Individual
Institutional
Investment
icon cupKIS Challenge - SEASON 5|
About KIS
Support
|
Header Banner
Login WTSOpen Account
Market Analysis
union
All
Macro
Macro Insight
Fixed Income
Corporate Bond
Market & Strategy
Market Comment
Strategy
Sectors & Corporates
Sector Insight
Company Insight
Loading news...

Featured news

Derivatives 2026/07/15: A technical rebound?

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

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?

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

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

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

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.

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

Derivatives 2026/07/13: Selling pressure intensifies

Derivatives 2026/07/13: Selling pressure intensifies

Investors should continue to monitor the market for clearer confirmation of the short-term trend, and consider reopening positions only when a safe reversal signal appears.

July 13, 2026

Chart of the day 2026/07/13: A sell signal?

Chart of the day 2026/07/13: A sell signal?

Additional signals should be observed to confirm the next trend, as liquidity remains low. Until then, investors should keep their equity exposure at a safe level.

July 13, 2026

Market commentary 2026/07/13: Stepped back

Market commentary 2026/07/13: Stepped back

The market continued to retreat while liquidity remained subdued, indicating that capital inflows are still cautious and buying demand has yet to gain sufficient strength to improve the market trend. In addition, the VNIndex closed below most of its key moving averages, suggesting that the technical outlook remains weak and increasing the risk of further short-term corrections.

July 13, 2026

Steel - In-depth - [LESS POSITIVE] - Challenges

Steel - In-depth - [LESS POSITIVE] - Challenges

Overall sector: For 2H2026F, we forecast total steel sales volume in Vietnam to grow by -3.3% yoy. Domestic market: Forecasted at -5.6% yoy. We anticipate that rising interest rates will dampen demand in the residential construction sector, which typically accounts for 60-70% of domestic steel consumption. Exports: In 2H2026F, we project total steel exports from Vietnam to achieve growth of +1.0-2.0% yoy.

July 13, 2026

Derivatives 2026/07/10: Accumulation

Derivatives 2026/07/10: Accumulation

Positive signals have emerged, as capital flow continues to provide support at lower price levels; however, these signals lack consistency. Traders should therefore remain cautious and wait for further confirmation before opening new positions.

July 10, 2026

Market commentary 2026/07/10: Lost the MA20

Market commentary 2026/07/10: Lost the MA20

The market retreated while liquidity remained subdued, indicating that capital inflows have yet to show meaningful improvement. In addition, the VNIndex closed below its 20-day moving average (MA20), suggesting that short-term momentum is weakening and the market may need more time to regain balance.

July 10, 2026

27W26: SBV maintains net injection while diverging interbank rates

27W26: SBV maintains net injection while diverging interbank rates

In 27W26, the SBV continued its net liquidity injection to ease surging pressures in the overnight segment, driven by short-term swap maturities during the week. Concurrently, interbank rates diverged as a spike in immediate cash demand pushed overnight rates sharply higher. In the FX market, the interbank USDVND rate remained virtually unchanged, staying resilient against persistent foreign net selling as a softer global greenback helped alleviate broader depreciation pressures.

July 9, 2026

Market commentary 2026/07/09: Continued gains

Market commentary 2026/07/09: Continued gains

The market posted its second consecutive gaining session, accompanied by a modest improvement in liquidity. The index continued to hold above its 20-day moving average (MA20), indicating that this level remains an effective short-term support. However, the VNIndex has yet to close above both the 10-day (MA10) and 50-day (MA50) moving averages, suggesting that buying momentum is still not strong enough to confirm a meaningful improvement in the short-term trend.

July 9, 2026

Derivatives 2026/07/09: Has Capital Flow Returned?

Derivatives 2026/07/09: Has Capital Flow Returned?

Positive signals have emerged, as capital flow continues to provide support at lower price levels; however, these signals lack consistency. Traders should therefore remain cautious and wait for further confirmation before opening new positions.

July 9, 2026

ETF review: MCH and TCX added to the VN30Index

ETF review: MCH and TCX added to the VN30Index

In the 3Q26 review of the VN30Index, we expect PLX and TPB to be removed from the index's constituent list, as their market capitalization no longer ranks among the 30 eligible stocks. In their place, MCH and TCX will be added.

