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Long VN30F2202 should be held and stop the loss when there is the closing price below 1460 pts level (Hourly chart).

Although the bullish momentum is not improved, the medium-term trend is still supported. In this case, investors should continue to hold the current positions on leading stocks and position size should be closed by half when the 1,420 pts zone is pierced.

Because of the Tet holiday, the market sentiment has become cautious in the short term. Therefore, traders should be careful and stay on the sidelines.

Long VN30F2202 after ATO session and stop the loss when there is the closing price below 1460 pts level (Hourly chart).

4Q21 NPATMI of VND361bn plunged largely in the absence of the unexpected revaluation gain in 4Q20. In 4Q21, revenue from product handover was remarkable mainly thanks to from handover Akari City of 1,525 units, equivalent to VND3.5tn. The result was lower than our estimation of 1,800 units. Together with a VND429bn goodwill income booked in 1Q21 thanks to a further 30.1% stake acquisition to 65.1% of Waterfront (Izumi) project, 2021 NPATMI reached VND1,071bn, +28.2% yoy.

Despite the second recovery, the downside risk is still intact in the short term. Therefore, traders should reduce their long position and stay on the sidelines.

Long VN30F2202 after ATO session and stop the loss when there is the closing price below 1460 pts level (Hourly chart).

Despite the sharp recovery, the downside risk is still intact in the short term. Therefore, traders should reduce their long position and stay on the sidelines.

Long VN30F2202 after ATO session and stop the loss when there is the closing price below 1460 pts level (Hourly chart).

The impressive rebound of Vietnam’s economy in 4Q21 creates momentum for further economic recovery in 2022. We expect the following sectors to be key growth pillars for the economy: (1) robust and stable industrial growth thanks to secured production activity and increased export demand; (2) pent-up demand in domestic spending in the reopening phase; (3) strong recovery in capital investment, primarily driven by investment demand from government and FDI. Last but not least, the upcoming fiscal - monetary support program will further push the economy back to the high-growth track in 2022.