Phân tích thị trường
Loading news...
Tin tức nổi bật
37W26: SBV shifts to net liquidity withdrawal while USDVND eases sharply
During 37W26, the SBV shifted back to a net liquidity withdrawal stance via open market operations, absorbing excess funds as physical currency steadily returned to the banking system post-holiday. Interbank rates extended their downward trend across key short-to-medium tenors alongside moderating turnover, confirming that system liquidity has remained comfortable despite late-week upticks at the long end. On the FX front, the domestic USDVND exchange rate dropped firmly, decisively breaking below the 26,000 benchmark alongside a marginally softer greenback, even as foreign investors sustained net portfolio outflows and elevated crude oil prices fueled global rate hike expectations.14 tháng 9, 2026
Chart of the day 2026/09/14: A reversal?
The uptrend may reverse if signs of weakness continue to appear. Investors should therefore remain cautious and reduce their stock holdings to a safe level.14 tháng 9, 2026
Derivatives 2026/09/14: A downtrend ahead?
A downtrend may form in the short term. If a confirmation signal appears in today's session, traders may consider opening Short positions.14 tháng 9, 2026
Market commentary 2026/09/14: Liquidity increased
The market posted a sharp decline alongside a significant increase in liquidity, suggesting that downside risks are increasing. At the same time, the index’s close below its 10- and 100-period moving averages indicates that the short-term trend is weakening, and the market may continue to face correction pressure in the coming sessions.14 tháng 9, 2026
August 2026: Issuance and repurchases rebounded in August
In August, total bond issuance rebounded 98.2% mom to VND52,129bn, although it remained 14.2% lower yoy (Fig. 1). Banking issuance reached VND35,815bn, up 73.4% mom and 5.0% yoy, accounting for 68.7% of total issuance. VIB was the largest issuer with VND9,300bn, followed by Tien Phong Bank with VND5,000bn (Table 1). Real Estate issuance recovered strongly to VND11,658bn, up 288.6% mom but down 47.3% yoy, representing 22.4% of total issuance (Fig. 2). Thanh Quang was the major Real Estate issuer with VND7,000bn. The weighted average coupon rate declined to 9.46% from 9.7% in July (Fig. 3), with Banking and Real Estate averaging 8.95% and 11.12%, respectively. Bond tenors shortened in August, with maturities of 3 years or less accounting for the largest share at 48.1%, followed by 3–5 years at 24.5% and 5–7 years at 20.5% (Fig. 4).11 tháng 9, 2026
Market commentary 2026/09/11: Market recovery
The market closed higher, although liquidity remained low, indicating that capital flows remained cautious. In addition, the alternating gains and losses over recent sessions suggest that the market is showing signs of entering a short-term accumulation phase. Against this backdrop, an improvement in liquidity will be necessary to reinforce upward momentum in the coming sessions.11 tháng 9, 2026
Derivatives 2026/09/11: Awaiting a breakout session
Signals remain inconsistent. Traders should therefore observe the market carefully and wait for additional technical confirmation before opening new positions.11 tháng 9, 2026
![BWE– Brief – [NONRATED] – Earnings continued to grow steadily](/_next/image?url=https%3A%2F%2Fdms2stj3pztto.cloudfront.net%2Fgxdpv4jt%2Fbwe.png%3Fformat%3Dwebp%26height%3D608%26mode%3Dcrop%26quality%3D80%26width%3D1080&w=3840&q=75)
BWE– Brief – [NONRATED] – Earnings continued to grow steadily
In 2Q26, revenue reached VND1,222bn (-8% n/n), mainly due to declines in the wastewater treatment and waste treatment segments, while the water supply segment remained stable. Meanwhile, GP reached VND564bn (+11% n/n), with gross margin expanding to 46.2% (+7.8%p n/n).11 tháng 9, 2026
Derivatives 2026/09/10: Accumulation continues
Signals remain inconsistent. Traders should therefore monitor the market with caution and wait for further technical confirmation before opening new positions.10 tháng 9, 2026
Market commentary 2026/09/10: Market reversal
