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Highlights: The State visit to Vietnam by Chinese President and General Secretary Xi Jinping was successful in all aspects on April 14-15, 2025. President Donald Trump declared that he does not want to impose additional tariffs on Chinese goods. On Thursday, April 17, President Trump criticized Fed Chairman Jerome Powell, accusing him of playing politics by not cutting interest rates and asserting that he could fire Powell very quickly.“   Technical view: The VN-Index closed the week at 1,219 (-3.34 points; -0.27%) with flat liquidity. After a strong recovery last week, the market is now in the process of setting a new equilibrium zone, with prices and liquidity showing little fluctuation. This is a phase where the index will await new news to determine the trend. The 1,060 – 1,200 range could be the trading zone for the index in the near term.   Investment ideas: Long-term investors may consider deploying capital in stocks with strong fundamentals that benefit from domestic factors, such as steel, banking, securities, and energy sectors.  

Trumps new criticism of the Fed Chair, including calls for interest rate cuts. The Dow fell 527 points, dragged by a 22.4% drop in UnitedHealth shares due to a weak outlook, while the Nasdaq 100 finished muted. Netflix rose 1.2% ahead of its upcoming earnings report. Market sentiment was mixed as investors digested President Trump’s comments on “big progress” in trade talks with Japan and his push for a deal with China. Jitters over tariffs and Trump’s renewed criticism of Fed Powell, including calls for rate cuts, added to the uncertainty. A drop in weekly jobless claims pointed to labor market resilience, though attention remained focused on trade negotiations and monetary policy signals. For the week, the Dow and Nasdaq fell 2%, while the S&P 500 lost 1%.   The market has recovered. The VNINDEX closed at 1,217.25 (+6.95 points, +0.57%) with a slight decrease in liquidity compared to the previous session. The number of gaining stocks outnumbered losing stocks with 261 gainers and only 174 losers. Foreign investors net sold over 4,500 billion VND, however, the majority of the value was concentrated in VIC shares through block transactions.   Trading Strategy: Investors should not rush to bottom-fish as the volume of shares bought during previous bottom-fishing sessions may return and create strong selling pressure. It is necessary to wait for the market to build a stable price base before entering a buying position   White House: Chinese goods face tariffs of up to 245%   Buy Recommendation: VCI  

▶ The market experienced a strong tug-of-war session, however, the selling pressure was absorbed quite well and the VN-Index successfully managed to close in the green color. Trading volume continued to decrease, even lower than yesterdays session. Foreign investors net sold more than 4,500 billion, however, the value was mainly concentrated in VIC shares through put-through transactions. ▶ At the end of the trading session, the VN-Index increased by 6.95 points (+0.57%), reaching 1,217.25 points; the HNX-Index increased by 0.17 points (+0.08%), reaching 209.58 points. Market liquidity reached 23.02 trillion VND, which was equivalent to about more than 906 million shares traded. Foreign investors net sold 4,641 billion VND on HOSE, mostly concentrated in VIC, VNM and VCB. On the contrary, typical net bought stocks included MWG, VHM, and FPT. ▶ Technical perspective: The market was under continued profit-taking pressure during the session and recovered quite well after reaching the 1,200 threshold. At the end of the session, the index increased by nearly 7 points with the support of Vin Group stocks and the banking group reversed to increase. Liquidity was not too large, showing that selling pressure was not too strong. It is necessary for investors to observe this area. If selling pressure increases with liquidity, investors should consider reducing the proportion and wait for the market to adjust to find a new balance; or when there is a signal of establishing an accumulation zone to re-test supply and demand before continuing to go up. Currently, the short-term support zone of the index is 1,170 - 1,180 and the nearest resistance zone is 1,270 (corresponding to the price gaps formed in the recent period, where a relatively large amount of potential supply and demand stands).  Strategy: On the grounds that there are many fluctuations in the macro economy recently, investors should not catch the bottom when the amount of stocks from previous sessions may create strong selling pressure. It is necessary to wait for the market to build a stable price base before disbursing buying positions.  

Concerns over Powells unclear message about the interest rate path. On Wednesday, the Dow dropped 1.73%, the S&P 500 fell 2.24%, and the Nasdaq Composite sank 3.07%. Adding to the pressure, Chair Powell, speaking in Chicago, warned that escalating tariffs could fuel inflation and dampen growth—complicating the Fed’s efforts to balance price stability and employment. Markets were also unsettled by Powells lack of clarity on the path of interest rates, driving major indices to their session lows.   The market declined. VNINDEX closed at 1,210.30 (-17.49 points, -1.42%) with slightly decreased liquidity compared to the previous session. Selling pressure across many sectors and the weakening of VinGroup-related stocks were the reasons for the index reversing downwards in the afternoon session. Foreign investors were net sellers of a slight VND 272 bn, with the focus being on FPT with a net selling value of nearly VND 500 bn   Trading Strategy: Investors should not rush to bottom-fish as the volume of shares bought during previous bottom-fishing sessions may return and create strong selling pressure. It is necessary to wait for the market to build a stable price base before entering a buying position   White House: Chinese goods face tariffs of up to 245%  

▶ Selling pressure continued and Vin Group stocks weakened are the reasons behind the decrease of VN-Index today. Though managed to anchor quite well in the morning session, it reversed to lose points in the afternoon session. The bright spot was that market liquidity decreased, showing that the selling pressure was not too strong. Foreign investors continued to net sell, mainly in FPT. ▶ At the end of the trading session, the VN-Index decreased by 17.49 points (-1.42%), reaching 1,210.30 points; the HNX-Index decreased by 0.83 points (-0.4%), reaching 209.41 points. Market liquidity was VND 21.09 trillion, equivalent to more than 925 million shares traded. Foreign investors net sold VND 272 billion on HOSE, mostly in FPT, HAH and HCM. On the contrary, VHM, VCI and ACB were stocks that were experienced relative good net-bought volume. ▶ Technical perspective: The market recorded the second declining session after a series of recovery phase lasting for 4 consecutive sessions. This development was quite reasonable when investors took action to take profits while the majority of stocks have recovered relatively 10 - 15% from the short-term bottom. Liquidity was not significant, showing that the selling pressure was not too strong. It is necessary to observe this area, if selling pressure increases with liquidity, investors should consider reducing the proportion and wait for the market to adjust to find a new balance zone; or until there is a signal of establishing an accumulation zone to re-test supply - demand before continuing to go up.  Strategy: On the grounds that there are many fluctuations in the macro economy recently, investors should not catch the bottom when the amount of stocks from previous sessions may create strong selling pressure. It is necessary to wait for the market to build a stable price base before disbursing buying positions.