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Tin tức nổi bật

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.

15 tháng 7, 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.

15 tháng 7, 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.

14 tháng 7, 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.

14 tháng 7, 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.

14 tháng 7, 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.

14 tháng 7, 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).

13 tháng 7, 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.

13 tháng 7, 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.

13 tháng 7, 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.

13 tháng 7, 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.

13 tháng 7, 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.

10 tháng 7, 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.

10 tháng 7, 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.

9 tháng 7, 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.

9 tháng 7, 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.

9 tháng 7, 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.

9 tháng 7, 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.

8 tháng 7, 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.

8 tháng 7, 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.

7 tháng 7, 2026

Ưu đãi nổi bật

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.

15 tháng 7, 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.

15 tháng 7, 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.

14 tháng 7, 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.

14 tháng 7, 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.

14 tháng 7, 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.

14 tháng 7, 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).

13 tháng 7, 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.

13 tháng 7, 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.

13 tháng 7, 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.

13 tháng 7, 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.

13 tháng 7, 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.

10 tháng 7, 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.

10 tháng 7, 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.

9 tháng 7, 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.

9 tháng 7, 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.

9 tháng 7, 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.

9 tháng 7, 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.

8 tháng 7, 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.

8 tháng 7, 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.

7 tháng 7, 2026

Tin tức nổi bật

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.

15 tháng 7, 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.

15 tháng 7, 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.

14 tháng 7, 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.

14 tháng 7, 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.

14 tháng 7, 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.

14 tháng 7, 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).

13 tháng 7, 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.

13 tháng 7, 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.

13 tháng 7, 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.

13 tháng 7, 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.

13 tháng 7, 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.

10 tháng 7, 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.

10 tháng 7, 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.

9 tháng 7, 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.

9 tháng 7, 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.

9 tháng 7, 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.

9 tháng 7, 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.

8 tháng 7, 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.

8 tháng 7, 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.

7 tháng 7, 2026

Ưu đãi nổi bật

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.

15 tháng 7, 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.

15 tháng 7, 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.

14 tháng 7, 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.

14 tháng 7, 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.

14 tháng 7, 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.

14 tháng 7, 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).

13 tháng 7, 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.

13 tháng 7, 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.

13 tháng 7, 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.

13 tháng 7, 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.

13 tháng 7, 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.

10 tháng 7, 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.

10 tháng 7, 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.

9 tháng 7, 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.

9 tháng 7, 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.

9 tháng 7, 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.

9 tháng 7, 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.

8 tháng 7, 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.

8 tháng 7, 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.

