Domestic investor capital continues to lead the trend of the Vietnamese stock market - Photo: QUANG DINH
Stocks are still an attractive investment channel.
Sharing with Tuoi Tre Online , Mr. Nguyen Viet Cuong - Vice Chairman of the Board of Directors of KAFI Securities Joint Stock Company - said that from the beginning of the third quarter of 2025, the average liquidity of the market reached about 42,000 billion VND/session, an increase of more than 100% compared to the first half of the year, reflecting that the cash flow has been released, after the information on the corresponding tax with the US became clearer.
Although foreign investors have shown a tendency to withdraw net capital since the beginning of last month, Vietnamese stocks are still supported by capital flows from domestic institutional and individual investors.
It is forecasted that foreign capital will likely return to net buying when information on interest rates and exchange rates becomes clearer, especially after the US Federal Reserve's decision to cut interest rates in September. In addition, the prospect of upgrading the market will create a stronger attraction for international capital flows into Vietnamese stocks.
Mr. Nguyen Viet Cuong - Vice Chairman of the Board of Directors of KAFI Securities Joint Stock Company
Notably, the market price-to-earnings (P/E) is currently trading at around 14.9 times, approaching the five-year average. "This is still an attractive level when placed in the context of positive growth in listed companies' profits in 2025 and expected stronger credit injection in the last quarters of the year, thereby supporting the market's growth momentum," said Mr. Cuong.
Before the holiday, domestic cash flow also showed signs of slowing down, causing the market to fall into a state of differentiation and cautious trading to maintain results. However, after the holiday, experts predict that the VN-Index will maintain its upward momentum, fluctuating around 1,650 points and heading towards the psychological threshold of 1,700 points.
Overall, experts believe that in the coming time, stocks will still be an investment channel of interest and have optimistic developments thanks to: abundant liquidity, reasonable valuations, expectations of the Fed lowering interest rates in September 2025, positive business results in the third quarter, and the story of upgrading the market from frontier to emerging by international organizations.
What strategy should investors adopt?
Regarding strategy, according to the vice president of KAFI Securities: "Investors with average risk appetite can consider participating in the above-mentioned benefiting industries, choosing businesses with reasonable valuations with good growth expectations from business results this year. Avoid chasing stocks that are overvalued compared to history, and limit chasing when the index increases rapidly and exceeds 1,700 points to reduce the risk of short-term correction.
For industry groups, large-cap stocks with room (ownership ratio) for foreign capital will benefit directly if the stock market is upgraded.
At the same time, strong public investment is creating momentum to increase profits for the construction materials industry.
Banking, securities and real estate are considered to be the sectors that indirectly benefit from the current credit easing trend. The retail group tends to be more active at the end of the year.
How does the VND/USD exchange rate fluctuation affect Vietnamese stocks?
The USD/VND exchange rate is under pressure as the supply of foreign currency to supplement reserves slows down, due to tariff and trade policies between the US and Vietnam. At the same time, the low domestic VND interest rate, which is contrary to the policies of the US Federal Reserve (Fed) and Europe, is also putting pressure on indirect foreign capital flows into Vietnam.
In that context, KAFI experts said that exchange rates often do not directly affect the stock market, but exchange rate stabilization measures can create side effects.
If external pressure does not cool down, the State Bank may continue to sell USD, which it previously sold on August 25 and 26 with a scale of more than 1.5 billion USD, or slightly raise VND interest rates. These moves may reduce liquidity and increase cautious sentiment.
"However, in the long term, if the adjustment is moderate, the impact will mainly be short-term and the market will continue to open up good opportunities for stock investors," said the securities company.
Source: https://tuoitre.vn/chung-khoan-sau-ky-nghi-le-chien-luoc-nao-phu-hop-20250830144806997.htm
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