The market staged a recovery, although declining liquidity indicated that capital flows remained cautious and have yet to show clear confirmation of the rebound. Nevertheless, the index remained above its key moving averages, suggesting that the short-term trend remains intact. Therefore, liquidity developments in the coming sessions will be an important factor in confirming whether the recovery can continue.10 tháng 9, 2026
![GDA – Brief – [NONRATED] – 2Q26: Headwinds Persist](/_next/image?url=https%3A%2F%2Fdms2stj3pztto.cloudfront.net%2Fdo3na53i%2Fgda.png%3Fformat%3Dwebp%26height%3D608%26mode%3Dcrop%26quality%3D80%26width%3D1080&w=3840&q=75)
GDA – Brief – [NONRATED] – 2Q26: Headwinds Persist
In 2Q26, GDA recorded revenue of VND3,066bn (-28.0% YoY and -14.6% QoQ). Total sales volume in 2Q26—estimated from selling price and COGS trends—declined ~31.6% YoY. Average selling price (ASP) was estimated at USD842/ton (+5% YoY, +16% QoQ). 2Q26 NPAT reached VND92bn (+5% YoY, +82% QoQ).10 tháng 9, 2026
Strategic Insight - 09/2026: Waiting for the entry signal
The market may face near-term headwinds. We view this as a meaningful accumulation window ahead of the recovery that typically occurs from late in the year through the first months of the following year.9 tháng 9, 2026
![DCM - Brief - [NONRATED] - 2Q26: high ASPs continue to push earnings](/_next/image?url=https%3A%2F%2Fdms2stj3pztto.cloudfront.net%2F2n3pdqha%2Fdcm.png%3Fformat%3Dwebp%26height%3D608%26mode%3Dcrop%26quality%3D80%26width%3D1080&w=3840&q=75)
DCM - Brief - [NONRATED] - 2Q26: high ASPs continue to push earnings
DCM reported 2Q26 revenue of VND6,712bn (+11% yoy, ~83% of KIS forecast). Gross profit rose strongly by 61% yoy to VND2.0tn (~80% of KIS forecast), primarily driven by elevated urea prices and volume. 2Q26 NPAT increased 36% yoy to VND1,067bn.9 tháng 9, 2026
Derivatives 2026/09/09: A technical rebound?
Signals remain inconsistent. Traders should therefore observe the market cautiously and wait for further technical confirmation before opening new positions.9 tháng 9, 2026
Market commentary 2026/09/09: Demand improves
The market staged a recovery, although declining liquidity indicated that capital flows remained cautious and have yet to show clear confirmation of the rebound. Nevertheless, the index remained above its key moving averages, suggesting that the short-term trend remains intact. Therefore, liquidity developments in the coming sessions will be an important factor in confirming whether the recovery can continue.9 tháng 9, 2026
![PC1 - Brief - [NONRATED] - Earnings growth came from non-core operations](/_next/image?url=https%3A%2F%2Fdms2stj3pztto.cloudfront.net%2Frennvamv%2Fpc1.png%3Fformat%3Dwebp%26height%3D608%26mode%3Dcrop%26quality%3D80%26width%3D1080&w=3840&q=75)
PC1 - Brief - [NONRATED] - Earnings growth came from non-core operations
In 2Q26, revenue reached VND2,038bn (-31% yoy), mainly supported by the real estate and nickel segments. Gross profit reached VND468bn (-8% yoy), with the gross margin improving to 23.0% (+5.6%p yoy). As a result, NPAT reached VND235bn (+43% yoy)8 tháng 9, 2026
Derivatives 2026/09/08: Inconsistent signals
Technical signals remain inconsistent. Therefore, traders need to observe the market cautiously and wait for further confirmation before they open new positions.8 tháng 9, 2026
Market commentary 2026/09/08: Market reversal
The market experienced significant volatility, mainly driven by weak performance among large-cap stocks. However, the index remained above its key moving averages, suggesting that the short-term uptrend has not been broken and remains intact.8 tháng 9, 2026
36W26: SBV maintains net liquidity injection in holiday-shortened week
During 36W26, the SBV maintained a net liquidity injection via open market operations in the holiday-shortened trading week, providing modest liquidity support to ensure liquidity adequency as banks resumed operations. Concurrently, interbank rates dropped sharply across the curve alongside contracting turnover, confirming that pre-holiday cash constraints have rapidly dissipated and liquidity conditions have returned to a more stable state. On the FX front, the domestic USDVND exchange rate inched up marginally, diverging from a softer greenback, as foreign investors resumed net selling on the equity market, while resilient U.S. labor data and Middle East geopolitical tensions kept global rate hike expectations elevated.7 tháng 9, 2026
