Phân tích thị trường
Bản tin phái sinh 2026/07/02: Tín hiệu tích cực xuất hiệnXu hướng tăng vẫn được xác nhận trong ngắn hạn với thanh khoản được cải thiện. Vì thế, nhà đầu tư có thể mở lại các vị thế long.PDFDerivative daily_Vi_20260702
2 tháng 7, 2026
Nhận định thị trường 2026/07/02: Duy trì sắc xanhThị trường ghi nhận phiên tăng điểm thứ hai liên tiếp, cho thấy lực cầu đang dần cải thiện sau giai đoạn giao dịch thận trọng trước đó. Ngoài ra, diễn biến này còn phát đi tín hiệu tâm lý nhà đầu tư có sự cải thiện hơn và cho thấy kỳ vọng vào nhịp phục hồi của chỉ số trong giai đoạn tới.PDFBai Daily ngay_Vi_20260702
2 tháng 7, 2026
Nhận định thị trường 2026/07/01: Lực cầu xuất hiệnThị trường ghi nhận tăng điểm cùng với thanh khoản cải thiện nhẹ, song vẫn duy trì ở mức thấp. Bên cạnh đó, áp lực bán vẫn hiện hữu trong phiên, cho thấy dòng tiền vẫn còn thận trọng và nhịp phục hồi cần thêm thời gian để được xác nhận.PDFBai Daily ngay_Vi_20260701
1 tháng 7, 2026
Bản tin phái sinh 2026/07/01: Sự thận trọngXu hướng tăng vẫn được xác nhận trong ngắn hạn nhưng rủi ro đảo chiều có thể đang tăng. Vì thế, nhà đầu tư nên quan sát thêm các tín hiệu xác nhận trước khi mở lại các vị thế mới.PDFDerivative daily_Vi_20260701
1 tháng 7, 2026
Tuần 26W26: NHNN chuyển sang bơm ròng nhằm xoa dịu áp lực thanh khoảnTrong tuần 26/2026, NHNN đã quay trở lại trạng thái bơm ròng thanh khoản sau ba tuần hút ròng liên tiếp nhằm xoa dịu áp lực thanh khoản trong hệ thống ngân hàng. Đồng thời, lãi suất liên ngân hàng ghi nhận sự phân hóa giữa các kỳ hạn khi mức giảm mạnh ở phân khúc qua đêm đối lập với xu hướng nhích tăng ở các kỳ hạn dài hơn, cho thấy áp lực thanh khoản thực chất mới chỉ dịch chuyển sang tuần kế tiếp chứ chưa được giải quyết hoàn toàn. Trên thị trường ngoại hối, tỷ giá USDVND sụt giảm bất chấp sự phục hồi mạnh mẽ của đồng bạc xanh trên toàn cầu dưới tác động từ triển vọng mang tính diều hâu của Fed, nhờ vào việc áp lực bán trên thị trường chứng khoán trong nước tạm thời chững lại khi dòng vốn ngoại rút ròng đã giảm đáng kể trong tuần.PDFFI-26W26-VIE
30 tháng 6, 2026
Nhận định thị trường 2026/06/30: Áp lực bán vẫn hiện hữuThị trường ghi nhận phiên giảm điểm trong bối cảnh thanh khoản duy trì ở mức thấp. Việc dòng tiền chưa có sự cải thiện đáng kể cho thấy lực cầu vẫn đang quan sát, trong khi xu hướng ngắn hạn nhiều khả năng sẽ tiếp tục là các nhịp tích lũy và rung lắc trước khi hình thành tín hiệu rõ ràng hơn.PDFBai Daily ngay_Vi_20260630
30 tháng 6, 2026
Bản tin phái sinh 2026/06/30: Thanh khoản ở mức thấpXu hướng tăng đã được xác nhận trong ngắn hạn. Vì thế, nhà đầu tư có thể duy trì các vị thế long.PDFDerivative daily_Vi_20260630
30 tháng 6, 2026
Covered warrant 2026/06/30: Dòng tiền cải thiệnTrong tuần vừa qua, thị trường chứng quyền tiếp tục cải thiện khi số lượng chứng quyền tăng giá gia tăng, trong khi số lượng chứng quyền giảm giá dần thu hẹp so với tuần trước, mặc dù bên giảm vẫn chiếm ưu thế. Bên cạnh đó, thị trường cơ sở vẫn giao dịch khá thận trọng với thanh khoản duy trì ở mức thấp, cho thấy dòng tiền vẫn chưa thực sự quay trở lại.PDFStrategy CW weekly_Vi_20260630
30 tháng 6, 2026
Market traders 2026/06/30: Áp lực thoái vốn ở khối ngoại hạ nhiệt đáng kểXét theo từng nhóm nhà đầu tư, hoạt động giao dịch ở nhóm cá nhân trong nước ghi nhận tăng 4.2% so với tuần trước đó trong khi hoạt động giao dịch ở nhóm tổ chức trong nước lại có sự sụt giảm, với mức giảm 12.0%.PDFStrategy Market Traders weekly_VI_20260630
30 tháng 6, 2026
Đồ thị trong ngày 2026/06/29: Xác nhận xu hướng tăngXu hướng tăng được xác nhận nhờ vào các tín hiệu bứt phá trong tuần trước. Vì thế, nhà đầu tư có thể mở lại các vị thế mới với tỷ trọng ở mức hợp lý.PDFChart of the day_Vi_20260629
29 tháng 6, 2026
Tin tức nổi bật
22W26: SBV ramps up repo injections
In 22W26, the SBV actively steps up its supportive stance by recording a significant net liquidity injection into the banking system to alleviate temporary tight conditions. This intervention follows a sharp surge in short term interbank rates, which jump alongside expanding trading value due to intensifying funding needs. On the FX market, USDVND reverses its upward trend and moves lower as the greenback weakens on Middle East ceasefire extension progress.1 tháng 6, 2026
Chart of the day: Short-term sell signal?
