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![Banking - In-depth - [NEUTRAL] - Focus will win](/_next/image?url=https%3A%2F%2Fdms2stj3pztto.cloudfront.net%2Fj3phccmy%2Fbanking.jpg%3Fformat%3Dwebp%26height%3D608%26mode%3Dcrop%26quality%3D80%26width%3D1080&w=3840&q=75)
Banking - In-depth - [NEUTRAL] - Focus will win
Banking Sector Profit Outlook 2026-2027: Profit growth in 1H26 recorded moderate growth. In 2H26, profit growth could maintain double-digit levels. For 2026F, while double-digit growth remains intact, the pace is expected to fall slightly short of the bank's 16% guidance, before maintaining its solid double-digit momentum into 2027F. Attractive Valuation: Current P/B at 1.52x is lower than the 5-year historical P/B at 1.7x, attractive for long-term investment accumulationJuly 21, 2026
![Industrial Park - In-depth - [NEUTRAL] - Atmosphere of caution](/_next/image?url=https%3A%2F%2Fdms2stj3pztto.cloudfront.net%2F1pwbm2yl%2Findustrial-park.jpg%3Fformat%3Dwebp%26height%3D608%26mode%3Dcrop%26quality%3D80%26width%3D1080&w=3840&q=75)
Industrial Park - In-depth - [NEUTRAL] - Atmosphere of caution
Driven by restricted near-term supply, escalating construction costs, and stricter environmental/technical development standards for new industrial zones, average IP asking rents will maintain their upward trajectory. For 2026F, average rental rates are projected to expand by 5% yoy in the Northern region and 4% yoy in the Southern region, supporting stable gross margins for well-positioned developersJuly 21, 2026
29W26: SBV extends liquidity withdrawal
During Week 29 of 2026, the SBV remained a net liquidity absorber via open market operations as banking system liquidity continued to improve. Short-term interbank rates (overnight to two-week) declined further, reflecting easing liquidity pressures following the implementation of new liquidity ratio regulations. Meanwhile, longer-tenor rates stayed relatively elevated, indicating tighter funding conditions over longer maturities. On the FX front, USDVND rose marginally by 0.08% compared to the last week to 26,290, mainly due to persistent foreign net equity outflows despite continued weakness in the global U.S. dollar.July 20, 2026
Chart of the day 2026/07/20: Awaiting a reversal signal?
Further signals should be monitored to confirm the next trend, given the decline in liquidity during the final session of last week. Until then, investors should keep their equity exposure at a safe level.July 20, 2026
Derivatives 2026/07/20: Bullish Harami pattern
The signals lack consistency, with positive and negative factors intertwined. Therefore, investors should remain cautious and wait for confirmation signals before opening new positions.July 20, 2026
Market commentary 2026/07/20: Low liquidity
The market ended lower while liquidity remained subdued, indicating that investors continued to stay on the sidelines and buying demand was still insufficient to drive a meaningful recovery. Moreover, the index continued to close below most key moving averages, suggesting that the short-term trend remains weak and the market may continue to experience volatile trading sessions in the coming days.July 20, 2026
![Power - In-depth - [NEUTRAL] - Positioning for the next cycle](/_next/image?url=https%3A%2F%2Fdms2stj3pztto.cloudfront.net%2Fkyjflv1v%2Fc7978b96bd730c7f4be9f09396656c4d.jpg%3Fformat%3Dwebp%26height%3D608%26mode%3Dcrop%26quality%3D80%26width%3D1080&w=3840&q=75)
Power - In-depth - [NEUTRAL] - Positioning for the next cycle
In 2H26F, Vietnam's total installed power capacity is expected to reach approximately 88GW, while newly added capacity is projected at only 703MW compared with 1H26, reflecting the continued slow pace of capacity expansion. Overall, power capacity additions remain limited as many projects continue to face delays due to regulatory, policy, and legal bottlenecks, reducing the attractiveness of the sector to private investors.July 20, 2026
Market commentary 2026/07/17: Bottoming out?