Derivatives 2026/09/07: Awaiting the next signal
The signals remain inconsistent due to the impact of the extended holiday. Traders should therefore monitor the market cautiously and wait for further technical signals before opening new positions.7 tháng 9, 2026
Ưu đãi nổi bật
37W26: SBV shifts to net liquidity withdrawal while USDVND eases sharply
During 37W26, the SBV shifted back to a net liquidity withdrawal stance via open market operations, absorbing excess funds as physical currency steadily returned to the banking system post-holiday. Interbank rates extended their downward trend across key short-to-medium tenors alongside moderating turnover, confirming that system liquidity has remained comfortable despite late-week upticks at the long end. On the FX front, the domestic USDVND exchange rate dropped firmly, decisively breaking below the 26,000 benchmark alongside a marginally softer greenback, even as foreign investors sustained net portfolio outflows and elevated crude oil prices fueled global rate hike expectations.14 tháng 9, 2026
Chart of the day 2026/09/14: A reversal?
The uptrend may reverse if signs of weakness continue to appear. Investors should therefore remain cautious and reduce their stock holdings to a safe level.14 tháng 9, 2026
Derivatives 2026/09/14: A downtrend ahead?
A downtrend may form in the short term. If a confirmation signal appears in today's session, traders may consider opening Short positions.14 tháng 9, 2026
Market commentary 2026/09/14: Liquidity increased
The market posted a sharp decline alongside a significant increase in liquidity, suggesting that downside risks are increasing. At the same time, the index’s close below its 10- and 100-period moving averages indicates that the short-term trend is weakening, and the market may continue to face correction pressure in the coming sessions.14 tháng 9, 2026
August 2026: Issuance and repurchases rebounded in August
In August, total bond issuance rebounded 98.2% mom to VND52,129bn, although it remained 14.2% lower yoy (Fig. 1). Banking issuance reached VND35,815bn, up 73.4% mom and 5.0% yoy, accounting for 68.7% of total issuance. VIB was the largest issuer with VND9,300bn, followed by Tien Phong Bank with VND5,000bn (Table 1). Real Estate issuance recovered strongly to VND11,658bn, up 288.6% mom but down 47.3% yoy, representing 22.4% of total issuance (Fig. 2). Thanh Quang was the major Real Estate issuer with VND7,000bn. The weighted average coupon rate declined to 9.46% from 9.7% in July (Fig. 3), with Banking and Real Estate averaging 8.95% and 11.12%, respectively. Bond tenors shortened in August, with maturities of 3 years or less accounting for the largest share at 48.1%, followed by 3–5 years at 24.5% and 5–7 years at 20.5% (Fig. 4).11 tháng 9, 2026
Market commentary 2026/09/11: Market recovery
The market closed higher, although liquidity remained low, indicating that capital flows remained cautious. In addition, the alternating gains and losses over recent sessions suggest that the market is showing signs of entering a short-term accumulation phase. Against this backdrop, an improvement in liquidity will be necessary to reinforce upward momentum in the coming sessions.11 tháng 9, 2026
Derivatives 2026/09/11: Awaiting a breakout session
Signals remain inconsistent. Traders should therefore observe the market carefully and wait for additional technical confirmation before opening new positions.11 tháng 9, 2026
BWE– Brief – [NONRATED] – Earnings continued to grow steadily
In 2Q26, revenue reached VND1,222bn (-8% n/n), mainly due to declines in the wastewater treatment and waste treatment segments, while the water supply segment remained stable. Meanwhile, GP reached VND564bn (+11% n/n), with gross margin expanding to 46.2% (+7.8%p n/n).11 tháng 9, 2026
Derivatives 2026/09/10: Accumulation continues
Signals remain inconsistent. Traders should therefore monitor the market with caution and wait for further technical confirmation before opening new positions.10 tháng 9, 2026
Market commentary 2026/09/10: Market reversal
