Vietnam’s equity market is gaining momentum again, with the VN-Index recently crossing the 1,400-point mark—a level not seen in over three years. On July 8, the index added more than 13 points, backed by strong trading liquidity estimated at over VND 28 trillion (approx. USD 1.1 billion). The surge is widely viewed as a continuation of the broader recovery that followed a correction earlier this year.
Market Sentiment and Strategic Outlook
According to Mr. Trần Hoàng Sơn, Chief Market Strategist at VPBank Securities, the VN-Index may be moving toward a target range of 1,500 to 1,550 points in the latter half of 2025. However, he also pointed to the possibility of technical pullbacks around resistance levels near 1,430–1,450.
Mr. Sơn suggested that the market’s recent performance could be linked to ongoing efforts to upgrade Vietnam from frontier to emerging market status. While the upgrade has been a long-standing objective, factors such as improved liquidity, investor participation, and macroeconomic stability are cited as encouraging signs.
Investor Participation and Earnings Prospects
Investor confidence appears to have rebounded, supported by a notable increase in trading volume and a key milestone: over 10 million individual trading accounts have now been registered in Vietnam. In addition, corporate earnings growth is projected in the 15–16% range this year, with analysts highlighting support from current monetary and fiscal policies.
Key sectors—including banking, securities, real estate, and steel—are reportedly continuing their post-correction recovery, with expectations of stable earnings in the months ahead.
IPO Activity and Foreign Capital Flows
Vietnam may also be entering a phase of heightened IPO activity, with potential deals valued at USD 47.5 billion projected through the end of this year and into early 2026. Sectors attracting attention include financial services, consumer goods, and technology. Some observers have compared this cycle to past divestments, such as Vinamilk’s share sale in 2017–2018, which coincided with significant market rallies.
Mr. Sơn indicated that foreign investor participation could increase as more companies list publicly and liquidity deepens.