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Market commentary 2026/07/17: Bottoming out?
The market staged a strong afternoon rebound and closed higher with improving liquidity. However, this performance was partly driven by position rebalancing on the VN30 futures contract expiration day. Therefore, additional confirmation is needed before concluding that a short-term trend reversal has taken place.July 17, 2026
Derivatives 2026/07/17: Piercing pattern
Technical indicators lack consistency as bullish and bearish signals intertwine. Consequently, Traders should remain cautious and await confirmation signals before reopening new positions.July 17, 2026
![Oil & Gas - In-depth - [NEUTRAL] - Upstream may take the spotlight](/_next/image?url=https%3A%2F%2Fdms2stj3pztto.cloudfront.net%2Fscddw4nv%2Foilgas.png%3Fformat%3Dwebp%26height%3D608%26mode%3Dcrop%26quality%3D80%26width%3D1080&w=3840&q=75)
Oil & Gas - In-depth - [NEUTRAL] - Upstream may take the spotlight
We reinstate optimistic prospect for upstream Exploration and Production (E&P) sub-segment, but generally remained quite NEUTRAL for the rest of the sub-segments. Thus, we rate overall NEUTRAL recommendation for Oil & Gas Sector. Exploration & Production key prospect: (1) Rising E&P demand potential fueled by PVN’s growth KPIs, smoother legal process and higher oil level and rising upstream investment. (2) Demand for drilling rigs remained high in Southeast Asia.July 17, 2026
28W26: SBV reverses to net withdrawal
In 28W26, the SBV returned to a net liquidity withdrawal through open market operations after two consecutive weeks of net injection, as banking system strains successfully eased. Concurrently, interbank rates softened at the short end of the curve, led by a sharp decline in the overnight segment following the normalization of mid-year funding demand, while longer tenors edged slightly higher. Meanwhile, in the FX market, the domestic interbank USDVND rate edged down to 26,269 despite persistent foreign net selling on the HoSE and hawkish Fed minutes put broader pressure on the currency.July 16, 2026
Market commentary 2026/07/16: Selling pressure intensified
The market recorded a sharp decline as selling pressure continued to dominate. This suggests that cautious investor sentiment remains prevalent, while the short-term outlook continues to lean negative, with the market likely to face further volatility in the coming sessions.July 16, 2026
Derivatives 2026/07/16: New low
Given these signals, the short-term downtrend is confirmed. Traders may look to re-open short positions in the next session.July 16, 2026
Derivatives 2026/07/15: A technical rebound?
Although a reversal signal has appeared, risks remain. Traders should therefore wait for further trend-confirmation signals before they reopen their positions.July 15, 2026
Market commentary 2026/07/15: Afternoon demand emerged
The market posted a modest gain as bargain hunting emerged toward the end of the session. However, trading liquidity weakened, while the VNIndex remained below most of its key moving averages, suggesting that the current recovery has yet to gain convincing technical confirmation.July 15, 2026
Derivatives 2026/07/14: A downtrend?
The downtrend has been confirmed on rising volume. Investors may therefore consider reopening short positions.July 14, 2026
Market commentary 2026/07/14: Broad-based selling pressure
The market recorded a sharp decline alongside a significant increase in trading liquidity, indicating that selling pressure continued to outweigh buying demand while cautious investor sentiment remained dominant. This suggests that the short-term outlook remains tilted to the downside.July 14, 2026
Covered warrant 2026/07/14: Cash flows continued to decline
During the week, the covered warrant market remained weak as liquidity continued to decline and the number of declining warrants still significantly outnumbered advancing ones. Meanwhile, the underlying equity market also showed cautious trading conditions, with the benchmark index falling and capital flows showing no clear signs of improvement.July 14, 2026
Market Trader 2026/07/14: Foreign investors extended their net selling streak
By investor group, trading activity by domestic retail investors declined by 5.5% WoW. Meanwhile, domestic institutional investors turned more active, with trading value increasing 5.9% from the previous week.July 14, 2026
June 2026: The real estate sector emerged as the leading issuer.
In June, total value of bond issuance declined 9.03% yoy but increased 119.97% mom to VND112,333bn (Fig. 1). The Banking issued VND48,069bn, 53% mom, and accounted for 42.8%. Major issuer was Techcombank (VND9,000bn, Table 1) and Sacombank (VND8,800bn). The Real Estates issued VND53,515 with +260% yoy, +272% mom and accounting for 47.6%, held the first rank of total issuance (Fig. 2). VHM was the main issuer with VND21,000bn and Hung Phat Invest (VND9,300bn). The average coupon rate still remained 5.3% in Jun 2026 (Fig. 3). The Real Estate coupon rate dropped to 11.2%, while the banking coupon rate slightly edged up to 8.6%. Bond tenors were focus on ≤ 3 Years (72.32%). Notably, bond tenor of over 10 years re-arranged after being absent in Dec 2025 (2.37%) (Fig 4).July 13, 2026
Derivatives 2026/07/13: Selling pressure intensifies
Investors should continue to monitor the market for clearer confirmation of the short-term trend, and consider reopening positions only when a safe reversal signal appears.July 13, 2026
Chart of the day 2026/07/13: A sell signal?