The market staged a recovery, although declining liquidity indicated that capital flows remained cautious and have yet to show clear confirmation of the rebound. Nevertheless, the index remained above its key moving averages, suggesting that the short-term trend remains intact. Therefore, liquidity developments in the coming sessions will be an important factor in confirming whether the recovery can continue.10 tháng 9, 2026
GDA – Brief – [NONRATED] – 2Q26: Headwinds Persist
In 2Q26, GDA recorded revenue of VND3,066bn (-28.0% YoY and -14.6% QoQ). Total sales volume in 2Q26—estimated from selling price and COGS trends—declined ~31.6% YoY. Average selling price (ASP) was estimated at USD842/ton (+5% YoY, +16% QoQ). 2Q26 NPAT reached VND92bn (+5% YoY, +82% QoQ).10 tháng 9, 2026
Strategic Insight - 09/2026: Waiting for the entry signal
The market may face near-term headwinds. We view this as a meaningful accumulation window ahead of the recovery that typically occurs from late in the year through the first months of the following year.9 tháng 9, 2026
DCM - Brief - [NONRATED] - 2Q26: high ASPs continue to push earnings
DCM reported 2Q26 revenue of VND6,712bn (+11% yoy, ~83% of KIS forecast). Gross profit rose strongly by 61% yoy to VND2.0tn (~80% of KIS forecast), primarily driven by elevated urea prices and volume. 2Q26 NPAT increased 36% yoy to VND1,067bn.9 tháng 9, 2026
Derivatives 2026/09/09: A technical rebound?
Signals remain inconsistent. Traders should therefore observe the market cautiously and wait for further technical confirmation before opening new positions.9 tháng 9, 2026
Market commentary 2026/09/09: Demand improves
The market staged a recovery, although declining liquidity indicated that capital flows remained cautious and have yet to show clear confirmation of the rebound. Nevertheless, the index remained above its key moving averages, suggesting that the short-term trend remains intact. Therefore, liquidity developments in the coming sessions will be an important factor in confirming whether the recovery can continue.9 tháng 9, 2026
PC1 - Brief - [NONRATED] - Earnings growth came from non-core operations
In 2Q26, revenue reached VND2,038bn (-31% yoy), mainly supported by the real estate and nickel segments. Gross profit reached VND468bn (-8% yoy), with the gross margin improving to 23.0% (+5.6%p yoy). As a result, NPAT reached VND235bn (+43% yoy)8 tháng 9, 2026
Derivatives 2026/09/08: Inconsistent signals
Technical signals remain inconsistent. Therefore, traders need to observe the market cautiously and wait for further confirmation before they open new positions.8 tháng 9, 2026
Market commentary 2026/09/08: Market reversal
The market experienced significant volatility, mainly driven by weak performance among large-cap stocks. However, the index remained above its key moving averages, suggesting that the short-term uptrend has not been broken and remains intact.8 tháng 9, 2026
36W26: SBV maintains net liquidity injection in holiday-shortened week
During 36W26, the SBV maintained a net liquidity injection via open market operations in the holiday-shortened trading week, providing modest liquidity support to ensure liquidity adequency as banks resumed operations. Concurrently, interbank rates dropped sharply across the curve alongside contracting turnover, confirming that pre-holiday cash constraints have rapidly dissipated and liquidity conditions have returned to a more stable state. On the FX front, the domestic USDVND exchange rate inched up marginally, diverging from a softer greenback, as foreign investors resumed net selling on the equity market, while resilient U.S. labor data and Middle East geopolitical tensions kept global rate hike expectations elevated.7 tháng 9, 2026
Derivatives 2026/09/07: Awaiting the next signal
The signals remain inconsistent due to the impact of the extended holiday. Traders should therefore monitor the market cautiously and wait for further technical signals before opening new positions.7 tháng 9, 2026
Tin tức nổi bật
37W26: SBV shifts to net liquidity withdrawal while USDVND eases sharply
