VN-Index climbs to fresh record as brokerage stocks surge

Vietnam’s benchmark VN-Index rose to a fresh record high on Monday, as money rotated from stocks that had rallied sharply earlier into lagging sectors, with brokerage stocks leading the gains.

The index, which represents the Ho Chi Minh Stock Exchange, closed at 1,877.33 points, up 9.43 points from the previous session. Market breadth was positive, with 240 stocks advancing on the major bourse, outnumbering 91 decliners.

Brokerage stocks were the standout performers, with a string of stocks hitting their daily limit, including SHS, VND, SSI, HCM, VCI, AGR, BSI, and CTS.

Banking stocks also posted strong gains. BID, VCB and VPB rose to their ceiling levels, while ACB, STB, TCB, TPB, OCB and VIB climbed between 3% and 4%.

Other sectors, such as steel, fertilisers, real estate, excluding Vingroup-related stocks, and industrial park developers also traded higher.

By contrast, stocks that had surged strongly in the previous period came under pressure.

Vingroup subsidiaries VIC and VHM fell to their daily limit, VRE slid 6.86%, while VPL was flat.

State-backed conglomerates and large-cap firms including GAS, BSR, PLX, BCM, PVS, BVH and KSV edged down 1% to 2%.

The session underscored a rotation of funds out of heavily-rallied stocks into sectors that had seen sharper corrections in recent weeks. Trading value remained elevated, reaching VND40.7 trillion dong ($1.55 billion) on the HoSE alone, up 72% from the average level in December 2025.

Foreign investors posted a fourth consecutive session of net buying across all three exchanges, with net inflows of over VND1.02 trillion ($38.9 million). They net bought VCB, VPB, HPG, MWG, TCX, SHB and GAS, while net selling VRE, VHM, STB, CTG and VJC.

Since the start of 2026, the VN-Index has gained nearly 100 points, supported by a sharp improvement in liquidity and a return of foreign net buying.

SSI Research said the market recovery that began in November 2025 broadened beyond Vingroup-related stocks in December and maintained its outlook for the VN-Index to reach 1,920 under its base-case scenario and as high as 2,120 in a bullish scenario in 2026.

Historically, January has delivered the strongest returns of the year, with average gains of 3.7% and a nearly 70% probability of rising, according to data from the past 16 years.

The market has also tended to rise between the Solar New Year and Lunar New Year holidays, with gains recorded in 13 of the last 16 years, averaging about 5%.

A positive outlook for Q4/2025 earnings, easing interest rate pressures compared with late 2025, and renewed foreign net buying in recent weeks are among the key factors supporting the market.