July 9, 2026

Market commentary 2026/07/08: Market recovery

Market commentary 2026/07/08: Market recovery

The market rebounded in the latest session, although liquidity declined noticeably, suggesting that cash flow has yet to fully support the current upward momentum. This indicates that the ongoing recovery still requires further confirmation in the coming sessions.

July 8, 2026

Derivatives 2026/07/08: Capital support at lower  price levels

Derivatives 2026/07/08: Capital support at lower price levels

Positive signals have emerged as capital continued to provide support at lower price levels; however, these signals remain inconsistent. Traders should therefore stay cautious and wait for further confirmation before opening new positions.

July 8, 2026

Market commentary 2026/07/07: Market reversal

Market commentary 2026/07/07: Market reversal

The market posted a sharp decline accompanied by higher trading liquidity. In addition, the VNIndex fell below both the 10-day and 50-day moving averages, signaling a deterioration in short-term technical momentum. This suggests that market volatility and downside pressure may persist in the coming sessions.

July 7, 2026

Featured promotions

Derivatives 2026/07/15: A technical rebound?

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

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?

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

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

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

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.

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

Derivatives 2026/07/13: Selling pressure intensifies

Derivatives 2026/07/13: Selling pressure intensifies

Investors should continue to monitor the market for clearer confirmation of the short-term trend, and consider reopening positions only when a safe reversal signal appears.

July 13, 2026

Chart of the day 2026/07/13: A sell signal?

Chart of the day 2026/07/13: A sell signal?

Additional signals should be observed to confirm the next trend, as liquidity remains low. Until then, investors should keep their equity exposure at a safe level.

July 13, 2026

Market commentary 2026/07/13: Stepped back

Market commentary 2026/07/13: Stepped back

The market continued to retreat while liquidity remained subdued, indicating that capital inflows are still cautious and buying demand has yet to gain sufficient strength to improve the market trend. In addition, the VNIndex closed below most of its key moving averages, suggesting that the technical outlook remains weak and increasing the risk of further short-term corrections.

July 13, 2026

Steel - In-depth - [LESS POSITIVE] - Challenges

Steel - In-depth - [LESS POSITIVE] - Challenges

Overall sector: For 2H2026F, we forecast total steel sales volume in Vietnam to grow by -3.3% yoy. Domestic market: Forecasted at -5.6% yoy. We anticipate that rising interest rates will dampen demand in the residential construction sector, which typically accounts for 60-70% of domestic steel consumption. Exports: In 2H2026F, we project total steel exports from Vietnam to achieve growth of +1.0-2.0% yoy.

July 13, 2026

Derivatives 2026/07/10: Accumulation

Derivatives 2026/07/10: Accumulation

Positive signals have emerged, as capital flow continues to provide support at lower price levels; however, these signals lack consistency. Traders should therefore remain cautious and wait for further confirmation before opening new positions.

July 10, 2026

Market commentary 2026/07/10: Lost the MA20

Market commentary 2026/07/10: Lost the MA20

The market retreated while liquidity remained subdued, indicating that capital inflows have yet to show meaningful improvement. In addition, the VNIndex closed below its 20-day moving average (MA20), suggesting that short-term momentum is weakening and the market may need more time to regain balance.

July 10, 2026

27W26: SBV maintains net injection while diverging interbank rates

27W26: SBV maintains net injection while diverging interbank rates

In 27W26, the SBV continued its net liquidity injection to ease surging pressures in the overnight segment, driven by short-term swap maturities during the week. Concurrently, interbank rates diverged as a spike in immediate cash demand pushed overnight rates sharply higher. In the FX market, the interbank USDVND rate remained virtually unchanged, staying resilient against persistent foreign net selling as a softer global greenback helped alleviate broader depreciation pressures.

July 9, 2026

Market commentary 2026/07/09: Continued gains

Market commentary 2026/07/09: Continued gains

The market posted its second consecutive gaining session, accompanied by a modest improvement in liquidity. The index continued to hold above its 20-day moving average (MA20), indicating that this level remains an effective short-term support. However, the VNIndex has yet to close above both the 10-day (MA10) and 50-day (MA50) moving averages, suggesting that buying momentum is still not strong enough to confirm a meaningful improvement in the short-term trend.

July 9, 2026

Derivatives 2026/07/09: Has Capital Flow Returned?

Derivatives 2026/07/09: Has Capital Flow Returned?