The market staged a strong afternoon rebound and closed higher with improving liquidity. However, this performance was partly driven by position rebalancing on the VN30 futures contract expiration day. Therefore, additional confirmation is needed before concluding that a short-term trend reversal has taken place.July 17, 2026
Derivatives 2026/07/17: Piercing pattern
Technical indicators lack consistency as bullish and bearish signals intertwine. Consequently, Traders should remain cautious and await confirmation signals before reopening new positions.July 17, 2026
![Oil & Gas - In-depth - [NEUTRAL] - Upstream may take the spotlight](/_next/image?url=https%3A%2F%2Fdms2stj3pztto.cloudfront.net%2Fscddw4nv%2Foilgas.png%3Fformat%3Dwebp%26height%3D608%26mode%3Dcrop%26quality%3D80%26width%3D1080&w=3840&q=75)
Oil & Gas - In-depth - [NEUTRAL] - Upstream may take the spotlight
We reinstate optimistic prospect for upstream Exploration and Production (E&P) sub-segment, but generally remained quite NEUTRAL for the rest of the sub-segments. Thus, we rate overall NEUTRAL recommendation for Oil & Gas Sector. Exploration & Production key prospect: (1) Rising E&P demand potential fueled by PVN’s growth KPIs, smoother legal process and higher oil level and rising upstream investment. (2) Demand for drilling rigs remained high in Southeast Asia.July 17, 2026
28W26: SBV reverses to net withdrawal
In 28W26, the SBV returned to a net liquidity withdrawal through open market operations after two consecutive weeks of net injection, as banking system strains successfully eased. Concurrently, interbank rates softened at the short end of the curve, led by a sharp decline in the overnight segment following the normalization of mid-year funding demand, while longer tenors edged slightly higher. Meanwhile, in the FX market, the domestic interbank USDVND rate edged down to 26,269 despite persistent foreign net selling on the HoSE and hawkish Fed minutes put broader pressure on the currency.July 16, 2026
Market commentary 2026/07/16: Selling pressure intensified
The market recorded a sharp decline as selling pressure continued to dominate. This suggests that cautious investor sentiment remains prevalent, while the short-term outlook continues to lean negative, with the market likely to face further volatility in the coming sessions.July 16, 2026
Derivatives 2026/07/16: New low
Given these signals, the short-term downtrend is confirmed. Traders may look to re-open short positions in the next session.July 16, 2026
Derivatives 2026/07/15: A technical rebound?
Although a reversal signal has appeared, risks remain. Traders should therefore wait for further trend-confirmation signals before they reopen their positions.July 15, 2026
Market commentary 2026/07/15: Afternoon demand emerged
The market posted a modest gain as bargain hunting emerged toward the end of the session. However, trading liquidity weakened, while the VNIndex remained below most of its key moving averages, suggesting that the current recovery has yet to gain convincing technical confirmation.July 15, 2026
Derivatives 2026/07/14: A downtrend?
The downtrend has been confirmed on rising volume. Investors may therefore consider reopening short positions.July 14, 2026
Market commentary 2026/07/14: Broad-based selling pressure
The market recorded a sharp decline alongside a significant increase in trading liquidity, indicating that selling pressure continued to outweigh buying demand while cautious investor sentiment remained dominant. This suggests that the short-term outlook remains tilted to the downside.July 14, 2026
Covered warrant 2026/07/14: Cash flows continued to decline
During the week, the covered warrant market remained weak as liquidity continued to decline and the number of declining warrants still significantly outnumbered advancing ones. Meanwhile, the underlying equity market also showed cautious trading conditions, with the benchmark index falling and capital flows showing no clear signs of improvement.July 14, 2026
Market Trader 2026/07/14: Foreign investors extended their net selling streak
By investor group, trading activity by domestic retail investors declined by 5.5% WoW. Meanwhile, domestic institutional investors turned more active, with trading value increasing 5.9% from the previous week.July 14, 2026
June 2026: The real estate sector emerged as the leading issuer.
