Phân tích thị trường

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Vĩ mô

Vĩ mô Việt Nam

Thị trường tiền tệ

Trái phiếu

Thị trường & Chiến lược

ETF review: Quỹ ETF nội mua vào GMD và MCH nhiều nhấtHoSE đã công bố danh mục cổ phiếu thành phần mới của chỉ số VN30 và chỉ số VNFIN LEAD cho quý 3/2026. Theo đó, chỉ số VN30 sẽ loại PLX và TPB, đồng thời thêm MCH và TCX. Bên cạnh đó, VNFIN LEAD sẽ thêm VCK và TCX và loại LPB. Trong kỳ cơ cấu quý này, chỉ số VNDiamond điều chỉnh lại tỷ trọng dựa trên tỷ lệ free-float mới, khối lượng cổ phiếu đang lưu hành và giá. Tỷ trọng mới sẽ có hiệu lực từ ngày 03/08/2026. Dựa trên dữ liệu tại ngày 20/7/2026, chúng tôi dự báo các ETF nội sẽ mua vào nhiều nhất là GMD, MCH và HDB, với khối lượng lần lượt 3,5 triệu cổ phiếu, 2,5 triệu cổ phiếu và 2,2 triệu cổ phiếu. Ở chiều bán, TPB, TCB và PNJ dự kiến bị bán ra mạnh nhất, với khối lượng lần lượt 7,5 triệu cổ phiếu, 6,1 triệu cổ phiếu và 6,1 triệu cổ phiếu. PDFVN30_Index_ETF_VN_POST_202607

22 tháng 7, 2026

Chiến lược đầu tư: Định giá thị trường hấp dẫnThị trường chứng khoán có thể trải qua những biến động mạnh trong ngắn hạn khi các nhà đầu tư ngày càng lo ngại về lạm phát và giá dầu cao. Tuy nhiên, chúng tôi cho rằng thị trường hiện tại đang bị định giá thấp hơn thực tế, với 76% cổ phiếu đang giao dịch dưới mức giá trị hợp lý, trong khi nền kinh tế vẫn duy trì đà phục hồi bất chấp những áp lực từ bên ngoài.PDFKIS_Monthly_strategy_2025.06.12_VN

12 tháng 6, 2026

Triển vọng 2026: Áp lực tạo nên kim cươngChúng tôi dự báo GDP thực của Việt Nam sẽ tăng 9,0% trong năm 2026F, được hỗ trợ bởi chương trình hành động đầy tham vọng của Chính phủ nhằm định vị năm này như một bước đột phá quan trọng trong lộ trình phát triển của đất nước. Trụ cột then chốt của chiến lược này là đẩy nhanh đầu tư công, đặc biệt vào các dự án hạ tầng quy mô lớn, qua đó kỳ vọng tháo gỡ các điểm nghẽn mang tính cấu trúc, cải thiện khả năng kết nối và thu hút sự tham gia của khu vực tư nhân. Bên cạnh đầu tư công, nhu cầu nội địa nhiều khả năng tiếp tục đóng vai trò là động lực tăng trưởng ổn định, chủ yếu nhờ các chính sách tài khóa hỗ trợ. Đồng thời, chúng tôi kỳ vọng hoạt động xuất khẩu sẽ duy trì khả năng chống chịu, dựa trên các lợi thế so sánh đã được khẳng định của Việt Nam trong bối cảnh biến động do các biện pháp thuế quan đối ứng. Tổng hợp các yếu tố trên, nền kinh tế được kỳ vọng sẽ tăng tốc trên diện rộng ở các ngành chủ chốt, tạo nền tảng vững chắc cho năm mở đầu của giai đoạn mới được gọi là “Kỷ nguyên vươn mình”.PDF2026_KIS-Research_Outlook_VIE

24 tháng 12, 2025

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Tin tức nổi bật

Market commentary 2026/06/18: Bottom-fishing demand emerged

The market closed lower, although bottom-fishing demand emerged and helped the index recover part of its losses toward the end of the session. This suggests that cash flow is still monitoring and participating at lower price levels. However, selling pressure remains present, indicating that short-term market movements are likely to remain volatile. Therefore, additional signals from upcoming sessions will be needed to confirm the market's direction more clearly.

18 tháng 6, 2026

Derivatives 2026/06/18: Capital flows at lower price levels

Technical signals lack consistency at this stage. Therefore, traders should wait for additional confirmation signals on the next trend. Based on such signals, investors may then consider reopening new positions.

18 tháng 6, 2026

Market commentary 2026/06/17: Selling pressure on large-cap stocks

The market successfully moved above the 1,800-point threshold and reclaimed its 100-day moving average, signaling a positive technical development. However, liquidity remained subdued and selling pressure was still evident during the session, suggesting that investor sentiment remains cautious and that the current rebound requires further confirmation.