Positive signals have emerged, as capital flow continues to provide support at lower price levels; however, these signals lack consistency. Traders should therefore remain cautious and wait for further confirmation before opening new positions.

July 9, 2026

ETF review: MCH and TCX added to the VN30Index

ETF review: MCH and TCX added to the VN30Index

In the 3Q26 review of the VN30Index, we expect PLX and TPB to be removed from the index's constituent list, as their market capitalization no longer ranks among the 30 eligible stocks. In their place, MCH and TCX will be added.

July 9, 2026

Market commentary 2026/07/08: Market recovery

Market commentary 2026/07/08: Market recovery

The market rebounded in the latest session, although liquidity declined noticeably, suggesting that cash flow has yet to fully support the current upward momentum. This indicates that the ongoing recovery still requires further confirmation in the coming sessions.

July 8, 2026

Derivatives 2026/07/08: Capital support at lower  price levels

Derivatives 2026/07/08: Capital support at lower price levels

Positive signals have emerged as capital continued to provide support at lower price levels; however, these signals remain inconsistent. Traders should therefore stay cautious and wait for further confirmation before opening new positions.

July 8, 2026

Market commentary 2026/07/07: Market reversal

Market commentary 2026/07/07: Market reversal

The market posted a sharp decline accompanied by higher trading liquidity. In addition, the VNIndex fell below both the 10-day and 50-day moving averages, signaling a deterioration in short-term technical momentum. This suggests that market volatility and downside pressure may persist in the coming sessions.

July 7, 2026

Featured news

Derivatives 2026/07/15: A technical rebound?

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

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?

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

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

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

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.

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

Derivatives 2026/07/13: Selling pressure intensifies

Derivatives 2026/07/13: Selling pressure intensifies

Investors should continue to monitor the market for clearer confirmation of the short-term trend, and consider reopening positions only when a safe reversal signal appears.

July 13, 2026

Chart of the day 2026/07/13: A sell signal?

Chart of the day 2026/07/13: A sell signal?

Additional signals should be observed to confirm the next trend, as liquidity remains low. Until then, investors should keep their equity exposure at a safe level.

July 13, 2026

Market commentary 2026/07/13: Stepped back

Market commentary 2026/07/13: Stepped back

The market continued to retreat while liquidity remained subdued, indicating that capital inflows are still cautious and buying demand has yet to gain sufficient strength to improve the market trend. In addition, the VNIndex closed below most of its key moving averages, suggesting that the technical outlook remains weak and increasing the risk of further short-term corrections.

July 13, 2026

Steel - In-depth - [LESS POSITIVE] - Challenges

Steel - In-depth - [LESS POSITIVE] - Challenges

Overall sector: For 2H2026F, we forecast total steel sales volume in Vietnam to grow by -3.3% yoy. Domestic market: Forecasted at -5.6% yoy. We anticipate that rising interest rates will dampen demand in the residential construction sector, which typically accounts for 60-70% of domestic steel consumption. Exports: In 2H2026F, we project total steel exports from Vietnam to achieve growth of +1.0-2.0% yoy.

July 13, 2026

Derivatives 2026/07/10: Accumulation

Derivatives 2026/07/10: Accumulation

Positive signals have emerged, as capital flow continues to provide support at lower price levels; however, these signals lack consistency. Traders should therefore remain cautious and wait for further confirmation before opening new positions.

July 10, 2026

Market commentary 2026/07/10: Lost the MA20

Market commentary 2026/07/10: Lost the MA20

The market retreated while liquidity remained subdued, indicating that capital inflows have yet to show meaningful improvement. In addition, the VNIndex closed below its 20-day moving average (MA20), suggesting that short-term momentum is weakening and the market may need more time to regain balance.

July 10, 2026

27W26: SBV maintains net injection while diverging interbank rates

27W26: SBV maintains net injection while diverging interbank rates

In 27W26, the SBV continued its net liquidity injection to ease surging pressures in the overnight segment, driven by short-term swap maturities during the week. Concurrently, interbank rates diverged as a spike in immediate cash demand pushed overnight rates sharply higher. In the FX market, the interbank USDVND rate remained virtually unchanged, staying resilient against persistent foreign net selling as a softer global greenback helped alleviate broader depreciation pressures.

