Vietnam stock market likely to move sideways in H1/2025: expert

Vietnam’s stock market is expected to face challenges in the first half of 2025 after achieving growth for the second consecutive year in 2024, says Tran Hoang Son, director of Market Strategy at VPBank Securities JSC.

The VN-Index recorded a 12% increase in 2024, closing at 1,266.78 points and ranking among the top performers globally in 2024.

But the market suffered a significant foreign exodus to the U.S. and European markets. This shift, however, did not result in any noticeable impact, according to Son.

Looking ahead to the first half of 2025, the expected strengthening of the USD/VND exchange rate, driven by the inauguration of U.S. President-elect Donald Trump, is expected to exert pressure on Vietnam’s stock market, likely resulting in sideways movements, Son remarked.

However, in the latter half of the year, the VN-Index could experience growth, supported by its most attractive valuations in the past decade. Son recommended that investors prioritize blue-chip and high-cap stocks.

Additionally, market liquidity is projected to increase significantly three months ahead of FTSE Russell’s market status upgrade decision (September 2025) until early 2026, he added.

Highlighting opportunities within the banking and securities sectors, Son forecasted earnings growth of 17.7% and 15%, respectively, for these segments in 2025.

He also suggested investors consider stocks of industrial park developers, which are likely to benefit from increasing foreign investment flows amid ongoing U.S.-China trade tensions.

Son emphasized the potential of oil and gas stocks, as Vietnam will promote the exploration of new projects and oil fields this year.