In June, total value of bond issuance declined 9.03% yoy but increased 119.97% mom to VND112,333bn (Fig. 1). The Banking issued VND48,069bn, 53% mom, and accounted for 42.8%. Major issuer was Techcombank (VND9,000bn, Table 1) and Sacombank (VND8,800bn). The Real Estates issued VND53,515 with +260% yoy, +272% mom and accounting for 47.6%, held the first rank of total issuance (Fig. 2). VHM was the main issuer with VND21,000bn and Hung Phat Invest (VND9,300bn). The average coupon rate still remained 5.3% in Jun 2026 (Fig. 3). The Real Estate coupon rate dropped to 11.2%, while the banking coupon rate slightly edged up to 8.6%. Bond tenors were focus on ≤ 3 Years (72.32%). Notably, bond tenor of over 10 years re-arranged after being absent in Dec 2025 (2.37%) (Fig 4).July 13, 2026
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Banking - In-depth - [NEUTRAL] - Focus will win
Banking Sector Profit Outlook 2026-2027: Profit growth in 1H26 recorded moderate growth. In 2H26, profit growth could maintain double-digit levels. For 2026F, while double-digit growth remains intact, the pace is expected to fall slightly short of the bank's 16% guidance, before maintaining its solid double-digit momentum into 2027F. Attractive Valuation: Current P/B at 1.52x is lower than the 5-year historical P/B at 1.7x, attractive for long-term investment accumulationJuly 21, 2026
Industrial Park - In-depth - [NEUTRAL] - Atmosphere of caution
Driven by restricted near-term supply, escalating construction costs, and stricter environmental/technical development standards for new industrial zones, average IP asking rents will maintain their upward trajectory. For 2026F, average rental rates are projected to expand by 5% yoy in the Northern region and 4% yoy in the Southern region, supporting stable gross margins for well-positioned developersJuly 21, 2026
29W26: SBV extends liquidity withdrawal
During Week 29 of 2026, the SBV remained a net liquidity absorber via open market operations as banking system liquidity continued to improve. Short-term interbank rates (overnight to two-week) declined further, reflecting easing liquidity pressures following the implementation of new liquidity ratio regulations. Meanwhile, longer-tenor rates stayed relatively elevated, indicating tighter funding conditions over longer maturities. On the FX front, USDVND rose marginally by 0.08% compared to the last week to 26,290, mainly due to persistent foreign net equity outflows despite continued weakness in the global U.S. dollar.July 20, 2026
Chart of the day 2026/07/20: Awaiting a reversal signal?
Further signals should be monitored to confirm the next trend, given the decline in liquidity during the final session of last week. Until then, investors should keep their equity exposure at a safe level.July 20, 2026
Derivatives 2026/07/20: Bullish Harami pattern
The signals lack consistency, with positive and negative factors intertwined. Therefore, investors should remain cautious and wait for confirmation signals before opening new positions.July 20, 2026
Market commentary 2026/07/20: Low liquidity
The market ended lower while liquidity remained subdued, indicating that investors continued to stay on the sidelines and buying demand was still insufficient to drive a meaningful recovery. Moreover, the index continued to close below most key moving averages, suggesting that the short-term trend remains weak and the market may continue to experience volatile trading sessions in the coming days.July 20, 2026
Power - In-depth - [NEUTRAL] - Positioning for the next cycle
In 2H26F, Vietnam's total installed power capacity is expected to reach approximately 88GW, while newly added capacity is projected at only 703MW compared with 1H26, reflecting the continued slow pace of capacity expansion. Overall, power capacity additions remain limited as many projects continue to face delays due to regulatory, policy, and legal bottlenecks, reducing the attractiveness of the sector to private investors.July 20, 2026
Market commentary 2026/07/17: Bottoming out?