Additional signals should be observed to confirm the next trend, as liquidity remains low. Until then, investors should keep their equity exposure at a safe level.July 13, 2026
Market commentary 2026/07/13: Stepped back
The market continued to retreat while liquidity remained subdued, indicating that capital inflows are still cautious and buying demand has yet to gain sufficient strength to improve the market trend. In addition, the VNIndex closed below most of its key moving averages, suggesting that the technical outlook remains weak and increasing the risk of further short-term corrections.July 13, 2026
![Steel - In-depth - [LESS POSITIVE] - Challenges](/_next/image?url=https%3A%2F%2Fdms2stj3pztto.cloudfront.net%2Fwt1baa1h%2Fsteel-2.jpg%3Fformat%3Dwebp%26height%3D608%26mode%3Dcrop%26quality%3D80%26width%3D1080&w=3840&q=75)
Steel - In-depth - [LESS POSITIVE] - Challenges
Overall sector: For 2H2026F, we forecast total steel sales volume in Vietnam to grow by -3.3% yoy. Domestic market: Forecasted at -5.6% yoy. We anticipate that rising interest rates will dampen demand in the residential construction sector, which typically accounts for 60-70% of domestic steel consumption. Exports: In 2H2026F, we project total steel exports from Vietnam to achieve growth of +1.0-2.0% yoy.July 13, 2026
Derivatives 2026/07/10: Accumulation
Positive signals have emerged, as capital flow continues to provide support at lower price levels; however, these signals lack consistency. Traders should therefore remain cautious and wait for further confirmation before opening new positions.July 10, 2026
Market commentary 2026/07/10: Lost the MA20
The market retreated while liquidity remained subdued, indicating that capital inflows have yet to show meaningful improvement. In addition, the VNIndex closed below its 20-day moving average (MA20), suggesting that short-term momentum is weakening and the market may need more time to regain balance.July 10, 2026
27W26: SBV maintains net injection while diverging interbank rates
In 27W26, the SBV continued its net liquidity injection to ease surging pressures in the overnight segment, driven by short-term swap maturities during the week. Concurrently, interbank rates diverged as a spike in immediate cash demand pushed overnight rates sharply higher. In the FX market, the interbank USDVND rate remained virtually unchanged, staying resilient against persistent foreign net selling as a softer global greenback helped alleviate broader depreciation pressures.July 9, 2026
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Market commentary 2026/07/17: Bottoming out?
The market staged a strong afternoon rebound and closed higher with improving liquidity. However, this performance was partly driven by position rebalancing on the VN30 futures contract expiration day. Therefore, additional confirmation is needed before concluding that a short-term trend reversal has taken place.July 17, 2026
Derivatives 2026/07/17: Piercing pattern
Technical indicators lack consistency as bullish and bearish signals intertwine. Consequently, Traders should remain cautious and await confirmation signals before reopening new positions.July 17, 2026
Oil & Gas - In-depth - [NEUTRAL] - Upstream may take the spotlight
We reinstate optimistic prospect for upstream Exploration and Production (E&P) sub-segment, but generally remained quite NEUTRAL for the rest of the sub-segments. Thus, we rate overall NEUTRAL recommendation for Oil & Gas Sector. Exploration & Production key prospect: (1) Rising E&P demand potential fueled by PVN’s growth KPIs, smoother legal process and higher oil level and rising upstream investment. (2) Demand for drilling rigs remained high in Southeast Asia.July 17, 2026
28W26: SBV reverses to net withdrawal
In 28W26, the SBV returned to a net liquidity withdrawal through open market operations after two consecutive weeks of net injection, as banking system strains successfully eased. Concurrently, interbank rates softened at the short end of the curve, led by a sharp decline in the overnight segment following the normalization of mid-year funding demand, while longer tenors edged slightly higher. Meanwhile, in the FX market, the domestic interbank USDVND rate edged down to 26,269 despite persistent foreign net selling on the HoSE and hawkish Fed minutes put broader pressure on the currency.July 16, 2026
Market commentary 2026/07/16: Selling pressure intensified
The market recorded a sharp decline as selling pressure continued to dominate. This suggests that cautious investor sentiment remains prevalent, while the short-term outlook continues to lean negative, with the market likely to face further volatility in the coming sessions.July 16, 2026
Derivatives 2026/07/16: New low
Given these signals, the short-term downtrend is confirmed. Traders may look to re-open short positions in the next session.July 16, 2026
Derivatives 2026/07/15: A technical rebound?
