Business

Vietnam’s stock market closes 2025 with impressive 41% gain

Vietcap Securities notes that the VN-Index could potentially reach 2,033 points in 2026, representing an approximate 17% increase from the previous year. The primary drivers for this optimistic scenario are expected to be sustained high corporate profit growth and attractive market valuations.

The VN-Index on the Ho Chi Minh Stock Exchange (HoSE) hit 1,784.49 at the close of 2025, gaining nearly 518 points from the beginning of the year or approximately 41%. Photo courtesy of CafeF.
The VN-Index on the Ho Chi Minh Stock Exchange (HoSE) hit 1,784.49 at the close of 2025, gaining nearly 518 points from the beginning of the year or approximately 41%. Photo courtesy of CafeF.

Hanoi (VNA) - The Vietnamese stock market closed 2025 with strong but impressive volatility, as both indices and liquidity recorded historic milestones, reflecting the strong return of capital flows and renewed investor confidence.

At the close of the final trading session of 2025, the VN-Index, tracking the performance of the Ho Chi Minh Stock Exchange (HoSE), rose 17.59 points to 1,784.49, gaining nearly 518 points from the beginning of the year or approximately 41%.

About 704.5 million shares changed hands on the HoSE for nearly 22.35 trillion VND (849.8 million USD). The exchange recorded 134 gainers, 185 decliners, and 56 unchanged stocks.

On the Hanoi Stock Exchange, the HNX-Index fell 1.73 points to 248.77 points, with trading volume of more than 59.1 million shares and a value of nearly 1.3 trillion VND. The UPCoM-Index on the Unlisted Public Companies’ Market (UPCoM) edged up 0.22 points to 120.97, with liquidity exceeding 40.4 million shares, equivalent to 650.4 billion VND.

Looking at the whole of 2025, the Vietnamese stock market experienced many emotional swings. At one point, the VN-Index plunged to around 1,094 points due to a tariff shock, but then quickly rebounded, consecutively setting new historic highs and ending the year with an impressive gain of 517.71 points.

VIC of Vingroup and VHM of Vinhomes contributed the most to the VN-Index’s rise in 2025; while FPT of tech giant FPT, VCB of Vietcombank, and DGC of Duc Giang Chemicals exerted negative impacts on the index.

According to Maybank Investment Bank, the 2012-2025 period showed that the market typically performs positively in January, with an average return of about 4.4%, before gradually weakening in February and March. Large-cap stocks tend to move in tandem with the VN-Index and record strong gains in the first two months of the year, while mid- and small-cap stocks often break out later, accompanied by greater volatility and higher risk. This suggests that early 2026 opportunities are likely to continue favouring large-cap stocks, especially market-leading names.

Vietcap Securities notes that the VN-Index could potentially reach 2,033 points in 2026, representing an approximate 17% increase from the previous year. The primary drivers for this optimistic scenario are expected to be sustained high corporate profit growth and attractive market valuations.

VPBankS Research's 'Investment Outlook 2026' report indicates that macro-economic stability is projected to improve in this year. The quality of bad debts within the banking system has also seen improvement over the first nine months of 2025, sending positive signals about market prospects for 2026.

VPBankS predicts a target for the VN-Index of 2,087 points by the end of 2026, based on a targeted price-to-earnings (P/E) ratio of 16.5 times and an expected earnings per share (EPS) growth of 14.4% year-on-year.

Investors are focused on VN-Index valuation levels, which, as of December 25, traded at a P/E ratio of 15.8, 16% above the three-year average.

However, a report from MB Securities (MBS) offers a different perspective: excluding Vingroup stocks, the P/E ratio drops to 13.5, with a 2025 average of 12.2.
MBS said that any growth in the VN-Index, excluding Vingroup’s influence, will mainly come from core profit growth rather than inflated valuations.

They recommend a cautious P/E valuation range of 12.5-13 for 2026, maintaining a positive outlook for the first half, with the VN-Index potentially reaching 1,860 points.

Nevertheless, MBS anticipates mounting pressures in the second half of the year, stemming from new interest rate environments and their impact on market liquidity.

The cautious stance reflects the gradual effect of new rates on stock market liquidity. Additionally, some speculative capital is expected to return to the production sector as the real economy shows clear signs of recovery.

MBS expects the VN-Index to close at 1,670-1,750 points by the end of 2026, based on projected profit growth of 16-17% for listed companies./.

VNA
#Vietnamese stock market #indices #liquidity #return of capital flows #renewed investor confidence.
Follow VietnamPlus

Related News

See more

A Vinh Long official introduces signature local products to Korean guests. (Photo: VNA)

Vinh Long courts Korean investment in key sectors

Vice Chairman of the provincial People’s Committee Nguyen Truc Son vowed to accompany investors and provide them with optimal conditions, while building a transparent and stable business environment to secure long-term engagement from foreign enterprises, particularly those from Daejeon.

