Investors should carefully select stocks as the VN-Index score is heavily influenced by the performance of the VIC group. Medium and long-term investors can begin partial disbursements in stock groups with strong business results and attractive discounts, such as Banking, Finance, and Public Investment. Shorter-term investors may look for improved cash flow and price action to select stocks in sectors such as Power/Electricity, Industrial Parks, and Technology.  

Impact from the U.S. military operation in Venezuela. US stock futures held steady on Monday as investors assessed the implications of the US military operation in Venezuela that resulted in the capture of President Nicolas Maduro. President Trump said on Saturday that the US would “run” Venezuela until a proper political transition takes place, though Secretary of State Marco Rubio struck a more measured tone on Sunday, emphasizing that Washington has leverage to achieve its objectives while stopping short of suggesting direct US governance. Venezuela currently produces less than 1 million barrels of crude oil per day, accounting for under 1% of global output, limiting the impact on oil markets. Meanwhile, investors are looking ahead to a busy week of US economic data, highlighted by the December jobs report due Friday. Markets are also monitoring the CES technology show in Las Vegas, where major tech companies are set to unveil their latest products.   Recovery. VNINDEX closed at 1,784.49 (+17.59 points, +1.00%) with liquidity falling below the 20-session average. The market recorded 134 gainers and 185 losers.The primary laggards weighing down the market were GAS, STB, and BID, while the top contributors to the indexs gains were VIC, VHM, and HDB. Foreign investors were strong net buyers, injecting 720 billion VND, with a focus on STB and VPL.   Trading Strategy: Short-term investors may consider participating in stocks showing strong upward signals above the 20-day moving average (MA20), such as the banking, oil & gas, and utilities sectors. Medium-term investors can view pullbacks toward the 1,680 level as favorable opportunities for disbursement.  

Highlights: The December 2025 FOMC minutes suggest that there may be one interest rate cut in 2026. Mr. Le Manh Hung, Chairman of the Members’ Council of Vietnam National Industry – Energy Group (PVN), has been reassigned by the Prime Minister to work at the Ministry of Industry and Trade, and has been appointed Acting Minister of Industry and Trade.   Assessment: Over the past week, the market recorded a solid advance, led by the utilities and information technology sectors. Both domestic and international news flows have supported positive market sentiment. In particular, news regarding the appointment of PVN’s leadership had a positive impact, driving a strong weekly gain in oil & gas stocks (which are classified under the broader utilities sector). In addition, foreign investors turned net buyers during the week, likely driven by expectations of a FED interest rate cut next year, which also helped keep the index relatively stable and comfortable during the final trading week of the calendar year.   Technical view: The VN-Index closed the week at 1,784.49 points (+54.69 points; +3.69%) with slightly lower trading liquidity. Overall, the market remains in an uptrend, though sector divergence is evident, as capital flows are mainly concentrated in a few stock groups with specific catalysts. The area around 1,800 points may see short-term volatility, as the index has corrected three times previously since October when approaching this level.   Investment ideas: Short-term investors may consider participating in stocks showing strong upward signals above the MA20, such as banking stocks; however, position sizing should remain modest, as selling pressure may emerge near recent highs. Medium-term investors may view pullbacks toward the 1,720-point area as attractive buying opportunities, with a focus on the information technology or steel sectors, which are currently in a healthy consolidation phase.