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With the stock market remaining volatile and capital flows increasingly differentiating, investors are asking where money will go in Q2 2026—an issue that goes beyond sector selection and requires a reassessment of strategy amid overlapping macro factors. At the “Map of Money Flows for Q2 2026” program organized by Finhay Securities, experts said that while the market still faces near-term headwinds, mid- and long-term opportunities remain, supported by a positive economic backdrop and attractive valuations.
Speaking at the event, Vuong Khac Huy, Head of Analysis and Investment at Dai-ichi Life Vietnam Asset Management Company, said investors should not focus only on short-term price fluctuations, but instead build an “investment compass” based on the broader economic picture.
He noted that Vietnam’s macro environment remains positive, with recent GDP growth around 7–8%. While this is already high, the government aims higher, targeting average growth of about 10% in the coming years. This is expected to support the market over the medium and long term.
However, Mr. Huy emphasized that investment opportunities will not be distributed evenly. The market’s “investment compass” is expected to follow a K-shaped pattern, with capital concentrating on a subset of companies rather than spreading broadly.
Mr. Huy said the coming period is likely to see capital focus on large, leading enterprises, particularly those with good access to funding. In his view, not every company can easily obtain capital in the current environment, making funding access a key competitive advantage.
He added that companies capable of executing projects—especially large-scale initiatives aligned with the economy’s development direction—are also expected to benefit.
Mr. Huy stated that risks have been priced into prices, with valuations at the lowest in 10 years. He also highlighted that the market’s differentiation is likely to be reflected in how capital is allocated across companies.
From the perspective of the investment path for new investors (F0), especially those with smaller capital, Phung Minh Hoang, Strategy Director at Phu Hung Fund Management Company, said Q2 2026 is an appropriate time to start participating in the market.
He pointed to several adverse factors—such as high interest rates, geopolitical tensions, and oil price volatility—that have been partly reflected in stock prices, leaving the market trading at relatively low valuations.
Mr. Hoang cited valuation indicators including P/E and P/B, noting that they are below their 10-year average. He also said ROE is entering an improvement cycle, supported by structural changes in the economy and positive sector rotations.
He further noted that, excluding some large-cap stocks with outsized gains that dominate indices, overall market valuations appear more attractive.
In a more positive scenario, Mr. Hoang said macro conditions could improve in the latter half of 2026 as interest rates ease and geopolitical tensions ease. As a result, he characterized the headwinds as short-term and potentially temporary.
Looking ahead, both experts indicated that the Vietnamese stock market has grounds to re-rate higher over the medium and long term, supported by positive economic growth prospects.
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