During 37W26, the SBV shifted back to a net liquidity withdrawal stance via open market operations, absorbing excess funds as physical currency steadily returned to the banking system post-holiday. Interbank rates extended their downward trend across key short-to-medium tenors alongside moderating turnover, confirming that system liquidity has remained comfortable despite late-week upticks at the long end. On the FX front, the domestic USDVND exchange rate dropped firmly, decisively breaking below the 26,000 benchmark alongside a marginally softer greenback, even as foreign investors sustained net portfolio outflows and elevated crude oil prices fueled global rate hike expectations.14 tháng 9, 2026
Chart of the day 2026/09/14: A reversal?
The uptrend may reverse if signs of weakness continue to appear. Investors should therefore remain cautious and reduce their stock holdings to a safe level.14 tháng 9, 2026
Derivatives 2026/09/14: A downtrend ahead?
A downtrend may form in the short term. If a confirmation signal appears in today's session, traders may consider opening Short positions.14 tháng 9, 2026
Market commentary 2026/09/14: Liquidity increased
The market posted a sharp decline alongside a significant increase in liquidity, suggesting that downside risks are increasing. At the same time, the index’s close below its 10- and 100-period moving averages indicates that the short-term trend is weakening, and the market may continue to face correction pressure in the coming sessions.14 tháng 9, 2026
August 2026: Issuance and repurchases rebounded in August
In August, total bond issuance rebounded 98.2% mom to VND52,129bn, although it remained 14.2% lower yoy (Fig. 1). Banking issuance reached VND35,815bn, up 73.4% mom and 5.0% yoy, accounting for 68.7% of total issuance. VIB was the largest issuer with VND9,300bn, followed by Tien Phong Bank with VND5,000bn (Table 1). Real Estate issuance recovered strongly to VND11,658bn, up 288.6% mom but down 47.3% yoy, representing 22.4% of total issuance (Fig. 2). Thanh Quang was the major Real Estate issuer with VND7,000bn. The weighted average coupon rate declined to 9.46% from 9.7% in July (Fig. 3), with Banking and Real Estate averaging 8.95% and 11.12%, respectively. Bond tenors shortened in August, with maturities of 3 years or less accounting for the largest share at 48.1%, followed by 3–5 years at 24.5% and 5–7 years at 20.5% (Fig. 4).11 tháng 9, 2026
Market commentary 2026/09/11: Market recovery
The market closed higher, although liquidity remained low, indicating that capital flows remained cautious. In addition, the alternating gains and losses over recent sessions suggest that the market is showing signs of entering a short-term accumulation phase. Against this backdrop, an improvement in liquidity will be necessary to reinforce upward momentum in the coming sessions.11 tháng 9, 2026
Derivatives 2026/09/11: Awaiting a breakout session
Signals remain inconsistent. Traders should therefore observe the market carefully and wait for additional technical confirmation before opening new positions.11 tháng 9, 2026
BWE– Brief – [NONRATED] – Earnings continued to grow steadily
In 2Q26, revenue reached VND1,222bn (-8% n/n), mainly due to declines in the wastewater treatment and waste treatment segments, while the water supply segment remained stable. Meanwhile, GP reached VND564bn (+11% n/n), with gross margin expanding to 46.2% (+7.8%p n/n).11 tháng 9, 2026
Derivatives 2026/09/10: Accumulation continues
Signals remain inconsistent. Traders should therefore monitor the market with caution and wait for further technical confirmation before opening new positions.10 tháng 9, 2026
Market commentary 2026/09/10: Market reversal
The market staged a recovery, although declining liquidity indicated that capital flows remained cautious and have yet to show clear confirmation of the rebound. Nevertheless, the index remained above its key moving averages, suggesting that the short-term trend remains intact. Therefore, liquidity developments in the coming sessions will be an important factor in confirming whether the recovery can continue.10 tháng 9, 2026
GDA – Brief – [NONRATED] – 2Q26: Headwinds Persist
In 2Q26, GDA recorded revenue of VND3,066bn (-28.0% YoY and -14.6% QoQ). Total sales volume in 2Q26—estimated from selling price and COGS trends—declined ~31.6% YoY. Average selling price (ASP) was estimated at USD842/ton (+5% YoY, +16% QoQ). 2Q26 NPAT reached VND92bn (+5% YoY, +82% QoQ).10 tháng 9, 2026