The market staged a strong afternoon rebound and closed higher with improving liquidity. However, this performance was partly driven by position rebalancing on the VN30 futures contract expiration day. Therefore, additional confirmation is needed before concluding that a short-term trend reversal has taken place.July 17, 2026
Derivatives 2026/07/17: Piercing pattern
Technical indicators lack consistency as bullish and bearish signals intertwine. Consequently, Traders should remain cautious and await confirmation signals before reopening new positions.July 17, 2026
Oil & Gas - In-depth - [NEUTRAL] - Upstream may take the spotlight
We reinstate optimistic prospect for upstream Exploration and Production (E&P) sub-segment, but generally remained quite NEUTRAL for the rest of the sub-segments. Thus, we rate overall NEUTRAL recommendation for Oil & Gas Sector. Exploration & Production key prospect: (1) Rising E&P demand potential fueled by PVN’s growth KPIs, smoother legal process and higher oil level and rising upstream investment. (2) Demand for drilling rigs remained high in Southeast Asia.July 17, 2026
28W26: SBV reverses to net withdrawal
In 28W26, the SBV returned to a net liquidity withdrawal through open market operations after two consecutive weeks of net injection, as banking system strains successfully eased. Concurrently, interbank rates softened at the short end of the curve, led by a sharp decline in the overnight segment following the normalization of mid-year funding demand, while longer tenors edged slightly higher. Meanwhile, in the FX market, the domestic interbank USDVND rate edged down to 26,269 despite persistent foreign net selling on the HoSE and hawkish Fed minutes put broader pressure on the currency.July 16, 2026
Market commentary 2026/07/16: Selling pressure intensified
The market recorded a sharp decline as selling pressure continued to dominate. This suggests that cautious investor sentiment remains prevalent, while the short-term outlook continues to lean negative, with the market likely to face further volatility in the coming sessions.July 16, 2026
Derivatives 2026/07/16: New low
Given these signals, the short-term downtrend is confirmed. Traders may look to re-open short positions in the next session.July 16, 2026
Derivatives 2026/07/15: A technical rebound?
Although a reversal signal has appeared, risks remain. Traders should therefore wait for further trend-confirmation signals before they reopen their positions.July 15, 2026
Market commentary 2026/07/15: Afternoon demand emerged
The market posted a modest gain as bargain hunting emerged toward the end of the session. However, trading liquidity weakened, while the VNIndex remained below most of its key moving averages, suggesting that the current recovery has yet to gain convincing technical confirmation.July 15, 2026
Derivatives 2026/07/14: A downtrend?
The downtrend has been confirmed on rising volume. Investors may therefore consider reopening short positions.July 14, 2026
Market commentary 2026/07/14: Broad-based selling pressure
The market recorded a sharp decline alongside a significant increase in trading liquidity, indicating that selling pressure continued to outweigh buying demand while cautious investor sentiment remained dominant. This suggests that the short-term outlook remains tilted to the downside.July 14, 2026
Covered warrant 2026/07/14: Cash flows continued to decline
During the week, the covered warrant market remained weak as liquidity continued to decline and the number of declining warrants still significantly outnumbered advancing ones. Meanwhile, the underlying equity market also showed cautious trading conditions, with the benchmark index falling and capital flows showing no clear signs of improvement.July 14, 2026
Market Trader 2026/07/14: Foreign investors extended their net selling streak
By investor group, trading activity by domestic retail investors declined by 5.5% WoW. Meanwhile, domestic institutional investors turned more active, with trading value increasing 5.9% from the previous week.July 14, 2026
June 2026: The real estate sector emerged as the leading issuer.
