Vietnam brokerage executives upbeat on market outlook despite geopolitical volatility

Executives at Vietnamese brokerage firms remain optimistic about the stock market’s long-term prospects despite the strong corrections in March triggered by geopolitical tensions in the Middle East, citing infrastructure investment, market status upgrade, and supportive policies as key drivers for future capital inflows.

Vietnam’s benchmark VN-Index fell sharply in March, dropping for six consecutive sessions from 1,880 points on February 27 to 1,652.79 points on March 9, amid escalating tensions linked to the U.S.-Iran conflict.

Although the index has since partially recovered, it remained below the 1,700 mark, closing at 1,644.63 points on Thursday, before gaining 28.17 points to 1.672,8 points on Friday

At its AGM on Thursday, DNSE Securities said the market faced a challenging start to 2026 due to global geopolitical risks as well as rising exchange rates and interest rates, which have weighed on investor sentiment and market liquidity.

CEO Nguyen Ngoc Linh said pressures from exchange rates and interest rates are likely to be short-term, lasting through the first half of the year, adding that challenges and opportunities tend to go hand in hand in financial markets.

At a separate AGM, An Binh Securities CEO Nguyen Quang Dat said the firm plans to expand its proprietary trading activities in 2026, betting on a favourable market environment.

The company is seeking shareholder approval for a private placement to quickly raise capital to fund trading operations, with the second and third quarters seen as a “golden window” for investment, he said.

Pham The Anh, a member of the board of directors at MB Securities, said markets typically face recurring challenges, but such periods also create opportunities.

He noted that prolonged uncertainty surrounding the U.S.-Iran conflict could disrupt global oil supply chains and sustain inflationary pressures, potentially influencing monetary policy across countries, including Vietnam, and posing challenges for both the stock market and banking sector.

However, he expressed confidence that geopolitical tensions would eventually ease, allowing Vietnam to benefit from its strong growth outlook.

Key supporting factors include the government’s commitment to long-term economic expansion, accelerated implementation of major infrastructure and urban development projects, and the prospect of Vietnam’s stock market status being upgraded.

External factors, such as the potential easing of U.S. tariff policies amid rising living costs, could also provide support, he added.

On market sentiment, Pham The Anh said periods of heightened investor concern often coincide with the market’s weakest phase, suggesting that as risks are gradually absorbed, conditions may improve, and new investment opportunities could emerge.