Stock Market Perspective in the First Week of September 2025: It's Time to Find Businesses with Excellent Growth

Now the investment story is no longer about cheap valuations but about finding businesses with excellent growth in the coming time.

The market had 4 consecutive weeks of positive gains in August, despite strong divergence in the last week of the month. VN-Index ended August 2025 at 1,682.21 points, with positive developments, strong gains and liquidity setting a new record.

VN-Index increased by 11.96% compared to July and increased by 32.8% compared to the end of 2024. Meanwhile, VN30 ended the 28th month at 1,865.38 points, up 15.49% compared to July, up 38.7% compared to the end of 2024.

In August, most industry groups had positive developments. The most prominent was the Securities group when market liquidity continuously set records, followed by Banking when credit grew strongly, valuations were attractive and prospects for upgrading were optimistic. The next groups with good growth were real estate, seaports, insurance, retail, steel... except for some groups of textile, industrial park, technology-telecommunications codes that decreased in price.

Market liquidity set a new record in August. Trading volume on HOSE reached 35 billion shares, up 12.4% compared to July, averaging 1.67 billion shares/session. The downside was the sudden net selling by foreign investors with a value of -42,199.9 billion VND on HOSE in August.

SHS Securities analysts believe that the price increase exceeded expectations based on positive factors: (1) The economy grew at a high rate in the first 6 months of the year. (2) The business results of listed enterprises grew strongly in the second quarter of 2025. (3) Expectations of new growth momentum from Resolutions 57-59-66-68-NQ/TW 2025. (4) The market valuation is still relatively attractive compared to past averages and future growth prospects. (5) Optimistic upgrade. Total market capitalization is about 368 billion USD, equivalent to 77% of GDP in 2024. The P/E valuation of the whole market is at 15.2, the P/B level is 2.1, lower than the peak in 2022, corresponding to P/B 2.8.

Mr. Nguyen Thanh Trung, founder of FinSuccess, said that since the bottom of April 2025, the stock market has experienced a historic increase of more than 600 points from the bottom without a significant correction (usually >8%). According to statistics of past bull markets, the stock market usually has 2-3 major corrections in a price increase cycle.

FinSuccess believes that we are approaching a major correction and the investment theme will change a lot when the correction occurs.

Phase 1: from April 2025 to present - Revaluation theme  

Mr. Trung acknowledged that the recent increase came from the stock market being revalued at a higher level after the tariff uncertainties gradually passed and Vietnam was preparing to enter the historic "Era of Rising" - which was seen through the Government 's decisions since the beginning of the year on Monetary Policy, Fiscal Policy, Promoting the Private Economy through Resolution 68/NQ-TW 2025 or removing large real estate projects...

Changes in the business environment and governance from the “brain” agencies make investors more optimistic about the economic outlook, thereby accepting a higher price for risky assets such as stocks even though the intrinsic numbers have not changed. That is why, although the core profit growth in the first and second quarters of 2025 has not been really positive, the market has increased beyond the past median valuation range.

And it can also be seen that stocks with changes in Business and Management factors are also the group with the best performance in recent times. For example, Vingroup, Gelex , Sovico, LPB, Real Estate... Meanwhile, changes in financial statement numbers are still nothing special.

Current Stage and Beyond - Growth Investing Theme

After a hot increase, the market valuation has been higher than the past median when PE and PB are 15.3 and 2.1, respectively, compared to the median of 14.1 and 1.82. When the valuation is higher, the risk is also higher. Now the investment story is no longer about cheap valuation but the time to find businesses with excellent growth in the coming time. And this is also the guiding principle in FinSuccess's investment strategy in the next 1 year. FinSuccess will accept a higher valuation for businesses with outstanding growth.

According to FinSuccess's assessment, the above stocks have surpassed the reasonable price range and have increased somewhat rapidly. This is also the premise for Mr. Trung to believe that the cash flow will return to more fundamental stocks, where the two quantitative factors of Finance (growth) and Reasonable Valuation will be more concerned.

Overall, FinSuccess is still very optimistic about the market's upward trend in the next 2 years but is also a bit cautious in the short term. The current investment strategy still maintains a high proportion of stocks and prepares for changes in investment themes in the coming time. And most importantly, BUSINESS - MANAGEMENT - FINANCE - VALUATION are always the 4 decisive factors when FinSuccess invests in a business, instead of focusing too much on short-term fluctuations of the market.

Source: https://baodautu.vn/goc-nhin-ttck-tuan-dau-thang-92025-da-den-luc-tim-doanh-nghiep-tang-truong-xuat-sac-d377094.html