In June, total value of bond issuance declined 9.03% yoy but increased 119.97% mom to VND112,333bn (Fig. 1). The Banking issued VND48,069bn, 53% mom, and accounted for 42.8%. Major issuer was Techcombank (VND9,000bn, Table 1) and Sacombank (VND8,800bn). The Real Estates issued VND53,515 with +260% yoy, +272% mom and accounting for 47.6%, held the first rank of total issuance (Fig. 2). VHM was the main issuer with VND21,000bn and Hung Phat Invest (VND9,300bn). The average coupon rate still remained 5.3% in Jun 2026 (Fig. 3). The Real Estate coupon rate dropped to 11.2%, while the banking coupon rate slightly edged up to 8.6%. Bond tenors were focus on ≤ 3 Years (72.32%). Notably, bond tenor of over 10 years re-arranged after being absent in Dec 2025 (2.37%) (Fig 4).July 13, 2026
Featured news
Banking - In-depth - [NEUTRAL] - Focus will win
Banking Sector Profit Outlook 2026-2027: Profit growth in 1H26 recorded moderate growth. In 2H26, profit growth could maintain double-digit levels. For 2026F, while double-digit growth remains intact, the pace is expected to fall slightly short of the bank's 16% guidance, before maintaining its solid double-digit momentum into 2027F. Attractive Valuation: Current P/B at 1.52x is lower than the 5-year historical P/B at 1.7x, attractive for long-term investment accumulationJuly 21, 2026
Industrial Park - In-depth - [NEUTRAL] - Atmosphere of caution
Driven by restricted near-term supply, escalating construction costs, and stricter environmental/technical development standards for new industrial zones, average IP asking rents will maintain their upward trajectory. For 2026F, average rental rates are projected to expand by 5% yoy in the Northern region and 4% yoy in the Southern region, supporting stable gross margins for well-positioned developersJuly 21, 2026
29W26: SBV extends liquidity withdrawal
During Week 29 of 2026, the SBV remained a net liquidity absorber via open market operations as banking system liquidity continued to improve. Short-term interbank rates (overnight to two-week) declined further, reflecting easing liquidity pressures following the implementation of new liquidity ratio regulations. Meanwhile, longer-tenor rates stayed relatively elevated, indicating tighter funding conditions over longer maturities. On the FX front, USDVND rose marginally by 0.08% compared to the last week to 26,290, mainly due to persistent foreign net equity outflows despite continued weakness in the global U.S. dollar.July 20, 2026
Chart of the day 2026/07/20: Awaiting a reversal signal?
Further signals should be monitored to confirm the next trend, given the decline in liquidity during the final session of last week. Until then, investors should keep their equity exposure at a safe level.July 20, 2026
Derivatives 2026/07/20: Bullish Harami pattern
The signals lack consistency, with positive and negative factors intertwined. Therefore, investors should remain cautious and wait for confirmation signals before opening new positions.July 20, 2026
Market commentary 2026/07/20: Low liquidity
The market ended lower while liquidity remained subdued, indicating that investors continued to stay on the sidelines and buying demand was still insufficient to drive a meaningful recovery. Moreover, the index continued to close below most key moving averages, suggesting that the short-term trend remains weak and the market may continue to experience volatile trading sessions in the coming days.July 20, 2026
Power - In-depth - [NEUTRAL] - Positioning for the next cycle
In 2H26F, Vietnam's total installed power capacity is expected to reach approximately 88GW, while newly added capacity is projected at only 703MW compared with 1H26, reflecting the continued slow pace of capacity expansion. Overall, power capacity additions remain limited as many projects continue to face delays due to regulatory, policy, and legal bottlenecks, reducing the attractiveness of the sector to private investors.July 20, 2026
Market commentary 2026/07/17: Bottoming out?
