•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
Domestic investor sentiment remains focused on developments in the Middle East. Despite a four-week recovery, Vietnam’s VN-Index and VN30 are still below the levels reached when the conflict began, down 3.4% and 3.6% respectively.
The VN-Index rose for the fourth consecutive week, reclaiming about 264 points after a drop of more than 330 points from the year’s high. At the close of the latest trading week, the index stood at 1,817.17 points, up 67 points (3.84%), supported by gains in the Vingroup group, including VIC (+59.3 points) and VHM (+12.7 points).
While global markets have moved through a “recovery” phase since the Middle East conflict began—at times reaching historical highs—risks to growth, inflation and global energy markets remain unresolved. Expectations of a peace agreement between Washington and Tehran have helped lift U.S. equities to record levels over the past week. Even Asian markets, viewed as more exposed due to the Hormuz Strait chokepoint, have largely erased earlier declines.
For Vietnam, investor sentiment continues to track Middle East developments. Apart from the April 8, 2026 session when FTSE Russell confirmed Vietnam’s upgrade following its review, the market advanced strongly in both price and liquidity. However, the subsequent rally of more than 100 points (from 1,740 to near 1,850) did not show clear participation from large funds.
According to MBS Securities, although the domestic market follows global stock market flows, several headwinds are limiting large-fund participation. These include persistent foreign net selling, with four weeks of market gains coinciding with four weeks of foreign selling totaling -11.0 trillion dong.
Market breadth also appears weaker than the index’s performance. Although the VN-Index surpassed 1,800 and approached 1,850, only about one third of stocks are priced above the 200-day moving average. Profit margins are concentrated in a limited number of individual stocks, and this has kept liquidity in the four-week rally at 26.8 trillion dong—below the three-week average decline prior (37.5 trillion) and below the level in the week before the end of March bottom (28.6 trillion).
Money flows remain concentrated, with liquidity still low and capital focused on the Vingroup group. The highest capital concentration since the end of last year has been seen in VIC and VHM, which are trading at old highs. In this context, the probability of volatility in the coming week is considered quite high.
The base case is that these blue-chip stocks stabilize or consolidate, allowing capital rotation into other large-cap groups such as retail, food, airlines, industrial real estate, Viettel, and construction and building materials.
Last week’s gains were mainly concentrated in large-cap stocks (bluechips) and VN30. If the market wobbles or corrects, funds may shift toward mid-cap stocks, particularly mid-cap names.
Technically, after four weeks of gains, the VN-Index has entered the 1,850-point region, corresponding to the 78.6% Fibonacci retracement of the mid-March decline. The lack of liquidity improvement and weak breadth suggest that stock gains are not fully aligned with the index, which could constrain the recovery outlook.
Looking ahead, the old peak region of 1,860–1,900 points requires consensus among bluechips with high liquidity. A pullback or mild correction next week could occur to facilitate capital rotation and support a breakthrough above the previous high.
In a correction scenario, the support zone is 1,770–1,780 points. Low or falling liquidity in that case would be viewed as a positive signal to deploy funds or restructure portfolios. Investors are advised to prioritize buying or restructuring portfolios in the 1,770–1,780 range and avoid chasing gains when the VN-Index surpasses 1,840 points. Attention is also directed toward mid-cap groups or sectors attracting funds, including Vingroup, retail, food, airlines, industrial real estate, Viettel, and construction and building materials.
Mirae Asset Securities said the market is approaching the old peak area, but liquidity remains low and there is no clear improvement. In the short term, the market is expected to test the key resistance zone of 1,880–1,910 points. Volatility may increase, and trading could become more subdued as the long holiday approaches. Market sentiment is also influenced by information related to the Middle East conflict.
During the AGM season and the release of Q1 results, capital flows tend to be selective, focusing on sectors with solid fundamentals, attractive valuations, and positive earnings prospects. Support levels are cited at 1,680–1,710, with resistance at 1,880–1,910.
On valuation, the price-to-earnings ratio (P/E) is about 16.8x, approaching the 10-year average. With a positive growth outlook for 2026 and expectations of a re-rating after Vietnam’s upgrade to Secondary Emerging Market by FTSE Russell, current valuations are described as attractive over the long term.
Premium gym chains are entering a “golden era” that is ending or already in decline, as rising operating costs collide with shifting consumer preferences toward more flexible, community-based ways to exercise. Long-term memberships are shrinking, margins are pressured by higher rents and facility expenses, and competition from smaller, more personalized…