7 tháng 7, 2026

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32W26:  Lãi suất liên ngân hàng hạ nhiệt khi NHNN tiếp tục bơm ròng
32W26: Lãi suất liên ngân hàng hạ nhiệt khi NHNN tiếp tục bơm ròngTuần 32 năm 2026, NHNN đã mở rộng quy mô bơm ròng thanh khoản vào hệ thống ngân hàng qua kênh nghiệp vụ thị trường mở, tiếp tục chào thầu các kỳ hạn repo dài hơn nhằm giải quyết tình trạng thắt chặt ngắn hạn. Sau các biện pháp hỗ trợ thanh khoản từ NHNN, lãi suất liên ngân hàng đã sụt giảm mạnh ở hầu hết các kỳ hạn. Trên thị trường ngoại hối, tỷ giá USDVND trong nước giảm đáng kể 0.35% so với tuần trước xuống còn 26,205, đồng pha với đà suy yếu của đồng USD trên thị trường quốc tế sau dữ liệu thị trường lao động Mỹ kém khả quan, cùng với việc nhà đầu tư nước ngoài đảo chiều sang mua ròng trên sàn HoSE sau chuỗi 20 tuần bán ròng liên tiếp.PDFFI-32W26-VIE
11 tháng 8, 2026
29W26: NHNN tiếp tục duy trì hút ròng thanh khoản
29W26: NHNN tiếp tục duy trì hút ròng thanh khoảnTrong Tuần 29 năm 2026, NHNN tiếp tục giữ trạng thái hút ròng thanh khoản qua kênh nghiệp vụ thị trường mở trong bối cảnh thanh khoản hệ thống ngân hàng tiếp tục có sự cải thiện. Lãi suất liên ngân hàng ở các kỳ hạn ngắn (từ qua đêm đến 2 tuần) giảm sâu hơn, phản ánh áp lực thanh khoản hạ nhiệt sau khi các quy định mới về tỷ lệ an toàn thanh khoản chính thức áp dụng. Trong khi đó, lãi suất ở các kỳ hạn dài vẫn duy trì ở mức tương đối cao, cho thấy điều kiện vốn ở các kỳ hạn dài hơn có phần thắt chặt hơn. Trên thị trường ngoại hối, tỷ giá USDVND nhích tăng nhẹ 0.08% so với tuần trước lên mức 26,290, nguyên nhân chủ yếu đến từ áp lực rút ròng dai dẳng của khối ngoại trên thị trường chứng khoán bất chấp đồng USD trên thế giới tiếp tục duy trì xu hướng suy yếu.PDFFI-29W26-VIE
21 tháng 7, 2026
28W26: NHNN đảo chiều sang hút ròng thanh khoản
28W26: NHNN đảo chiều sang hút ròng thanh khoảnTrong tuần 28/2026, NHNN đã quay trở lại trạng thái hút ròng thanh khoản qua kênh nghiệp vụ thị trường mở sau hai tuần bơm ròng liên tiếp, khi những căng thẳng trong hệ thống ngân hàng đã được xoa dịu thành công. Đồng thời, lãi suất liên ngân hàng hạ nhiệt ở các kỳ hạn ngắn của đường cong lãi suất, dẫn dắt bởi mức giảm mạnh ở phân khúc qua đêm sau khi nhu cầu vốn thời điểm giữa năm bình ổn trở lại, trong khi các kỳ hạn dài hơn nhích tăng nhẹ. Trong khi đó, trên thị trường ngoại hối, tỷ giá USDVND liên ngân hàng trong nước giảm nhẹ xuống mức 26,269 bất chấp áp lực bán ròng dai dẳng của khối ngoại trên sàn HoSE và biên bản cuộc họp mang tính diều hâu của Fed gây áp lực lớn lên đồng nội tệ.PDFFI-28W26-VIE
16 tháng 7, 2026
27W26: NHNN duy trì bơm ròng trong khi lãi suất liên ngân hàng phân hóa
27W26: NHNN duy trì bơm ròng trong khi lãi suất liên ngân hàng phân hóaTrong tuần 27/2026, Ngân hàng Nhà nước tiếp tục duy trì trạng thái bơm ròng thanh khoản nhằm giảm bớt áp lực tăng mạnh ở kỳ hạn qua đêm, hệ quả từ các hợp đồng hoán đổi tiền tệ ngắn hạn đáo hạn trong tuần. Đồng thời, lãi suất liên ngân hàng ghi nhận sự phân hóa khi nhu cầu tiền mặt trực tiếp tăng vọt đã đẩy lãi suất qua đêm tăng mạnh. Trên thị trường ngoại hối, tỷ giá USDVND liên ngân hàng hầu như không thay đổi, giữ vững sự ổn định trước làn sóng bán ròng dai dẳng của khối ngoại nhờ vào việc đồng USD hạ nhiệt trên thị trường quốc tế giúp giảm bớt áp lực mất giá trên diện rộng.PDFFI-27W26-VIE
7 tháng 7, 2026
Tuần 26W26: NHNN chuyển sang bơm ròng nhằm xoa dịu áp lực thanh khoản
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
Tuần 25W26: Lãi suất liên ngân hàng nhích tăng khi NHNN tiếp tục hút ròng