The market staged a strong afternoon rebound and closed higher with improving liquidity. However, this performance was partly driven by position rebalancing on the VN30 futures contract expiration day. Therefore, additional confirmation is needed before concluding that a short-term trend reversal has taken place.July 17, 2026
Derivatives 2026/07/17: Piercing pattern
Technical indicators lack consistency as bullish and bearish signals intertwine. Consequently, Traders should remain cautious and await confirmation signals before reopening new positions.July 17, 2026
Oil & Gas - In-depth - [NEUTRAL] - Upstream may take the spotlight
We reinstate optimistic prospect for upstream Exploration and Production (E&P) sub-segment, but generally remained quite NEUTRAL for the rest of the sub-segments. Thus, we rate overall NEUTRAL recommendation for Oil & Gas Sector. Exploration & Production key prospect: (1) Rising E&P demand potential fueled by PVN’s growth KPIs, smoother legal process and higher oil level and rising upstream investment. (2) Demand for drilling rigs remained high in Southeast Asia.July 17, 2026
28W26: SBV reverses to net withdrawal
In 28W26, the SBV returned to a net liquidity withdrawal through open market operations after two consecutive weeks of net injection, as banking system strains successfully eased. Concurrently, interbank rates softened at the short end of the curve, led by a sharp decline in the overnight segment following the normalization of mid-year funding demand, while longer tenors edged slightly higher. Meanwhile, in the FX market, the domestic interbank USDVND rate edged down to 26,269 despite persistent foreign net selling on the HoSE and hawkish Fed minutes put broader pressure on the currency.July 16, 2026
Market commentary 2026/07/16: Selling pressure intensified
The market recorded a sharp decline as selling pressure continued to dominate. This suggests that cautious investor sentiment remains prevalent, while the short-term outlook continues to lean negative, with the market likely to face further volatility in the coming sessions.July 16, 2026
Derivatives 2026/07/16: New low
Given these signals, the short-term downtrend is confirmed. Traders may look to re-open short positions in the next session.July 16, 2026
Derivatives 2026/07/15: A technical rebound?
Although a reversal signal has appeared, risks remain. Traders should therefore wait for further trend-confirmation signals before they reopen their positions.July 15, 2026
Market commentary 2026/07/15: Afternoon demand emerged
The market posted a modest gain as bargain hunting emerged toward the end of the session. However, trading liquidity weakened, while the VNIndex remained below most of its key moving averages, suggesting that the current recovery has yet to gain convincing technical confirmation.July 15, 2026
Derivatives 2026/07/14: A downtrend?
The downtrend has been confirmed on rising volume. Investors may therefore consider reopening short positions.July 14, 2026
Market commentary 2026/07/14: Broad-based selling pressure
The market recorded a sharp decline alongside a significant increase in trading liquidity, indicating that selling pressure continued to outweigh buying demand while cautious investor sentiment remained dominant. This suggests that the short-term outlook remains tilted to the downside.July 14, 2026
Covered warrant 2026/07/14: Cash flows continued to decline
During the week, the covered warrant market remained weak as liquidity continued to decline and the number of declining warrants still significantly outnumbered advancing ones. Meanwhile, the underlying equity market also showed cautious trading conditions, with the benchmark index falling and capital flows showing no clear signs of improvement.July 14, 2026
Market Trader 2026/07/14: Foreign investors extended their net selling streak
By investor group, trading activity by domestic retail investors declined by 5.5% WoW. Meanwhile, domestic institutional investors turned more active, with trading value increasing 5.9% from the previous week.July 14, 2026
June 2026: The real estate sector emerged as the leading issuer.