Strategic Insight - 09/2026: Waiting for the entry signal
The market may face near-term headwinds. We view this as a meaningful accumulation window ahead of the recovery that typically occurs from late in the year through the first months of the following year.9 tháng 9, 2026
DCM - Brief - [NONRATED] - 2Q26: high ASPs continue to push earnings
DCM reported 2Q26 revenue of VND6,712bn (+11% yoy, ~83% of KIS forecast). Gross profit rose strongly by 61% yoy to VND2.0tn (~80% of KIS forecast), primarily driven by elevated urea prices and volume. 2Q26 NPAT increased 36% yoy to VND1,067bn.9 tháng 9, 2026
Derivatives 2026/09/09: A technical rebound?
Signals remain inconsistent. Traders should therefore observe the market cautiously and wait for further technical confirmation before opening new positions.9 tháng 9, 2026
Market commentary 2026/09/09: Demand improves
The market staged a recovery, although declining liquidity indicated that capital flows remained cautious and have yet to show clear confirmation of the rebound. Nevertheless, the index remained above its key moving averages, suggesting that the short-term trend remains intact. Therefore, liquidity developments in the coming sessions will be an important factor in confirming whether the recovery can continue.9 tháng 9, 2026
PC1 - Brief - [NONRATED] - Earnings growth came from non-core operations
In 2Q26, revenue reached VND2,038bn (-31% yoy), mainly supported by the real estate and nickel segments. Gross profit reached VND468bn (-8% yoy), with the gross margin improving to 23.0% (+5.6%p yoy). As a result, NPAT reached VND235bn (+43% yoy)8 tháng 9, 2026
Derivatives 2026/09/08: Inconsistent signals
Technical signals remain inconsistent. Therefore, traders need to observe the market cautiously and wait for further confirmation before they open new positions.8 tháng 9, 2026
Market commentary 2026/09/08: Market reversal
The market experienced significant volatility, mainly driven by weak performance among large-cap stocks. However, the index remained above its key moving averages, suggesting that the short-term uptrend has not been broken and remains intact.8 tháng 9, 2026
36W26: SBV maintains net liquidity injection in holiday-shortened week
During 36W26, the SBV maintained a net liquidity injection via open market operations in the holiday-shortened trading week, providing modest liquidity support to ensure liquidity adequency as banks resumed operations. Concurrently, interbank rates dropped sharply across the curve alongside contracting turnover, confirming that pre-holiday cash constraints have rapidly dissipated and liquidity conditions have returned to a more stable state. On the FX front, the domestic USDVND exchange rate inched up marginally, diverging from a softer greenback, as foreign investors resumed net selling on the equity market, while resilient U.S. labor data and Middle East geopolitical tensions kept global rate hike expectations elevated.7 tháng 9, 2026
Derivatives 2026/09/07: Awaiting the next signal
The signals remain inconsistent due to the impact of the extended holiday. Traders should therefore monitor the market cautiously and wait for further technical signals before opening new positions.7 tháng 9, 2026
Ưu đãi nổi bật
37W26: SBV shifts to net liquidity withdrawal while USDVND eases sharply
During 37W26, the SBV shifted back to a net liquidity withdrawal stance via open market operations, absorbing excess funds as physical currency steadily returned to the banking system post-holiday. Interbank rates extended their downward trend across key short-to-medium tenors alongside moderating turnover, confirming that system liquidity has remained comfortable despite late-week upticks at the long end. On the FX front, the domestic USDVND exchange rate dropped firmly, decisively breaking below the 26,000 benchmark alongside a marginally softer greenback, even as foreign investors sustained net portfolio outflows and elevated crude oil prices fueled global rate hike expectations.14 tháng 9, 2026
Chart of the day 2026/09/14: A reversal?