Tuần 25W26: Lãi suất liên ngân hàng nhích tăng khi NHNN tiếp tục hút ròngTrong tuần 25W26, NHNN đã kéo dài chuỗi hút ròng thanh khoản sang tuần thứ ba liên tiếp, nâng tổng mức rút ròng khỏi hệ thống ngân hàng trong giai đoạn ba tuần này lên 106.60 nghìn tỷ đồng. Hệ quả là đường cong lãi suất liên ngân hàng phẳng lại khi lãi suất ngắn hạn bắt đầu tăng lên trong bối cảnh các điều kiện thanh khoản thắt chặt hơn. Trên phương diện tỷ giá, USDVND nhích tăng lên mức 26,318 và tiếp tục dịch chuyển đi ngang khi đồng USD mạnh lên sau thông điệp diều hâu từ Fed cùng những diễn biến mới tại khu vực Trung Đông.PDFFI-25W26-VIE
23 tháng 6, 2026
Tuần 24W26: NHNN tiếp tục hút ròng khi lãi suất liên ngân hàng giảm nhẹ
Tuần 24W26: NHNN tiếp tục hút ròng khi lãi suất liên ngân hàng giảm nhẹTrong tuần 24W26, NHNN kéo dài đợt hút ròng thanh khoản sang tuần thứ hai liên tiếp khi áp lực hệ thống trước mắt dịu bớt. Bám sát diễn biến này, lãi suất liên ngân hàng giảm ở tất cả các kỳ hạn với đường cong lợi suất dốc hơn, hệ quả từ sự sụt giảm mạnh ở các kỳ hạn ngắn. Trên thị trường ngoại hối về phía cuối tuần, đà tăng của đồng bạc xanh hoàn toàn bị đảo ngược khi bước ngoặt về hy vọng hòa bình tại Trung Đông kéo đồng USD đi xuống, hỗ trợ tỷ giá USDVND trong nước giảm nhẹ bất chấp áp lực bán ròng dai dẳng của khối ngoại.PDFFI-24W26-VIE
16 tháng 6, 2026
Tuần 23W26: NHNN rút ròng thanh khoản trong khi lãi suất liên ngân hàng phân hóa
Tuần 23W26: NHNN rút ròng thanh khoản trong khi lãi suất liên ngân hàng phân hóaTrong tuần 23 năm 2026, NHNN ghi nhận trạng thái rút ròng thanh khoản khỏi hệ thống ngân hàng. Bên cạnh đó, lãi suất liên ngân hàng ghi nhận sự phân hóa giữa các kỳ hạn khi các kỳ hạn ngắn giảm trong khi các kỳ hạn dài hơn tăng lên, đi kèm với sự sụt giảm đáng kể của hoạt động giao dịch. Trên thị trường ngoại hối, tỷ giá USDVND tiếp tục xu hướng đi ngang với áp lực tăng nhẹ, do chịu tác động từ kỳ vọng diều hâu về chính sách của Fed. Trong khi đó, dòng vốn ngoại rút ròng dai dẳng, khi dòng vốn toàn cầu tiếp tục dịch chuyển khỏi các thị trường mới nổi, đang gia tăng thêm áp lực lên triển vọng tỷ giá USDVND trong giai đoạn tới.PDFFI-23W26-VIE_1
9 tháng 6, 2026
Tuần 22W26: NHNN đẩy mạnh bơm ròng qua hợp đồng mua kỳ hạn
Tuần 22W26: NHNN đẩy mạnh bơm ròng qua hợp đồng mua kỳ hạnTrong tuần 22, NHNN ghi nhận mức bơm ròng thanh khoản lớn vào hệ thống nhằm giải tỏa áp lực thắt chặt tạm thời. Động thái này diễn ra sau khi lãi suất liên ngân hàng kỳ hạn ngắn tăng vọt đi kèm giá trị giao dịch mở rộng do nhu cầu vốn tăng cao. Trên phương diện tỷ giá, USDVND đảo chiều giảm bám sát đà suy yếu của đồng bạc xanh trước những tiến triển về việc gia hạn lệnh ngừng bắn tại khu vực Trung Đông.PDFFI-22W26-VIE
2 tháng 6, 2026
NHNN tiếp tục rút ròng thanh khoản
NHNN tiếp tục rút ròng thanh khoảnTrong tuần này, trên kênh nghiệp vụ thị trường mở, NHNN đã tiếp tục rút ròng thanh khoản tuần thứ hai liên tiếp, mặc dù ở mức độ vừa phải, động thái này giúp giảm bớt áp lực từ các hợp đồng repo đáo hạn trong khi vẫn thắt chặt các điều kiện thanh khoản trên thị trường liên ngân hàng. Cụ thể, lãi suất liên ngân hàng tăng đáng kể ở phần đầu của đường cong lãi suất, đi kèm với sự sụt giảm của doanh số giao dịch, cho thấy các điều kiện thanh khoản trong hệ thống ngân hàng trở nên thắt chặt hơn. Về phương diện tỷ giá, USDVND ghi nhận xu hướng đi ngang trong bối cảnh đồng bạc xanh tích lũy trước các tin tức đan xen tại Trung Đông và mối lo ngại dai dẳng về lạm phát tại Mỹ do chi phí nhiên liệu cao, điều này khiến kỳ vọng chính sách của Fed phần lớn vẫn nghiêng về kịch bản mang tính diều hâu. Bất chấp sự giảm nhẹ của đồng USD toàn cầu, tỷ giá USDVND vẫn nhích tăng nhẹ do áp lực liên tục từ dòng vốn ngoại rút ròng khi các nhà đầu tư nước ngoài kéo dài chuỗi bán ròng trên sàn HoSE.PDFFI-21W26-VIE
26 tháng 5, 2026