The short-term downtrend received confirmation as the VNIndex corrected below the 10-period and 20-period moving averages. Investors should therefore exercise caution and watch closely for reversal signals before opening new positions.1 tháng 6, 2026
Derivatives: A reversal pattern?
A confirmation signal for the current trend is needed in today's session. Traders are therefore advised to remain cautious and only re-enter positions once that signal materializes.1 tháng 6, 2026
Market commentary: Divergent movements
The market continued to edge lower while liquidity remained weak, indicating that cash flows are still quite cautious. Moreover, the index gradually losing key moving averages signals that the short-term trend is increasingly tilting toward the negative side.1 tháng 6, 2026
Market commentary: Selling pressure persists
The market recorded a third consecutive losing session, reflecting rising investor caution in the short term. This suggests that the index may need more time to consolidate and absorb selling pressure before forming a clearer new trend.29 tháng 5, 2026
Derivatives: Mounting selling pressure
The market confirmed a short-term downtrend. Traders may therefore consider re-entering short positions in the near term. Technical rebounds can be used strategically to optimize entry points and maximize returns.29 tháng 5, 2026
![SIP – Brief – [NONRATED] – Surging expenses dragged the 1Q26 net profit](/_next/image?url=https%3A%2F%2Fdms2stj3pztto.cloudfront.net%2F1bkmpumq%2Fphr.jpg%3Fformat%3Dwebp%26height%3D608%26mode%3Dcrop%26quality%3D80%26width%3D1080&w=3840&q=75)
SIP – Brief – [NONRATED] – Surging expenses dragged the 1Q26 net profit
In 1Q26, SIP reported VND2,165bn revenue (-6% qoq, +12% yoy) with a GP landing at VND357bn (-2% qoq, +11% yoy). GPM of 16.5% (+0.5%p qoq, flat yoy). Net profit came in at VND357bn (-2% qoq, -11% yoy).29 tháng 5, 2026
Derivatives: Caution returns
Signals remain mixed and lack consistency, making it difficult to confirm the market's short-term directional trend. Traders should therefore continue to monitor for further confirmation before opening new positions.28 tháng 5, 2026
Market commentary: Continued caution
The market continued to fluctuate within a narrow range, reflecting persistent investor caution. This also suggests that the index is likely still undergoing a short-term consolidation phase to absorb supply and demand before forming a clearer trend.28 tháng 5, 2026
![MWG – Brief – [NONRATED] – Convenient electronics, expanding grocery](/_next/image?url=https%3A%2F%2Fdms2stj3pztto.cloudfront.net%2Ffqjpayaq%2Fmwg-560x330.jpg%3Fformat%3Dwebp%26height%3D608%26mode%3Dcrop%26quality%3D80%26width%3D1080&w=3840&q=75)
MWG – Brief – [NONRATED] – Convenient electronics, expanding grocery
In 1Q26, MWG recorded revenue of VND46,462bn, up 28.6% YoY. Robust growth was registered across all three core business chains. NPAT was recorded at VND2,758bn (+78% YoY, +32% QoQ). Notably, BHX's NPAT contributed approximately VND383bn, maintaining its expansionary trend.28 tháng 5, 2026
Market commentary: Choppy trading
The market recorded a slight decline, suggesting that the index may be entering a narrow-range trading phase characterized by short-term consolidation and choppy movements, as cash flows remain insufficient to trigger a clear breakout.27 tháng 5, 2026
Derivatives: Awaiting further confirmation
Reversal signals have emerged, but liquidity pulled back to low levels. Investors should therefore wait for further confirmation signals regarding the market's next directional trend before opening new positions.27 tháng 5, 2026
SBV continues net liquidity withdrawal
This week on the open market operations, the SBV continued its net liquidity withdrawal for a second consecutive week, albeit at a moderate level, helping to reduce pressure from maturing repo contracts while still tightening liquidity conditions in the interbank market. Specifically, interbank rates rose notably at the short end of the curve, accompanied by a decline in trading volume, signalling tighter liquidity conditions within the banking system. On the FX market, USDVND moves sideways as the greenback consolidates amid shifting Middle East headlines and persistent U.S. inflation concerns from high fuel costs, which keep the Fed’s policy expectations largely hawkish. Despite the stabilizing global dollar, USDVND edges slightly higher due to continuous pressure from foreign capital outflows as foreign investors extend their net selling streak on the HoSE.25 tháng 5, 2026