The uptrend may reverse if signs of weakness continue to appear. Investors should therefore remain cautious and reduce their stock holdings to a safe level.14 tháng 9, 2026
Derivatives 2026/09/14: A downtrend ahead?
A downtrend may form in the short term. If a confirmation signal appears in today's session, traders may consider opening Short positions.14 tháng 9, 2026
Market commentary 2026/09/14: Liquidity increased
The market posted a sharp decline alongside a significant increase in liquidity, suggesting that downside risks are increasing. At the same time, the index’s close below its 10- and 100-period moving averages indicates that the short-term trend is weakening, and the market may continue to face correction pressure in the coming sessions.14 tháng 9, 2026
August 2026: Issuance and repurchases rebounded in August
In August, total bond issuance rebounded 98.2% mom to VND52,129bn, although it remained 14.2% lower yoy (Fig. 1). Banking issuance reached VND35,815bn, up 73.4% mom and 5.0% yoy, accounting for 68.7% of total issuance. VIB was the largest issuer with VND9,300bn, followed by Tien Phong Bank with VND5,000bn (Table 1). Real Estate issuance recovered strongly to VND11,658bn, up 288.6% mom but down 47.3% yoy, representing 22.4% of total issuance (Fig. 2). Thanh Quang was the major Real Estate issuer with VND7,000bn. The weighted average coupon rate declined to 9.46% from 9.7% in July (Fig. 3), with Banking and Real Estate averaging 8.95% and 11.12%, respectively. Bond tenors shortened in August, with maturities of 3 years or less accounting for the largest share at 48.1%, followed by 3–5 years at 24.5% and 5–7 years at 20.5% (Fig. 4).11 tháng 9, 2026
Market commentary 2026/09/11: Market recovery
The market closed higher, although liquidity remained low, indicating that capital flows remained cautious. In addition, the alternating gains and losses over recent sessions suggest that the market is showing signs of entering a short-term accumulation phase. Against this backdrop, an improvement in liquidity will be necessary to reinforce upward momentum in the coming sessions.11 tháng 9, 2026
Derivatives 2026/09/11: Awaiting a breakout session
Signals remain inconsistent. Traders should therefore observe the market carefully and wait for additional technical confirmation before opening new positions.11 tháng 9, 2026
BWE– Brief – [NONRATED] – Earnings continued to grow steadily
In 2Q26, revenue reached VND1,222bn (-8% n/n), mainly due to declines in the wastewater treatment and waste treatment segments, while the water supply segment remained stable. Meanwhile, GP reached VND564bn (+11% n/n), with gross margin expanding to 46.2% (+7.8%p n/n).11 tháng 9, 2026
Derivatives 2026/09/10: Accumulation continues
Signals remain inconsistent. Traders should therefore monitor the market with caution and wait for further technical confirmation before opening new positions.10 tháng 9, 2026
Market commentary 2026/09/10: Market reversal
The market staged a recovery, although declining liquidity indicated that capital flows remained cautious and have yet to show clear confirmation of the rebound. Nevertheless, the index remained above its key moving averages, suggesting that the short-term trend remains intact. Therefore, liquidity developments in the coming sessions will be an important factor in confirming whether the recovery can continue.10 tháng 9, 2026
GDA – Brief – [NONRATED] – 2Q26: Headwinds Persist