July 9, 2026

Market commentary 2026/07/09: Continued gains

Market commentary 2026/07/09: Continued gains

The market posted its second consecutive gaining session, accompanied by a modest improvement in liquidity. The index continued to hold above its 20-day moving average (MA20), indicating that this level remains an effective short-term support. However, the VNIndex has yet to close above both the 10-day (MA10) and 50-day (MA50) moving averages, suggesting that buying momentum is still not strong enough to confirm a meaningful improvement in the short-term trend.

July 9, 2026

Derivatives 2026/07/09: Has Capital Flow Returned?

Derivatives 2026/07/09: Has Capital Flow Returned?

Positive signals have emerged, as capital flow continues to provide support at lower price levels; however, these signals lack consistency. Traders should therefore remain cautious and wait for further confirmation before opening new positions.

July 9, 2026

ETF review: MCH and TCX added to the VN30Index

ETF review: MCH and TCX added to the VN30Index

In the 3Q26 review of the VN30Index, we expect PLX and TPB to be removed from the index's constituent list, as their market capitalization no longer ranks among the 30 eligible stocks. In their place, MCH and TCX will be added.

July 9, 2026

Market commentary 2026/07/08: Market recovery

Market commentary 2026/07/08: Market recovery

The market rebounded in the latest session, although liquidity declined noticeably, suggesting that cash flow has yet to fully support the current upward momentum. This indicates that the ongoing recovery still requires further confirmation in the coming sessions.

July 8, 2026

Derivatives 2026/07/08: Capital support at lower  price levels

Derivatives 2026/07/08: Capital support at lower price levels

Positive signals have emerged as capital continued to provide support at lower price levels; however, these signals remain inconsistent. Traders should therefore stay cautious and wait for further confirmation before opening new positions.

July 8, 2026

Market commentary 2026/07/07: Market reversal

Market commentary 2026/07/07: Market reversal

The market posted a sharp decline accompanied by higher trading liquidity. In addition, the VNIndex fell below both the 10-day and 50-day moving averages, signaling a deterioration in short-term technical momentum. This suggests that market volatility and downside pressure may persist in the coming sessions.

July 7, 2026

Featured promotions

Derivatives 2026/07/15: A technical rebound?

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

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?

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

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

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

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.

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

Derivatives 2026/07/13: Selling pressure intensifies

Derivatives 2026/07/13: Selling pressure intensifies

Investors should continue to monitor the market for clearer confirmation of the short-term trend, and consider reopening positions only when a safe reversal signal appears.

July 13, 2026

Chart of the day 2026/07/13: A sell signal?

Chart of the day 2026/07/13: A sell signal?

Additional signals should be observed to confirm the next trend, as liquidity remains low. Until then, investors should keep their equity exposure at a safe level.

July 13, 2026

Market commentary 2026/07/13: Stepped back

Market commentary 2026/07/13: Stepped back

The market continued to retreat while liquidity remained subdued, indicating that capital inflows are still cautious and buying demand has yet to gain sufficient strength to improve the market trend. In addition, the VNIndex closed below most of its key moving averages, suggesting that the technical outlook remains weak and increasing the risk of further short-term corrections.

July 13, 2026

Steel - In-depth - [LESS POSITIVE] - Challenges

Steel - In-depth - [LESS POSITIVE] - Challenges

Overall sector: For 2H2026F, we forecast total steel sales volume in Vietnam to grow by -3.3% yoy. Domestic market: Forecasted at -5.6% yoy. We anticipate that rising interest rates will dampen demand in the residential construction sector, which typically accounts for 60-70% of domestic steel consumption. Exports: In 2H2026F, we project total steel exports from Vietnam to achieve growth of +1.0-2.0% yoy.

July 13, 2026

Derivatives 2026/07/10: Accumulation

Derivatives 2026/07/10: Accumulation

Positive signals have emerged, as capital flow continues to provide support at lower price levels; however, these signals lack consistency. Traders should therefore remain cautious and wait for further confirmation before opening new positions.

July 10, 2026

Market commentary 2026/07/10: Lost the MA20

Market commentary 2026/07/10: Lost the MA20

The market retreated while liquidity remained subdued, indicating that capital inflows have yet to show meaningful improvement. In addition, the VNIndex closed below its 20-day moving average (MA20), suggesting that short-term momentum is weakening and the market may need more time to regain balance.

