Steady growth momentum, positive cash flow will continue to flow into stocks

The Vietnamese stock market is still proving to be a strong attraction for both domestic and foreign investors. Cash flow is expected to continue to spread more strongly in the coming months.

Firmly on the path of financial market reform

Within the framework of the Vietnam Financial Advisors High-Level Forum VWAS 2025 organized by the Finance - Investment Newspaper and the Vietnam Financial Advisors Community (VWA) on September 25, 2025, representatives of management agencies and market members shared and discussed the prospects of the stock market in the face of new opportunities.

At the Forum, Mr. Bui Hoang Hai, Vice Chairman of the State Securities Commission, shared more details about the important working trip recently led by the Minister of Finance .

Discussion session "Stock market before new opportunities". Photo: Chi Cuong

Mr. Bui Hoang Hai said that the working group worked directly with investors and had 100 more sideline meetings with foreign investors. These meetings showed that foreign investors have great interest in the Vietnamese stock market.  

In particular, FTSE Russell and the London Stock Exchange have highly appreciated Vietnam's efforts in the market reform process. They assessed that no country has ever had direct participation from the highest level, from the government level, the Ministry of Finance participating in the implementation and reform of the market to create the highest convenience for foreign investors like Vietnam. This effort has been recognized for more than a year. Both FTSE Russell and the London Stock Exchange expressed confidence in Vietnam's financial market reform roadmap.  

The Vice Chairman of the State Securities Commission also emphasized that upgrading the stock market is not the ultimate goal. The ultimate goal is how to improve the efficiency of the stock market in allocating and mobilizing capital. The story of upgrading has been talked about a lot, the 2019 Stock Market Development Project also set out the goal of upgrading, so this is just one of many goals to develop and improve the efficiency of the stock market, thereby mobilizing capital for the economy .  

Recent policy reforms have all aimed at creating more favorable conditions for international capital to access the Vietnamese stock market. The upgrade is a milestone recognizing the stock market's contribution to the economy.  

Regarding foreign capital, Mr. Bui Hoang Hai said that foreign investors highly appreciate the transparency and openness of the Vietnamese market regarding future plans with specific roadmaps, for example, the stock market restructuring project, the institutional investor development project, the CCP implementation roadmap, etc. to create conditions for foreign investors to participate and reduce risks in the financial market.

Cash flow will continue to spread in the context of the up-trend market.

While market confidence is still tied to the upgrade story, recent trading sessions have been quite volatile. The outlook for the remaining months of the year is one of the top questions investors are concerned about.  

Sharing at the Forum, Dr. Le Duc Khanh, Director of Analysis at VPS Securities Company, said that 2025 is a very special year for the Vietnamese stock market. One of the factors measuring the attractiveness of the market is explosive trading sessions with large liquidity, cash flow participating increased sharply with 2-3 billion USD. The level of many stocks exceeded historical peaks.  

Currently, the economic growth outlook and future expectations have pushed money into the stock market. In technical analysis, after the market surpassed the 2022 peak, stocks are facing a strong resistance zone ahead, at least 1,800 points. After 4 consecutive months of increase, September may be a correction period. But then it will enter a new cycle to overcome. In terms of general trend, the market is still balanced before the upcoming growth cycle and is in a major uptrend.  

However, the allocation level will be different, Mr. Khanh assessed. From October onwards, the story will be the choice of cash flow when flowing into stocks that have not increased significantly. This will be the trend in the last months of 2025 and the following year.  

From the perspective of Ms. Do Minh Trang, Director of Market Analysis and Strategy Department, ACBS Securities Company, this expert gave a very positive forecast for the upcoming trend.  

Ms. Trang said that from the beginning of the year, ACBS predicted that this would be a pivotal year and in particular, expected transactions around the median valuation range of about 1,450 - 1,500 points. However, later, subsequent stories such as tariffs changed many forecasts. Businesses were better than expected, far exceeding previous expectations, especially in the Banking and Real Estate sectors.

At the current point, Ms. Trang believes that the point of 1,700 - 1,750 is suitable for the VN-Index at this time in the current context of listed enterprises. However, this number still does not reflect the growth momentum of the economy as well as enterprises. For example, with the growth of the public investment group, cash flow will be spread to other industries and other enterprises, thereby promoting stronger profits in the market.

"In the past 2-3 weeks, the index has slowed down but has not really adjusted. This is due to investors' cautious mentality before many news such as GDP growth figures for the third quarter or the upgrade story, so waiting for news is completely normal," Ms. Do Minh Trang analyzed, at the same time predicting that, with a scenario with many positive factors, investors can completely expect stronger increases in the next 6 months.

ACBS analyst is confident in the possibility of another 1 standard deviation increase in valuation, compared to the current increase, the stock market could reach 2,000 - 2,100 points.  

Note another story, ACBS data shows that from April until now, the force influencing liquidity in the market comes from the group of domestic institutional investors while the proportion of foreign investors has not changed much. The change of the group of domestic institutional investors does not come from self-trading but from funds, enterprises,... showing a new force participating with smart money flow coming from domestic enterprises. This is a very positive signal and is expected to continue to stay in the market in the coming period.  

Source: https://baodautu.vn/dong-luc-tang-truong-vung-vang-dong-tien-tich-cuc-se-tiep-tuc-chay-vao-chung-khoan-d393880.html