Delegates at the launching ceremony (Photo: VNA)

Digital platform on overseas market development launched

With Vietnam’s network of 64 trade offices overseas, Deputy PM Son noted that connecting them through a modern digital platform could help establish a unified national trade information system that operates efficiently, transparently and with strong forecasting capacity.

The Government’s issuance of Decree No. 72/2026/ND-CP revising preferential import tariffs on several petrol products and raw materials is a timely move to diversify supply sources. (Photo: VNA)

Fuel import tariff cuts strengthen Vietnam’s energy resilience: experts

Economic expert Dinh Trong Thinh said revising fuel import tariffs helps diversify supply sources and reduce reliance on traditional markets, thereby strengthening Vietnam’s ability to cope with potential global supply shocks. Ensuring access to multiple energy sources is also vital for safeguarding national energy security, he added.

Leaders of Dak Lak province inspect IUU fishing prevention and control efforts at Phu Lac fishing port, Hoa Hiep ward. (Photo: daklak.gov.vn)

Dak Lak readies for EC mission on anti-IUU fishing efforts

Dak Lak province is completing preparations for an upcoming European Commission (EC) inspection on efforts to combat illegal, unreported and unregulated (IUU) fishing, with a view to having the fisheries “yellow card” removed.

Vietnamese Ambassador to Argentina Ngo Minh Nguyet speaks at the event. (Photo: VNA)

Vietnam, Argentina promote trade, investment cooperation

On relations with South America, Nguyet noted that in December 2025, Vietnam and the Southern Common Market (MERCOSUR) announced the launch of negotiations for a Preferential Trade Agreement (PTA). She expressed her hope that the agreement will be signed soon, thereby further boosting trade and investment between Vietnam and MERCOSUR member states, including Argentina.

Customers buy petrol at a Petrolimex petrol station in Tran Hung Dao ward, Hung Yen province. (Photo: VNA)

PM orders stronger measures to ensure stable petrol supply

The MoIT was instructed to direct key petrol producers and traders to proactively develop supply plans to guarantee adequate fuel provision for distribution systems, maintain regular sale operations, and sell products at listed prices. It must also closely monitor developments in global and domestic petrol markets and adopt appropriate management measures when necessary.

Farmers in Ca Mau province use combine harvesters to harvest rice. (Photo: VNA)

PM orders coordinated measures to stabilise rice production and markets

The Minister of Agriculture and Environment is tasked with instructing local authorities to closely monitor production developments, improve forecasting capacity, strengthen pest control measures, and proactively respond to adverse weather conditions to protect crops, maintain planned yields and output, and reduce production costs.

A worker refuels a vehicle at a petrol station in Hung Yen province. (Photo: VNA)

Fuel prices slashed as stabilisation fund used

According to a joint decision by the Ministry of Industry and Trade and the Ministry of Finance, the price of RON95-III petrol – the most widely used grade – fell by 3,880 VND to 25,240 VND (0.95 USD) per litre.

Customers purchase petrol at Station No. 03 (Petrolimex Hung Yen) on Quang Trung Street, Tran Hung Dao ward, Hung Yen province. (Photo: VNA)

Hung Yen takes measures to curb speculation, stabilise fuel market

Petrolimex Hung Yen maintains regular reserves of about 5,500 cubic metres at directly managed outlets and roughly 2,000 cubic metres at franchised stations. The provincial Department of Industry and Trade has ordered closer monitoring of supply and demand and retail prices to detect shortages or unjustified price hikes.

The automobile assembly line of the Honda Phuc Yen factory in Phu Tho province (Photo: VNA)

Honda Vietnam sees decline in motorcycle, car sales

Sales of both motorcycles and automobiles by Honda Vietnam declined in February, dropping 19.6% and 41.8% year-on-year, respectively, according to the company’s latest business results released on March 11.

Team 2 of the Hanoi Market Surveillance Sub-department inspects operations of a Petrolimex petrol station on Tran Quang Khai street (Photo: VNA)

Hanoi maintains stable supply of petrol, LPG

The Hanoi Market Surveillance Sub-department said petrol and LPG trading activities across the city remain stable, with supply largely meeting demand despite volatility in global energy prices.

A Qatar Airways aircraft is seen at Noi Bai International Airport in Hanoi. (Photo: VNA)

Qatar Airways cancels 13 more flights amid Middle East conflicts

Statistics show that airspace across the Middle East has yet to return to normal operations, with multiple FIRs still imposing restrictions or partial closures. As a result, international flight operations through the region continue to face disruptions and route adjustments.