July 10, 2026

27W26: SBV maintains net injection while diverging interbank rates

27W26: SBV maintains net injection while diverging interbank rates

In 27W26, the SBV continued its net liquidity injection to ease surging pressures in the overnight segment, driven by short-term swap maturities during the week. Concurrently, interbank rates diverged as a spike in immediate cash demand pushed overnight rates sharply higher. In the FX market, the interbank USDVND rate remained virtually unchanged, staying resilient against persistent foreign net selling as a softer global greenback helped alleviate broader depreciation pressures.

July 9, 2026

Market commentary 2026/07/09: Continued gains

Market commentary 2026/07/09: Continued gains

The market posted its second consecutive gaining session, accompanied by a modest improvement in liquidity. The index continued to hold above its 20-day moving average (MA20), indicating that this level remains an effective short-term support. However, the VNIndex has yet to close above both the 10-day (MA10) and 50-day (MA50) moving averages, suggesting that buying momentum is still not strong enough to confirm a meaningful improvement in the short-term trend.

July 9, 2026

Derivatives 2026/07/09: Has Capital Flow Returned?

Derivatives 2026/07/09: Has Capital Flow Returned?

Positive signals have emerged, as capital flow continues to provide support at lower price levels; however, these signals lack consistency. Traders should therefore remain cautious and wait for further confirmation before opening new positions.

July 9, 2026

ETF review: MCH and TCX added to the VN30Index

ETF review: MCH and TCX added to the VN30Index

In the 3Q26 review of the VN30Index, we expect PLX and TPB to be removed from the index's constituent list, as their market capitalization no longer ranks among the 30 eligible stocks. In their place, MCH and TCX will be added.

July 9, 2026

Market commentary 2026/07/08: Market recovery

Market commentary 2026/07/08: Market recovery

The market rebounded in the latest session, although liquidity declined noticeably, suggesting that cash flow has yet to fully support the current upward momentum. This indicates that the ongoing recovery still requires further confirmation in the coming sessions.

July 8, 2026

Derivatives 2026/07/08: Capital support at lower  price levels

Derivatives 2026/07/08: Capital support at lower price levels

Positive signals have emerged as capital continued to provide support at lower price levels; however, these signals remain inconsistent. Traders should therefore stay cautious and wait for further confirmation before opening new positions.

July 8, 2026

Market commentary 2026/07/07: Market reversal

Market commentary 2026/07/07: Market reversal

The market posted a sharp decline accompanied by higher trading liquidity. In addition, the VNIndex fell below both the 10-day and 50-day moving averages, signaling a deterioration in short-term technical momentum. This suggests that market volatility and downside pressure may persist in the coming sessions.

