VN-Index surpasses three-year high as market sustains rally amid Q2 earnings optimism

VN-Index surpasses three-year high as market sustains rally amid Q2 earnings optimism

Việt Nam’s stock market wrapped up the last trading week of June on an upbeat note, as the VN-Index rose to its highest point in over three years, even amid ongoing geopolitical tensions and wary investor attitudes.

An investor monitors stock market movements at MB Securities Joint Stock Company. — VNA/VNS Photo

Việt Nam’s stock market ended the final trading week of June 2025 on a positive note, with the VN-Index climbing to its highest level in more than three years despite persistent geopolitical uncertainty and cautious investor sentiment.

For the week, the VN-Index advanced by 22.09 points, equivalent to a gain of 1.64 per cent, to close at 1,371.44 points — the highest since March 2022. A sharp correction early in the week, triggered by renewed fears over the Israel–Iran conflict was quickly absorbed, enabling the market to shake off selling pressure and reinforce a constructive tone. Demand came back strong, particularly in large-cap and real estate stocks, supporting the index in decisively breaking through the critical resistance around 1,350 points.

Liquidity remained stable and even improved slightly. Average daily trading value reached VNĐ21.4 trillion (US$820.1 million), up nearly four per cent against the previous week, though turnover remained selective as many shares had already gained rapidly.

Sector rotation persisted, but the prevailing trend was positive, with 16 out of 21 sectors advancing. Leading the recovery were real estate (up 6.93 per cent) and industrial zone real estate (up 4.9 per cent). Consumer sectors like technology and retail also posted notable gains.

Conversely, oil and gas stocks retreated by 3.48 per cent, driven down by a sharp decline in global oil prices after the United States signalled plans to release strategic reserves and expectations of stabilising supply as Middle East tensions eased. Fertilisers and pharmaceuticals also recorded modest declines.

The VN30 basket continued to underpin the broader market. The VN30-Index rose by 2.84 per cent to 1,475.89 points, approaching the strong resistance band of 1,480–1,500 points, which corresponds to key support levels during the peak in late 2021 and early 2022. Notable contributors included Masan Group (MSN), Mobile World (MWG), Vinamilk (VNM), Vinhomes (VHM) and Vingroup (VIC).

Foreign investor activity was more balanced. Over the week, offshore investors net sold VNĐ42 billion on HoSE — a largely neutral figure compared to previous periods. Net buying focused on stocks with solid fundamentals such as VND, SSI and Hòa Phát Group (HPG), while FPT Corporation (FPT) and Vietcombank (VCB) saw significant net selling.

Analysts at Saigon – Hanoi Securities (SHS) commented that the VN-Index’s breakout above the May peak provided a positive signal, laying the foundation for an advance towards the 1,380–1,400 zone and possibly extending to 1,420 points.

However, they cautioned that liquidity has not yet shown a convincing surge, requiring careful monitoring as the index approaches major resistance thresholds. Investors were advised to prioritise stocks with sound fundamentals, reasonable valuations, and promising second-quarter prospects, while avoiding aggressive buying at elevated price levels.

BETA Securities similarly noted that the market may need additional time to consolidate and absorb potential supply before establishing a fresh uptrend. The recommended approach is to maintain moderate exposure, take partial profits in stocks that have reached targets and retain medium- to long-term positions in strategic sectors benefiting from public investment, energy, infrastructure and digital transformation policies.

The short-term outlook for the VN-Index remains constructive, supported by optimism around Q2 earnings and policy signals on trade. However, growing selectivity among stocks underscores the need for investors to exercise caution in risk management and new allocations as the market approaches historical resistance areas. 

Bizhub