17 tháng 6, 2026

Derivatives 2026/06/17: Awaiting a breakout signal

Technical signals lack consistency at this stage. Therefore, traders should wait for additional confirmation signals regarding the next trend before reopening new positions.

17 tháng 6, 2026

Derivatives 2026/06/16: Awaiting a breakout signal

Technical signals remain mixed and lack clear confirmation. Investors are advised to wait for additional directional signals before initiating new positions.

16 tháng 6, 2026

Market commentary 2026/06/16: Green start to the week

The market ended higher with improving liquidity, suggesting that buying interest may be returning after the recent correction. However, the index has yet to break above its key moving averages, indicating that the prevailing downtrend has not been fully reversed. Therefore, additional signals from upcoming sessions will be needed to confirm the market’s direction.

16 tháng 6, 2026

Covered warrant 2026/06/16: Capital flows continue to decline

During the week, the covered warrant market continued to show negative performance as liquidity declined and most warrants closed lower. In the underlying equity market, the index also corrected while liquidity remained subdued, indicating that cautious investor sentiment continues to dominate capital flows.

16 tháng 6, 2026

Market Trader 2026/06/16: Proprietary selling pressure eased significantly

By investor group, trading activity from both domestic retail investors and domestic institutional investors continued to weaken, falling 4.3% and 25.2%, respectively, from the previous week.

16 tháng 6, 2026

24W26: SBV extends net withdrawal as interbank rates edge lower

In 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.

15 tháng 6, 2026

Chart of the day 2026/06/15: Selling pressure remains

The short-term downtrend has been confirmed. In this context, investors should exercise caution, monitor the market closely, and wait for clear reversal signals before re-entering new positions.

15 tháng 6, 2026

Market commentary 2026/06/15: Selling pressure intensified

The market continues to move sideways in the short term as buying demand remains insufficient to generate a meaningful breakout. Moreover, the index has yet to reclaim its medium-term moving average, suggesting that the current trend has not turned convincingly positive and requires further confirmation signals in the coming sessions.

15 tháng 6, 2026

Derivatives 2026/06/15: Late-session selling pressure

With the Bearish Engulfing pattern confirmed last week, the downtrend may be re-established. Accordingly, traders may consider re-entering short positions in the upcoming session.

15 tháng 6, 2026

VPB- Brief - [NONRATED] - Strong credit expansion

1Q26 PAT rose +61% YoY to VND 6,329bn, partially driven by a low base in 1Q25 and supported by strong operating income growth (+26% YoY). 1Q26 earnings completed 19% of the full-year 2026 guidance.

15 tháng 6, 2026

Market commentary 2026/06/12: Selling pressure returns

The market ended lower while liquidity remained subdued, suggesting that cautious investor sentiment continues to dominate. This performance also indicates that the market has yet to find a sufficiently strong catalyst for a sustainable recovery, and short-term volatility is likely to persist.

12 tháng 6, 2026

Derivatives 2026/06/12: Declining liquidity

Current signals lack consistency. Traders should therefore wait for further trend confirmation before opening new positions.

12 tháng 6, 2026

FPT - Brief - [NONRATED] - 1Q26: FPT Shop rebounds, Long Chau sustains strong growth

In 1Q26, FRT recorded revenue of VND15,117bn (+29.5% yoy) and operating profit of VND474bn (+49% yoy). Both its core business chains, FPT Shop and Long Chau, recorded revenue growth and improved operating efficiency.

12 tháng 6, 2026

Market commentary: Green momentum continues

The market recorded its second consecutive recovery session, accompanied by a slight improvement in liquidity. Meanwhile, the index is approaching its 100-day moving average (MA100), suggesting that the market is nearing an important testing zone that could help determine its next directional trend in the period ahead.

11 tháng 6, 2026

Derivatives: Awaiting new confirmation

Signals remain mixed. Investors should wait for clearer trend confirmation before opening new positions.

11 tháng 6, 2026

PVD – Earnings Review – [HOLD] – 1Q26: Solid NPAT growth on robust E&P

PVD’s 1Q26 revenue reached VND3,401bn (+126% yoy, ~110% of KIS forecast). Gross profit recorded strong growth at VND638bn (+136% yoy, ~94% of KIS forecast). 1Q26 NPAT reached VND300bn (+110% yoy), below our expectations but still at a strong level.