July 7, 2026

LogoCông ty Cổ phần Chứng khoán KIS Việt Nam
Follow us
Individual Clients
Securities services
Institutional
Institutional client brokerageCorporate RelationshipFinancial SupportETF
Investment Banking
Debt Capital MarketsEquity Capital MarketsFinancial Support
Head Office Icon
Head Office:3rd Floor & 11th Floor, ROX Building, 180-192 Nguyen Cong Tru Street, Ho Chi Minh City
Hotline Icon
Customer Center:(84-28) 3914-8585
Email Icon
Email:cskh@kisvn.com
Copyright @ KIS Viet Nam - 2026
32W26: Interbank rates ease as SBV expands net injection
32W26: Interbank rates ease as SBV expands net injectionDuring 32W26, the SBV expanded its net liquidity injection into the banking system via open market operations, continuing to offer longer-term repo tenors to address persistent short-term tightness. Following the central bank's liquidity support, interbank rates declined sharply across most tenors. On the FX front, the domestic USDVND exchange rate dropped significantly by 0.35% WoW to 26,205, aligned with a weaker U.S. dollar following weak U.S. labor data and a reversal to net buying by foreign investors on the HoSE after a 20-week selling streak.PDFFI-32W26-Eng
August 10, 2026
31W26: SBV returns to net injection amidst interbank rate surge
31W26: SBV returns to net injection amidst interbank rate surgeDuring 31W26, the SBV returned to a net liquidity injection via open market operations after three consecutive weeks of net withdrawal, introducing multiple longer-term repo tenors to support commercial banks amidst rising funding demand. Short-term interbank rates surged sharply, reflecting re-emerging short-term liquidity pressures across the banking system. On the FX front, the domestic USDVND exchange rate registered a slight decrease of 0.11% WoW to 26,296, aligned with the weakening U.S. dollar as diplomatic de-escalation efforts in the Middle East helped pull back crude oil prices. However, domestic downside momentum was constrained by persistent foreign net selling on the HoSE and ongoing trade deficit pressures.PDFFI-31W26-Eng
August 6, 2026
30W26: Short-term interbank rates extend drop
30W26: Short-term interbank rates extend dropIn 30W26, the SBV persisted with its net liquidity extraction via open market operations as banking system liquidity continued to improve. Short-term interbank rates maintained their downward trajectory, signaling easing short-term funding pressures following the implementation of new liquidity ratio regulations, whereas longer maturities remained anchored at higher levels. On the FX front, the domestic USDVND exchange rate advanced for a second straight week, rising 0.13% WoW to 26,324 under the combined pressure of persistent foreign equity selling and a resilient global greenback fueled by Middle East geopolitical risks.PDFFI-30W26-Eng_1
July 27, 2026
29W26: SBV extends liquidity withdrawal
29W26: SBV extends liquidity withdrawalDuring 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.PDFFI-29W26-Eng-1
July 20, 2026
28W26: SBV reverses to net withdrawal
28W26: SBV reverses to net withdrawalIn 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.PDFFI-28W26-Eng
July 16, 2026
27W26: SBV maintains net injection while diverging interbank rates
27W26: SBV maintains net injection while diverging interbank ratesIn 27W26, the SBV continued its net liquidity injection to ease surging pressures in the overnight segment, driven by short-term swap maturities during the week. Concurrently, interbank rates diverged as a spike in immediate cash demand pushed overnight rates sharply higher. In the FX market, the interbank USDVND rate remained virtually unchanged, staying resilient against persistent foreign net selling as a softer global greenback helped alleviate broader depreciation pressures.PDFFI-27W26-Eng
July 9, 2026
26W26: SBV shifts to net injection to ease liquidity pressure
26W26: SBV shifts to net injection to ease liquidity pressureIn 26W26, the SBV returned to net liquidity injection after three consecutive weeks of withdrawal to ease liquidity pressures in the banking system. Concurrently, interbank rates diverged across tenors as a sharp decline in the overnight segment contrasted with longer tenors moving higher, indicating that liquidity pressure has merely shifted to the following week rather than being fully resolved. In the FX market, USDVND decreased despite a significant global greenback rebound driven by the Fed’s hawkish outlook, supported by a pause in domestic equity selling pressures as foreign net outflows became insignificant.PDFFI-26W26-Eng
June 29, 2026
25W26: Interbank rates edged higher as SBV extends withdrawal
25W26: Interbank rates edged higher as SBV extends withdrawalIn 25W26, the SBV extended its net liquidity withdrawal for a third consecutive week with total withdrawals over the three-week period reaching VND106.60tn from the banking system. As a result, the interbank curve flattened as short-term rates began to rise amid tighter liquidity conditions. On the FX front, USDVND edged up to 26,318 and continued to move sideways as the U.S. dollar strengthened following the Fed’s hawkish tone and developments in the Middle East.PDFFI-25W26-Eng
June 22, 2026
24W26: SBV extends net withdrawal as interbank rates edge lower
24W26: SBV extends net withdrawal as interbank rates edge lowerIn 24W26, the SBV extends its net liquidity withdrawal for a second consecutive week as immediate system pressures ease. Tracking this development, interbank rates decline across all tenors with a steeper yield curve, driven by a sharp pullback at the short end. Regarding the FX market, the greenback's momentum completely reversed toward the weekend as a Middle East peace breakthrough dragged the dollar down, allowing the domestic USDVND rate to edge lower despite persistent foreign net selling.PDFFI-24W26-Eng
June 15, 2026
23W26: SBV withdraws liquidity while interbank rates diverge
23W26: SBV withdraws liquidity while interbank rates divergeIn 23W26, the SBV shifts to a net liquidity withdrawal from the banking system. Besides, interbank rates record a divergence across tenors as short tenors decrease while longer terms increase, accompanied by a notable decline in trading activity. In the FX market, USDVND continues to trade sideways with an upward bias, supported by hawkish Fed expectations. Meanwhile, persistent foreign outflows, as global capital continues to rotate away from emerging markets, are adding further pressure to the USDVND outlook in the coming periods.PDFFI-23W26-Eng
June 8, 2026