21W26: SBV continues net liquidity withdrawal
This week on the open market operations, the SBV continued its net liquidity withdrawal for a second consecutive week, albeit at a moderate level, helping to reduce pressure from maturing repo contracts while still tightening liquidity conditions in the interbank market. Specifically, interbank rates rose notably at the short end of the curve, accompanied by a decline in trading volume, signalling tighter liquidity conditions within the banking system. On the FX market, USDVND moves sideways as the greenback consolidates amid shifting Middle East headlines and persistent U.S. inflation concerns from high fuel costs, which keep the Fed’s policy expectations largely hawkish. Despite the stabilizing global dollar, USDVND edges slightly higher due to continuous pressure from foreign capital outflows as foreign investors extend their net selling streak on the HoSE.25 tháng 5, 2026
![HAH – Brief – [NONRATED] – Shipping segment drove 1Q26 profit growth](/_next/image?url=https%3A%2F%2Fdms2stj3pztto.cloudfront.net%2Fultaupx0%2Fhah.jpg%3Fformat%3Dwebp%26height%3D608%26mode%3Dcrop%26quality%3D80%26width%3D1080&w=3840&q=75)
HAH – Brief – [NONRATED] – Shipping segment drove 1Q26 profit growth
In 1Q26, HAH reported VND1,265bn net revenue (-3% QoQ, +8% YoY). Shipping revenue surged to VND1,273bn1 (79% of total revenue, -2% YoY). NPAT-MI came in at VND300bn (-2% QoQ, +29% YoY).25 tháng 5, 2026
![SZC – Brief – [NONRATED] – 1Q26 earnings down, IP gross margin improved](/_next/image?url=https%3A%2F%2Fdms2stj3pztto.cloudfront.net%2Fzvoheu31%2Fszc.jpg%3Fformat%3Dwebp%26height%3D608%26mode%3Dcrop%26quality%3D80%26width%3D1080&w=3840&q=75)
SZC – Brief – [NONRATED] – 1Q26 earnings down, IP gross margin improved
In 1Q26, SZC reported VND102bn revenue (-73% QoQ, -75% YoY). The sharp decline in revenue was due to new revenue recognition on allocation basis, unlike the previous one-off recognition of full contract value. Net profit came in at VND17bn (-83% QoQ, -86% YoY)22 tháng 5, 2026
![GMD – Brief – [NONRATED] – Gemalink drove 1Q26 results](/_next/image?url=https%3A%2F%2Fdms2stj3pztto.cloudfront.net%2Fryzbf1lp%2Fgmd-new.jpg%3Fformat%3Dwebp%26height%3D608%26mode%3Dcrop%26quality%3D80%26width%3D1080&w=3840&q=75)
GMD – Brief – [NONRATED] – Gemalink drove 1Q26 results
In 1Q26, GMD announced a total revenue of VND1,452bn. Port operation generating VND1.4tn revenue (89% of total revenue, -10% QoQ, +14% YoY). Growth was primarily driven by a 15-20% hike in Terminal handling charge which effectively offset a minor contraction in consolidated volume. NPAT came in at VND650bn (+23% YoY).19 tháng 5, 2026
20W26: FX pressure continues as inflationary pressures intensify
In 20W26, the SBV shifts to a modest net liquidity withdrawal from the banking system to balance systemic positions. This cautious absorption of excess funds drives short-term interbank rates slightly higher, while longer-term rates remains unchanged as mid-term liquidity remains ample. On the FX market, USDVND rebounded sharply as the greenback strengthened, driven by mounting inflation expectations stemming from energy supply disruptions while the Iran war continued with no clear resolution in sight. Rising inflationary pressures have increasingly overshadowed the Fed’s easing scenario and fueled concerns over a higher-for-longer interest rate environment in the period ahead.18 tháng 5, 2026
![VOS – Brief – [NONRATED] – Swings to Profitability](/_next/image?url=https%3A%2F%2Fdms2stj3pztto.cloudfront.net%2Fbv0eoaqj%2Fvos.jpg%3Fformat%3Dwebp%26height%3D608%26mode%3Dcrop%26quality%3D80%26width%3D1080&w=3840&q=75)
VOS – Brief – [NONRATED] – Swings to Profitability
In 1Q26, VOS reported VND709bn revenue (-26% QoQ, +53% YoY), and swung back to profitability with a GP of VND39bn. Shipping revenue soars to VND599bn (84% of total revenue, -3% QoQ, +30% YoY) buoyed by rates rally (spot/TC Supramax dry bulk rates up +50%/+22% yoy; MR tanker rates up +47%/+35% yoy). Net profit came in at VND4bn, recovering significantly from the VND54bn loss in 1Q25.15 tháng 5, 2026
