VN-Index rebounds from a bottom; which stock groups should investors buy?

During the week of April 6–10, 2026, the VN-Index gained 65.96 points, or 3.92%, to 1,750 points, marking the third consecutive weekly gain and signaling a reversal after a period of sharp volatility. The HNX-Index rose 1.58% to 251.91, while the UPCoM-Index increased 0.78% to 127.38.

Liquidity did not surge in line with the point gain, but trading activity remained stable. Average daily value traded on HOSE exceeded 24.3 trillion dong per session. SHS analysts said the VN-Index faces near-term pressure to test support in the 1,700–1,720 range.

Market development and key levels

SHS noted that the market’s overall trend is improving and stabilizing after the prior decline. Total market capitalization is around $400 billion, about 78% of 2025 GDP. Analysts said this valuation zone is not yet highly attractive amid persistent inflation pressures and high global oil prices.

In terms of technical levels, SHS identified near-term support around 1,700 and resistance near 1,800. The medium-to-long-term trend remains sideways within 1,600–1,800 points.

Liquidity and sentiment

SHS said liquidity rose modestly versus the previous week, indicating improved investor sentiment. The firm also emphasized that investors should consider adding exposure during corrections rather than chasing prices at higher levels.

Forecasts for the week and trading band

Shinhan Securities projected the VN-Index to close the week at 1,750.04, up 65.9 points on the weekly chart, citing improved liquidity. The firm said there is a high probability the index advances toward the 1,800–1,850 range, which it described as the upper boundary of the current trading band.

Shinhan Securities cautioned against chasing buys while the main trend remains sideways. It recommended prioritizing sectors linked to domestic drivers, including public investment, banks, and building materials. For real estate, it pointed to signs of capital returning after a period of heavy discounting, and said the stock sector continues to be supported by the upgrade narrative.

Risk factors and downside scenarios

Risk remains in the market. SHS Strategist Phan Tấn Nhật said that from now until the end of April 2026, the scenario of the VN-Index testing the 1,600 bottom is unlikely. However, risks could increase if unfavorable factors reemerge.

• If geopolitical tensions in the Middle East persist and Brent crude rises toward old highs around $120 per barrel, the market could face a psychological shock.
• Inflation pressures and growth concerns could return.
• If April macro indicators deteriorate and margin debt continues rising, the likelihood of a correction could increase.

While the 1,600-point level remains an important support and is described as attractive from a fundamentals perspective, analysts said medium-term direction will depend heavily on macro factors and liquidity.

Analyst views on consolidation and next resistance zones

VPS Chief Analyst Le Đức Khánh said the market appears to have formed a bottom near 1,600–1,650 and is now in a recovery and consolidation phase around key resistance levels such as 1,740–1,750, followed by 1,790–1,800. He added that global and Vietnam market dynamics remain closely tied to macro factors, geopolitical risks, Hormuz developments, and oil price movements, with growth and inflation capable of shifting momentum.

Le Đức Khánh said the firm expects positive news from forthcoming negotiations to help sustain the uptrend.

Overall takeaway

The market narrative remains cautious yet constructive, with selective opportunities focused on sectors supported by domestic fundamentals. Analysts emphasized that investors should manage entry timing—particularly by considering lower support levels during corrections—while monitoring macro and liquidity developments.