11 tháng 6, 2026

May 2026: The banking sector emerged as the leading issuer

In May, total value of bond issuance declined 41.8% yoy and -7.67% mom to VND43,163bn (Fig. 1). The Banking issued VND25,450bn, 26% mom, and accounted for 59%. Major issuer was Techcombank (VND8,000bn, Table 1) and Military Bank (VND7,250bn). The Real Estates issued 14,180VNDbn with +9% yoy, -5% mom and accounting for 32.9% of total issuance (Fig. 2). VHM was the main issuer with VND8,000bn. The average coupon rate still remained 5.3% in May 2026 (Fig. 3). The Real Estate coupon rate increased to 12.5%, while the banking coupon rate maintained at 8.5%. Bond tenors were focus on ≤ 3 Years (82.95%). Notably, bond tenor of 7-10 years re-arranged after being absent in April (11.24%) (Fig 4).

10 tháng 6, 2026

Ưu đãi nổi bật

Market commentary 2026/06/18: Bottom-fishing demand emerged

18 tháng 6, 2026

Derivatives 2026/06/18: Capital flows at lower price levels

18 tháng 6, 2026

Market commentary 2026/06/17: Selling pressure on large-cap stocks

17 tháng 6, 2026

Derivatives 2026/06/17: Awaiting a breakout signal

Technical signals lack consistency at this stage. Therefore, traders should wait for additional confirmation signals regarding the next trend before reopening new positions.

17 tháng 6, 2026

Derivatives 2026/06/16: Awaiting a breakout signal

Technical signals remain mixed and lack clear confirmation. Investors are advised to wait for additional directional signals before initiating new positions.

16 tháng 6, 2026

Market commentary 2026/06/16: Green start to the week

16 tháng 6, 2026

Covered warrant 2026/06/16: Capital flows continue to decline

16 tháng 6, 2026

Market Trader 2026/06/16: Proprietary selling pressure eased significantly

By investor group, trading activity from both domestic retail investors and domestic institutional investors continued to weaken, falling 4.3% and 25.2%, respectively, from the previous week.

16 tháng 6, 2026

24W26: SBV extends net withdrawal as interbank rates edge lower

15 tháng 6, 2026

Chart of the day 2026/06/15: Selling pressure remains

The short-term downtrend has been confirmed. In this context, investors should exercise caution, monitor the market closely, and wait for clear reversal signals before re-entering new positions.

15 tháng 6, 2026

Market commentary 2026/06/15: Selling pressure intensified

15 tháng 6, 2026

Derivatives 2026/06/15: Late-session selling pressure

With the Bearish Engulfing pattern confirmed last week, the downtrend may be re-established. Accordingly, traders may consider re-entering short positions in the upcoming session.

15 tháng 6, 2026

VPB- Brief - [NONRATED] - Strong credit expansion

1Q26 PAT rose +61% YoY to VND 6,329bn, partially driven by a low base in 1Q25 and supported by strong operating income growth (+26% YoY). 1Q26 earnings completed 19% of the full-year 2026 guidance.

15 tháng 6, 2026

Market commentary 2026/06/12: Selling pressure returns

12 tháng 6, 2026

Derivatives 2026/06/12: Declining liquidity

Current signals lack consistency. Traders should therefore wait for further trend confirmation before opening new positions.

12 tháng 6, 2026

FPT - Brief - [NONRATED] - 1Q26: FPT Shop rebounds, Long Chau sustains strong growth

12 tháng 6, 2026

Market commentary: Green momentum continues

11 tháng 6, 2026

Derivatives: Awaiting new confirmation

Signals remain mixed. Investors should wait for clearer trend confirmation before opening new positions.

11 tháng 6, 2026

PVD – Earnings Review – [HOLD] – 1Q26: Solid NPAT growth on robust E&P

11 tháng 6, 2026

May 2026: The banking sector emerged as the leading issuer

10 tháng 6, 2026

Tin tức nổi bật

Market commentary 2026/06/18: Bottom-fishing demand emerged

18 tháng 6, 2026

Derivatives 2026/06/18: Capital flows at lower price levels

18 tháng 6, 2026

Market commentary 2026/06/17: Selling pressure on large-cap stocks

17 tháng 6, 2026

Derivatives 2026/06/17: Awaiting a breakout signal

Technical signals lack consistency at this stage. Therefore, traders should wait for additional confirmation signals regarding the next trend before reopening new positions.

17 tháng 6, 2026

Derivatives 2026/06/16: Awaiting a breakout signal

Technical signals remain mixed and lack clear confirmation. Investors are advised to wait for additional directional signals before initiating new positions.

16 tháng 6, 2026

Market commentary 2026/06/16: Green start to the week

16 tháng 6, 2026

Covered warrant 2026/06/16: Capital flows continue to decline

16 tháng 6, 2026

Market Trader 2026/06/16: Proprietary selling pressure eased significantly

By investor group, trading activity from both domestic retail investors and domestic institutional investors continued to weaken, falling 4.3% and 25.2%, respectively, from the previous week.