Strategic Insight: The start of a new uptrend
Despite the VN-Index approaching its all-time high, the Vietnamese stock market remains undervalued relative to corporate earnings growth and macroeconomic expansion. We therefore believe the market will sustain the upward momentum that began in March 2026, with this trend expected to extend at least through September 2026.12 tháng 5, 2026
Ưu đãi nổi bật
22W26: SBV ramps up repo injections
In 22W26, the SBV actively steps up its supportive stance by recording a significant net liquidity injection into the banking system to alleviate temporary tight conditions. This intervention follows a sharp surge in short term interbank rates, which jump alongside expanding trading value due to intensifying funding needs. On the FX market, USDVND reverses its upward trend and moves lower as the greenback weakens on Middle East ceasefire extension progress.1 tháng 6, 2026
Chart of the day: Short-term sell signal?
The short-term downtrend received confirmation as the VNIndex corrected below the 10-period and 20-period moving averages. Investors should therefore exercise caution and watch closely for reversal signals before opening new positions.1 tháng 6, 2026
Derivatives: A reversal pattern?
A confirmation signal for the current trend is needed in today's session. Traders are therefore advised to remain cautious and only re-enter positions once that signal materializes.1 tháng 6, 2026
Market commentary: Divergent movements
The market continued to edge lower while liquidity remained weak, indicating that cash flows are still quite cautious. Moreover, the index gradually losing key moving averages signals that the short-term trend is increasingly tilting toward the negative side.1 tháng 6, 2026
Market commentary: Selling pressure persists
The market recorded a third consecutive losing session, reflecting rising investor caution in the short term. This suggests that the index may need more time to consolidate and absorb selling pressure before forming a clearer new trend.29 tháng 5, 2026
Derivatives: Mounting selling pressure
The market confirmed a short-term downtrend. Traders may therefore consider re-entering short positions in the near term. Technical rebounds can be used strategically to optimize entry points and maximize returns.29 tháng 5, 2026
SIP – Brief – [NONRATED] – Surging expenses dragged the 1Q26 net profit
In 1Q26, SIP reported VND2,165bn revenue (-6% qoq, +12% yoy) with a GP landing at VND357bn (-2% qoq, +11% yoy). GPM of 16.5% (+0.5%p qoq, flat yoy). Net profit came in at VND357bn (-2% qoq, -11% yoy).29 tháng 5, 2026
Derivatives: Caution returns
Signals remain mixed and lack consistency, making it difficult to confirm the market's short-term directional trend. Traders should therefore continue to monitor for further confirmation before opening new positions.28 tháng 5, 2026
Market commentary: Continued caution
The market continued to fluctuate within a narrow range, reflecting persistent investor caution. This also suggests that the index is likely still undergoing a short-term consolidation phase to absorb supply and demand before forming a clearer trend.28 tháng 5, 2026
MWG – Brief – [NONRATED] – Convenient electronics, expanding grocery
In 1Q26, MWG recorded revenue of VND46,462bn, up 28.6% YoY. Robust growth was registered across all three core business chains. NPAT was recorded at VND2,758bn (+78% YoY, +32% QoQ). Notably, BHX's NPAT contributed approximately VND383bn, maintaining its expansionary trend.28 tháng 5, 2026
Market commentary: Choppy trading
The market recorded a slight decline, suggesting that the index may be entering a narrow-range trading phase characterized by short-term consolidation and choppy movements, as cash flows remain insufficient to trigger a clear breakout.27 tháng 5, 2026
Derivatives: Awaiting further confirmation
Reversal signals have emerged, but liquidity pulled back to low levels. Investors should therefore wait for further confirmation signals regarding the market's next directional trend before opening new positions.27 tháng 5, 2026
SBV continues net liquidity withdrawal
