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Against a backdrop where valuations are no longer cheap and mounting pressure on corporate earnings is evident, investors are becoming more selective rather than following the earlier “buy anything and win” approach.
Capital flows are concentrating on large-cap stocks and growth-oriented firms with solid financial bases, clear profit growth, and benefits from the economic recovery cycle. In contrast, many speculative names with low liquidity or companies without a clear growth story are being left behind.
Observations from the start of 2026 show a clear divergence among stock groups. While many mid-cap and penny stocks have largely stagnated or seen liquidity deteriorate, large-cap names have continuously attracted capital.
A notable phenomenon is the strong focus on the “Vin” family of stocks. In many periods in 2026, VIC, VHM and VRE have effectively led the VN-Index thanks to their large market capitalization and capacity to attract money from both retail and institutional investors.
Market data cited in the article indicate that VIC has at times surged with outsized liquidity, becoming a “driver” of the index. The article states that VIC has contributed dozens of index points to the VN-Index, supported by strong foreign demand and speculative flows. This is presented as evidence that liquidity is increasingly concentrated on large enterprises with the scale to influence the index and an attractive growth story.
On investment forums, the term “Vin-Index” has also appeared to describe the VN-Index’s rise being driven mainly by Vin group stocks, while many mid-cap and penny stocks trade weakly—highlighting the widening divergence in the Vietnamese market.
In the banking group, stocks such as VCB, TCB and ACB have shown positive momentum due to expectations of loan growth and improving asset quality. The article adds that banks with high CASA ratios, strong ecosystems and good digitalization are being prioritized by institutions.
In the consumer–retail sector, MWG is regaining its foothold after a strong restructuring. The expected revival of domestic demand and improved performance in the Bach Hoa Xanh chain are described as making MWG a focal point for both speculative money and medium-term investors.
Beyond large-cap, capital is also favoring companies with a clear growth story. The public investment group is cited as an example: firms benefiting directly from infrastructure disbursement waves—such as HHV, VCG or CTD—often see liquidity surge as investors anticipate highway, airport and other national priority projects.
The article also points to divergence in the export sector. It says firms with large market share, strong finances and recovering orders—such as GMD in logistics or VHC in seafood—still attract capital, while many smaller peers have not shown clear recovery signals.
Overall, the article frames the market shift as moving from a broadly speculative phase toward valuation based on corporate quality. Investors are no longer willing to pay high prices for companies that rely mainly on expectations without solid profitability.
The article argues that the era of “rising tide lifts all boats” is ending. From 2020–2021, a low-rate environment and a flood of retail money created that phenomenon, where many small stocks—even poorly performing companies—rose sharply on speculative momentum.
In the current backdrop, investors are described as more cautious after major market moves. Liquidity is not as broadly distributed but more selective, particularly amid profit-taking pressures and competition for capital with other investment channels.
It adds that many stocks that surged on “hot money” are losing liquidity. Even as the VN-Index remains positive, the article notes that some small real estate stocks continue to trade thinly, suggesting the short-term speculative mindset is no longer dominant.
Within real estate, liquidity is described as increasingly differentiated. Companies with clean land banks, healthy finances and solid project execution—such as Vinhomes—continue to attract institutional attention, while highly leveraged projects face continued pressure.
Another trend highlighted is the growing role of institutional money. The article states that while the market previously depended heavily on retail investors, funds and long-term capital now influence stock movements more clearly. Institutions, it says, often prefer leading, transparent firms with sustainable growth, further widening market divergence.
In the medium to long term, the article suggests this could make the stock market more sustainable, limit extreme speculative spikes, and help attract more foreign capital. At the same time, it notes that opportunities for quick wins may narrow, leading to a more selective and patient investment approach.
— Hai Giang
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