16 tháng 6, 2026

24W26: SBV extends net withdrawal as interbank rates edge lower

15 tháng 6, 2026

Chart of the day 2026/06/15: Selling pressure remains

The short-term downtrend has been confirmed. In this context, investors should exercise caution, monitor the market closely, and wait for clear reversal signals before re-entering new positions.

15 tháng 6, 2026

Market commentary 2026/06/15: Selling pressure intensified

15 tháng 6, 2026

Derivatives 2026/06/15: Late-session selling pressure

With the Bearish Engulfing pattern confirmed last week, the downtrend may be re-established. Accordingly, traders may consider re-entering short positions in the upcoming session.

15 tháng 6, 2026

VPB- Brief - [NONRATED] - Strong credit expansion

1Q26 PAT rose +61% YoY to VND 6,329bn, partially driven by a low base in 1Q25 and supported by strong operating income growth (+26% YoY). 1Q26 earnings completed 19% of the full-year 2026 guidance.

15 tháng 6, 2026

Market commentary 2026/06/12: Selling pressure returns

12 tháng 6, 2026

Derivatives 2026/06/12: Declining liquidity

Current signals lack consistency. Traders should therefore wait for further trend confirmation before opening new positions.

12 tháng 6, 2026

FPT - Brief - [NONRATED] - 1Q26: FPT Shop rebounds, Long Chau sustains strong growth

12 tháng 6, 2026

Market commentary: Green momentum continues

11 tháng 6, 2026

Derivatives: Awaiting new confirmation

Signals remain mixed. Investors should wait for clearer trend confirmation before opening new positions.

11 tháng 6, 2026

PVD – Earnings Review – [HOLD] – 1Q26: Solid NPAT growth on robust E&P

11 tháng 6, 2026

May 2026: The banking sector emerged as the leading issuer

10 tháng 6, 2026

Ưu đãi nổi bật

Market commentary 2026/06/18: Bottom-fishing demand emerged

18 tháng 6, 2026

Derivatives 2026/06/18: Capital flows at lower price levels

18 tháng 6, 2026

Market commentary 2026/06/17: Selling pressure on large-cap stocks

17 tháng 6, 2026

Derivatives 2026/06/17: Awaiting a breakout signal

Technical signals lack consistency at this stage. Therefore, traders should wait for additional confirmation signals regarding the next trend before reopening new positions.

17 tháng 6, 2026

Derivatives 2026/06/16: Awaiting a breakout signal

Technical signals remain mixed and lack clear confirmation. Investors are advised to wait for additional directional signals before initiating new positions.

16 tháng 6, 2026

Market commentary 2026/06/16: Green start to the week

16 tháng 6, 2026

Covered warrant 2026/06/16: Capital flows continue to decline

16 tháng 6, 2026

Market Trader 2026/06/16: Proprietary selling pressure eased significantly

By investor group, trading activity from both domestic retail investors and domestic institutional investors continued to weaken, falling 4.3% and 25.2%, respectively, from the previous week.

16 tháng 6, 2026

24W26: SBV extends net withdrawal as interbank rates edge lower

15 tháng 6, 2026

Chart of the day 2026/06/15: Selling pressure remains

The short-term downtrend has been confirmed. In this context, investors should exercise caution, monitor the market closely, and wait for clear reversal signals before re-entering new positions.

15 tháng 6, 2026

Market commentary 2026/06/15: Selling pressure intensified

15 tháng 6, 2026

Derivatives 2026/06/15: Late-session selling pressure

With the Bearish Engulfing pattern confirmed last week, the downtrend may be re-established. Accordingly, traders may consider re-entering short positions in the upcoming session.

15 tháng 6, 2026

VPB- Brief - [NONRATED] - Strong credit expansion

1Q26 PAT rose +61% YoY to VND 6,329bn, partially driven by a low base in 1Q25 and supported by strong operating income growth (+26% YoY). 1Q26 earnings completed 19% of the full-year 2026 guidance.

15 tháng 6, 2026

Market commentary 2026/06/12: Selling pressure returns

12 tháng 6, 2026

Derivatives 2026/06/12: Declining liquidity

Current signals lack consistency. Traders should therefore wait for further trend confirmation before opening new positions.

12 tháng 6, 2026

FPT - Brief - [NONRATED] - 1Q26: FPT Shop rebounds, Long Chau sustains strong growth

12 tháng 6, 2026

Market commentary: Green momentum continues

11 tháng 6, 2026

Derivatives: Awaiting new confirmation

Signals remain mixed. Investors should wait for clearer trend confirmation before opening new positions.

11 tháng 6, 2026

PVD – Earnings Review – [HOLD] – 1Q26: Solid NPAT growth on robust E&P

11 tháng 6, 2026

May 2026: The banking sector emerged as the leading issuer

10 tháng 6, 2026