In 2Q26, GDA recorded revenue of VND3,066bn (-28.0% YoY and -14.6% QoQ). Total sales volume in 2Q26—estimated from selling price and COGS trends—declined ~31.6% YoY. Average selling price (ASP) was estimated at USD842/ton (+5% YoY, +16% QoQ). 2Q26 NPAT reached VND92bn (+5% YoY, +82% QoQ).10 tháng 9, 2026
Strategic Insight - 09/2026: Waiting for the entry signal
The market may face near-term headwinds. We view this as a meaningful accumulation window ahead of the recovery that typically occurs from late in the year through the first months of the following year.9 tháng 9, 2026
DCM - Brief - [NONRATED] - 2Q26: high ASPs continue to push earnings
DCM reported 2Q26 revenue of VND6,712bn (+11% yoy, ~83% of KIS forecast). Gross profit rose strongly by 61% yoy to VND2.0tn (~80% of KIS forecast), primarily driven by elevated urea prices and volume. 2Q26 NPAT increased 36% yoy to VND1,067bn.9 tháng 9, 2026
Derivatives 2026/09/09: A technical rebound?
Signals remain inconsistent. Traders should therefore observe the market cautiously and wait for further technical confirmation before opening new positions.9 tháng 9, 2026
Market commentary 2026/09/09: Demand improves
The market staged a recovery, although declining liquidity indicated that capital flows remained cautious and have yet to show clear confirmation of the rebound. Nevertheless, the index remained above its key moving averages, suggesting that the short-term trend remains intact. Therefore, liquidity developments in the coming sessions will be an important factor in confirming whether the recovery can continue.9 tháng 9, 2026
PC1 - Brief - [NONRATED] - Earnings growth came from non-core operations
In 2Q26, revenue reached VND2,038bn (-31% yoy), mainly supported by the real estate and nickel segments. Gross profit reached VND468bn (-8% yoy), with the gross margin improving to 23.0% (+5.6%p yoy). As a result, NPAT reached VND235bn (+43% yoy)8 tháng 9, 2026
Derivatives 2026/09/08: Inconsistent signals
Technical signals remain inconsistent. Therefore, traders need to observe the market cautiously and wait for further confirmation before they open new positions.8 tháng 9, 2026
Market commentary 2026/09/08: Market reversal
The market experienced significant volatility, mainly driven by weak performance among large-cap stocks. However, the index remained above its key moving averages, suggesting that the short-term uptrend has not been broken and remains intact.8 tháng 9, 2026
36W26: SBV maintains net liquidity injection in holiday-shortened week
During 36W26, the SBV maintained a net liquidity injection via open market operations in the holiday-shortened trading week, providing modest liquidity support to ensure liquidity adequency as banks resumed operations. Concurrently, interbank rates dropped sharply across the curve alongside contracting turnover, confirming that pre-holiday cash constraints have rapidly dissipated and liquidity conditions have returned to a more stable state. On the FX front, the domestic USDVND exchange rate inched up marginally, diverging from a softer greenback, as foreign investors resumed net selling on the equity market, while resilient U.S. labor data and Middle East geopolitical tensions kept global rate hike expectations elevated.7 tháng 9, 2026
Derivatives 2026/09/07: Awaiting the next signal
The signals remain inconsistent due to the impact of the extended holiday. Traders should therefore monitor the market cautiously and wait for further technical signals before opening new positions.7 tháng 9, 2026