In June, total value of bond issuance declined 9.03% yoy but increased 119.97% mom to VND112,333bn (Fig. 1). The Banking issued VND48,069bn, 53% mom, and accounted for 42.8%. Major issuer was Techcombank (VND9,000bn, Table 1) and Sacombank (VND8,800bn). The Real Estates issued VND53,515 with +260% yoy, +272% mom and accounting for 47.6%, held the first rank of total issuance (Fig. 2). VHM was the main issuer with VND21,000bn and Hung Phat Invest (VND9,300bn). The average coupon rate still remained 5.3% in Jun 2026 (Fig. 3). The Real Estate coupon rate dropped to 11.2%, while the banking coupon rate slightly edged up to 8.6%. Bond tenors were focus on ≤ 3 Years (72.32%). Notably, bond tenor of over 10 years re-arranged after being absent in Dec 2025 (2.37%) (Fig 4).July 13, 2026
Featured promotions
Banking - In-depth - [NEUTRAL] - Focus will win
Banking Sector Profit Outlook 2026-2027: Profit growth in 1H26 recorded moderate growth. In 2H26, profit growth could maintain double-digit levels. For 2026F, while double-digit growth remains intact, the pace is expected to fall slightly short of the bank's 16% guidance, before maintaining its solid double-digit momentum into 2027F. Attractive Valuation: Current P/B at 1.52x is lower than the 5-year historical P/B at 1.7x, attractive for long-term investment accumulationJuly 21, 2026
Industrial Park - In-depth - [NEUTRAL] - Atmosphere of caution
Driven by restricted near-term supply, escalating construction costs, and stricter environmental/technical development standards for new industrial zones, average IP asking rents will maintain their upward trajectory. For 2026F, average rental rates are projected to expand by 5% yoy in the Northern region and 4% yoy in the Southern region, supporting stable gross margins for well-positioned developersJuly 21, 2026
29W26: SBV extends liquidity withdrawal
During Week 29 of 2026, the SBV remained a net liquidity absorber via open market operations as banking system liquidity continued to improve. Short-term interbank rates (overnight to two-week) declined further, reflecting easing liquidity pressures following the implementation of new liquidity ratio regulations. Meanwhile, longer-tenor rates stayed relatively elevated, indicating tighter funding conditions over longer maturities. On the FX front, USDVND rose marginally by 0.08% compared to the last week to 26,290, mainly due to persistent foreign net equity outflows despite continued weakness in the global U.S. dollar.July 20, 2026
Chart of the day 2026/07/20: Awaiting a reversal signal?
Further signals should be monitored to confirm the next trend, given the decline in liquidity during the final session of last week. Until then, investors should keep their equity exposure at a safe level.July 20, 2026
Derivatives 2026/07/20: Bullish Harami pattern
The signals lack consistency, with positive and negative factors intertwined. Therefore, investors should remain cautious and wait for confirmation signals before opening new positions.July 20, 2026
Market commentary 2026/07/20: Low liquidity
The market ended lower while liquidity remained subdued, indicating that investors continued to stay on the sidelines and buying demand was still insufficient to drive a meaningful recovery. Moreover, the index continued to close below most key moving averages, suggesting that the short-term trend remains weak and the market may continue to experience volatile trading sessions in the coming days.July 20, 2026
Power - In-depth - [NEUTRAL] - Positioning for the next cycle
In 2H26F, Vietnam's total installed power capacity is expected to reach approximately 88GW, while newly added capacity is projected at only 703MW compared with 1H26, reflecting the continued slow pace of capacity expansion. Overall, power capacity additions remain limited as many projects continue to face delays due to regulatory, policy, and legal bottlenecks, reducing the attractiveness of the sector to private investors.July 20, 2026
Market commentary 2026/07/17: Bottoming out?