Although a reversal signal has appeared, risks remain. Traders should therefore wait for further trend-confirmation signals before they reopen their positions.July 15, 2026
Market commentary 2026/07/15: Afternoon demand emerged
The market posted a modest gain as bargain hunting emerged toward the end of the session. However, trading liquidity weakened, while the VNIndex remained below most of its key moving averages, suggesting that the current recovery has yet to gain convincing technical confirmation.July 15, 2026
Derivatives 2026/07/14: A downtrend?
The downtrend has been confirmed on rising volume. Investors may therefore consider reopening short positions.July 14, 2026
Market commentary 2026/07/14: Broad-based selling pressure
The market recorded a sharp decline alongside a significant increase in trading liquidity, indicating that selling pressure continued to outweigh buying demand while cautious investor sentiment remained dominant. This suggests that the short-term outlook remains tilted to the downside.July 14, 2026
Covered warrant 2026/07/14: Cash flows continued to decline
During the week, the covered warrant market remained weak as liquidity continued to decline and the number of declining warrants still significantly outnumbered advancing ones. Meanwhile, the underlying equity market also showed cautious trading conditions, with the benchmark index falling and capital flows showing no clear signs of improvement.July 14, 2026
Market Trader 2026/07/14: Foreign investors extended their net selling streak
By investor group, trading activity by domestic retail investors declined by 5.5% WoW. Meanwhile, domestic institutional investors turned more active, with trading value increasing 5.9% from the previous week.July 14, 2026
June 2026: The real estate sector emerged as the leading issuer.
In June, total value of bond issuance declined 9.03% yoy but increased 119.97% mom to VND112,333bn (Fig. 1). The Banking issued VND48,069bn, 53% mom, and accounted for 42.8%. Major issuer was Techcombank (VND9,000bn, Table 1) and Sacombank (VND8,800bn). The Real Estates issued VND53,515 with +260% yoy, +272% mom and accounting for 47.6%, held the first rank of total issuance (Fig. 2). VHM was the main issuer with VND21,000bn and Hung Phat Invest (VND9,300bn). The average coupon rate still remained 5.3% in Jun 2026 (Fig. 3). The Real Estate coupon rate dropped to 11.2%, while the banking coupon rate slightly edged up to 8.6%. Bond tenors were focus on ≤ 3 Years (72.32%). Notably, bond tenor of over 10 years re-arranged after being absent in Dec 2025 (2.37%) (Fig 4).July 13, 2026
Derivatives 2026/07/13: Selling pressure intensifies
Investors should continue to monitor the market for clearer confirmation of the short-term trend, and consider reopening positions only when a safe reversal signal appears.July 13, 2026
Chart of the day 2026/07/13: A sell signal?
Additional signals should be observed to confirm the next trend, as liquidity remains low. Until then, investors should keep their equity exposure at a safe level.July 13, 2026
Market commentary 2026/07/13: Stepped back
The market continued to retreat while liquidity remained subdued, indicating that capital inflows are still cautious and buying demand has yet to gain sufficient strength to improve the market trend. In addition, the VNIndex closed below most of its key moving averages, suggesting that the technical outlook remains weak and increasing the risk of further short-term corrections.July 13, 2026
Steel - In-depth - [LESS POSITIVE] - Challenges
Overall sector: For 2H2026F, we forecast total steel sales volume in Vietnam to grow by -3.3% yoy. Domestic market: Forecasted at -5.6% yoy. We anticipate that rising interest rates will dampen demand in the residential construction sector, which typically accounts for 60-70% of domestic steel consumption. Exports: In 2H2026F, we project total steel exports from Vietnam to achieve growth of +1.0-2.0% yoy.July 13, 2026
Derivatives 2026/07/10: Accumulation
Positive signals have emerged, as capital flow continues to provide support at lower price levels; however, these signals lack consistency. Traders should therefore remain cautious and wait for further confirmation before opening new positions.July 10, 2026
Market commentary 2026/07/10: Lost the MA20
The market retreated while liquidity remained subdued, indicating that capital inflows have yet to show meaningful improvement. In addition, the VNIndex closed below its 20-day moving average (MA20), suggesting that short-term momentum is weakening and the market may need more time to regain balance.July 10, 2026
27W26: SBV maintains net injection while diverging interbank rates
In 27W26, the SBV continued its net liquidity injection to ease surging pressures in the overnight segment, driven by short-term swap maturities during the week. Concurrently, interbank rates diverged as a spike in immediate cash demand pushed overnight rates sharply higher. In the FX market, the interbank USDVND rate remained virtually unchanged, staying resilient against persistent foreign net selling as a softer global greenback helped alleviate broader depreciation pressures.July 9, 2026
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