This week on the open market operations, the SBV continued its net liquidity withdrawal for a second consecutive week, albeit at a moderate level, helping to reduce pressure from maturing repo contracts while still tightening liquidity conditions in the interbank market. Specifically, interbank rates rose notably at the short end of the curve, accompanied by a decline in trading volume, signalling tighter liquidity conditions within the banking system. On the FX market, USDVND moves sideways as the greenback consolidates amid shifting Middle East headlines and persistent U.S. inflation concerns from high fuel costs, which keep the Fed’s policy expectations largely hawkish. Despite the stabilizing global dollar, USDVND edges slightly higher due to continuous pressure from foreign capital outflows as foreign investors extend their net selling streak on the HoSE.25 tháng 5, 2026
21W26: SBV continues net liquidity withdrawal
This week on the open market operations, the SBV continued its net liquidity withdrawal for a second consecutive week, albeit at a moderate level, helping to reduce pressure from maturing repo contracts while still tightening liquidity conditions in the interbank market. Specifically, interbank rates rose notably at the short end of the curve, accompanied by a decline in trading volume, signalling tighter liquidity conditions within the banking system. On the FX market, USDVND moves sideways as the greenback consolidates amid shifting Middle East headlines and persistent U.S. inflation concerns from high fuel costs, which keep the Fed’s policy expectations largely hawkish. Despite the stabilizing global dollar, USDVND edges slightly higher due to continuous pressure from foreign capital outflows as foreign investors extend their net selling streak on the HoSE.25 tháng 5, 2026
HAH – Brief – [NONRATED] – Shipping segment drove 1Q26 profit growth
In 1Q26, HAH reported VND1,265bn net revenue (-3% QoQ, +8% YoY). Shipping revenue surged to VND1,273bn1 (79% of total revenue, -2% YoY). NPAT-MI came in at VND300bn (-2% QoQ, +29% YoY).25 tháng 5, 2026
SZC – Brief – [NONRATED] – 1Q26 earnings down, IP gross margin improved
In 1Q26, SZC reported VND102bn revenue (-73% QoQ, -75% YoY). The sharp decline in revenue was due to new revenue recognition on allocation basis, unlike the previous one-off recognition of full contract value. Net profit came in at VND17bn (-83% QoQ, -86% YoY)22 tháng 5, 2026
GMD – Brief – [NONRATED] – Gemalink drove 1Q26 results
In 1Q26, GMD announced a total revenue of VND1,452bn. Port operation generating VND1.4tn revenue (89% of total revenue, -10% QoQ, +14% YoY). Growth was primarily driven by a 15-20% hike in Terminal handling charge which effectively offset a minor contraction in consolidated volume. NPAT came in at VND650bn (+23% YoY).19 tháng 5, 2026
20W26: FX pressure continues as inflationary pressures intensify
In 20W26, the SBV shifts to a modest net liquidity withdrawal from the banking system to balance systemic positions. This cautious absorption of excess funds drives short-term interbank rates slightly higher, while longer-term rates remains unchanged as mid-term liquidity remains ample. On the FX market, USDVND rebounded sharply as the greenback strengthened, driven by mounting inflation expectations stemming from energy supply disruptions while the Iran war continued with no clear resolution in sight. Rising inflationary pressures have increasingly overshadowed the Fed’s easing scenario and fueled concerns over a higher-for-longer interest rate environment in the period ahead.18 tháng 5, 2026
VOS – Brief – [NONRATED] – Swings to Profitability
In 1Q26, VOS reported VND709bn revenue (-26% QoQ, +53% YoY), and swung back to profitability with a GP of VND39bn. Shipping revenue soars to VND599bn (84% of total revenue, -3% QoQ, +30% YoY) buoyed by rates rally (spot/TC Supramax dry bulk rates up +50%/+22% yoy; MR tanker rates up +47%/+35% yoy). Net profit came in at VND4bn, recovering significantly from the VND54bn loss in 1Q25.15 tháng 5, 2026
Strategic Insight: The start of a new uptrend
Despite the VN-Index approaching its all-time high, the Vietnamese stock market remains undervalued relative to corporate earnings growth and macroeconomic expansion. We therefore believe the market will sustain the upward momentum that began in March 2026, with this trend expected to extend at least through September 2026.12 tháng 5, 2026