The market staged a strong afternoon rebound and closed higher with improving liquidity. However, this performance was partly driven by position rebalancing on the VN30 futures contract expiration day. Therefore, additional confirmation is needed before concluding that a short-term trend reversal has taken place.July 17, 2026
Derivatives 2026/07/17: Piercing pattern
Technical indicators lack consistency as bullish and bearish signals intertwine. Consequently, Traders should remain cautious and await confirmation signals before reopening new positions.July 17, 2026
Oil & Gas - In-depth - [NEUTRAL] - Upstream may take the spotlight
We reinstate optimistic prospect for upstream Exploration and Production (E&P) sub-segment, but generally remained quite NEUTRAL for the rest of the sub-segments. Thus, we rate overall NEUTRAL recommendation for Oil & Gas Sector. Exploration & Production key prospect: (1) Rising E&P demand potential fueled by PVN’s growth KPIs, smoother legal process and higher oil level and rising upstream investment. (2) Demand for drilling rigs remained high in Southeast Asia.July 17, 2026
28W26: SBV reverses to net withdrawal
In 28W26, the SBV returned to a net liquidity withdrawal through open market operations after two consecutive weeks of net injection, as banking system strains successfully eased. Concurrently, interbank rates softened at the short end of the curve, led by a sharp decline in the overnight segment following the normalization of mid-year funding demand, while longer tenors edged slightly higher. Meanwhile, in the FX market, the domestic interbank USDVND rate edged down to 26,269 despite persistent foreign net selling on the HoSE and hawkish Fed minutes put broader pressure on the currency.July 16, 2026
Market commentary 2026/07/16: Selling pressure intensified
The market recorded a sharp decline as selling pressure continued to dominate. This suggests that cautious investor sentiment remains prevalent, while the short-term outlook continues to lean negative, with the market likely to face further volatility in the coming sessions.July 16, 2026
Derivatives 2026/07/16: New low
Given these signals, the short-term downtrend is confirmed. Traders may look to re-open short positions in the next session.July 16, 2026
Derivatives 2026/07/15: A technical rebound?
Although a reversal signal has appeared, risks remain. Traders should therefore wait for further trend-confirmation signals before they reopen their positions.July 15, 2026
Market commentary 2026/07/15: Afternoon demand emerged
The market posted a modest gain as bargain hunting emerged toward the end of the session. However, trading liquidity weakened, while the VNIndex remained below most of its key moving averages, suggesting that the current recovery has yet to gain convincing technical confirmation.July 15, 2026
Derivatives 2026/07/14: A downtrend?
The downtrend has been confirmed on rising volume. Investors may therefore consider reopening short positions.July 14, 2026
Market commentary 2026/07/14: Broad-based selling pressure
The market recorded a sharp decline alongside a significant increase in trading liquidity, indicating that selling pressure continued to outweigh buying demand while cautious investor sentiment remained dominant. This suggests that the short-term outlook remains tilted to the downside.July 14, 2026
Covered warrant 2026/07/14: Cash flows continued to decline
During the week, the covered warrant market remained weak as liquidity continued to decline and the number of declining warrants still significantly outnumbered advancing ones. Meanwhile, the underlying equity market also showed cautious trading conditions, with the benchmark index falling and capital flows showing no clear signs of improvement.July 14, 2026
Market Trader 2026/07/14: Foreign investors extended their net selling streak
By investor group, trading activity by domestic retail investors declined by 5.5% WoW. Meanwhile, domestic institutional investors turned more active, with trading value increasing 5.9% from the previous week.July 14, 2026
June 2026: The real estate sector emerged as the leading issuer.
In June, total value of bond issuance declined 9.03% yoy but increased 119.97% mom to VND112,333bn (Fig. 1). The Banking issued VND48,069bn, 53% mom, and accounted for 42.8%. Major issuer was Techcombank (VND9,000bn, Table 1) and Sacombank (VND8,800bn). The Real Estates issued VND53,515 with +260% yoy, +272% mom and accounting for 47.6%, held the first rank of total issuance (Fig. 2). VHM was the main issuer with VND21,000bn and Hung Phat Invest (VND9,300bn). The average coupon rate still remained 5.3% in Jun 2026 (Fig. 3). The Real Estate coupon rate dropped to 11.2%, while the banking coupon rate slightly edged up to 8.6%. Bond tenors were focus on ≤ 3 Years (72.32%). Notably, bond tenor of over 10 years re-arranged after being absent in Dec 2025 (2.37%) (Fig 4).July 13, 2026