Phân tích thị trường
Đồ thị trong ngày 2026/07/20: Chờ tín hiệu đảo chiều?Cần quan sát thêm các tín hiệu để xác nhận xu hướng tiếp theo khi thanh khoản suy giảm trong phiên cuối tuần trước. Cho đến lúc đó, nhà đầu tư nên duy trì tỷ trọng cổ phiếu ở mức an toàn.PDFChart of the day_Vi_20260720
20 tháng 7, 2026
Bản tin phái sinh 2026/07/20: Mẫu hình Bullish HaramiCác tín hiệu đang thiếu sự đồng nhất khi sự tích cực và tiêu cực đan xen. Vì thế, nhà đầu tư cần thận trọng và chờ tín hiệu xác nhận trước khi mở lại các vị thế mới.PDFDerivative daily_Vi_20260720
20 tháng 7, 2026
Nhận định thị trường 2026/07/20: Thanh khoản thấpThị trường ghi nhận phiên điều chỉnh trong bối cảnh thanh khoản duy trì ở mức thấp, cho thấy dòng tiền vẫn đứng ngoài quan sát và lực cầu chưa đủ mạnh để tạo động lực hồi phục. Đồng thời, việc chỉ số tiếp tục đóng cửa dưới hầu hết các đường trung bình động chủ đạo cho thấy xu hướng ngắn hạn vẫn còn kém tích cực và thị trường có thể tiếp tục đối mặt với các nhịp rung lắc trong những phiên tới.PDFBai Daily ngay_Vi_20260720
20 tháng 7, 2026
Nhận định thị trường 2026/07/17: Tạo đáy?Thị trường ghi nhận nhịp phục hồi mạnh trong phiên chiều và đóng cửa trong sắc xanh cùng với thanh khoản gia tăng. Tuy nhiên, diễn biến này phần nào chịu ảnh hưởng bởi hoạt động cơ cấu vị thế trong ngày đáo hạn hợp đồng tương lai VN30, vì vậy cần theo dõi thêm để xác nhận xu hướng ngắn hạn.PDFBai Daily ngay_Vi_20260717
17 tháng 7, 2026
Bản tin phái sinh 2026/07/17: Nến Piercing PatternCác tín hiệu đang thiếu sự đồng nhất khi sự tích cực và tiêu cực đan xen. Vì thế, nhà đầu tư cần thận trọng và chờ tín hiệu xác nhận trước khi mở lại các vị thế mới.PDFDerivative daily_Vi_20260717
17 tháng 7, 2026
28W26: NHNN đảo chiều sang hút ròng thanh khoảnTrong tuần 28/2026, NHNN đã quay trở lại trạng thái hút ròng thanh khoản qua kênh nghiệp vụ thị trường mở sau hai tuần bơm ròng liên tiếp, khi những căng thẳng trong hệ thống ngân hàng đã được xoa dịu thành công. Đồng thời, lãi suất liên ngân hàng hạ nhiệt ở các kỳ hạn ngắn của đường cong lãi suất, dẫn dắt bởi mức giảm mạnh ở phân khúc qua đêm sau khi nhu cầu vốn thời điểm giữa năm bình ổn trở lại, trong khi các kỳ hạn dài hơn nhích tăng nhẹ. Trong khi đó, trên thị trường ngoại hối, tỷ giá USDVND liên ngân hàng trong nước giảm nhẹ xuống mức 26,269 bất chấp áp lực bán ròng dai dẳng của khối ngoại trên sàn HoSE và biên bản cuộc họp mang tính diều hâu của Fed gây áp lực lớn lên đồng nội tệ.PDFFI-28W26-VIE
16 tháng 7, 2026
Bản tin phái sinh 2026/07/16: Đáy mớiVới tín hiệu hiện tại thì xu hướng giảm ngắn hạn đã được xác nhận. Vì thế, nhà đầu tư có thể mở lại các vị thế Short trong phiên tới.PDFDerivative daily_Vi_20260716
16 tháng 7, 2026
Nhận định thị trường 2026/07/16: Áp lực bán gia tăngThị trường ghi nhận phiên giảm điểm mạnh khi lực cung vẫn chiếm ưu thế. Diễn biến này cho thấy tâm lý thận trọng vẫn bao trùm thị trường, đồng thời hàm ý xu hướng ngắn hạn vẫn nghiêng về chiều hướng tiêu cực và chỉ số có thể tiếp tục đối mặt với các nhịp rung lắc trong những phiên tới.PDFBai Daily ngay_Vi_20260716
16 tháng 7, 2026
Bản tin phái sinh 2026/07/15: Hồi kỹ thuật?Tuy tín hiệu đảo chiều đã xuất hiện nhưng rủi ro vẫn còn. Vì thế, nhà đầu tư cần chờ thêm các tín hiệu xác nhận xu hướng trước khi mở lại các vị thế.PDFDerivative daily_Vi_20260715
15 tháng 7, 2026
Nhận định thị trường 2025/07/15: Lực cầu phiên chiềuThị trường ghi nhận phiên tăng điểm nhẹ nhờ vào lực cầu ở vùng giá thấp vào cuối phiên. Tuy nhiên, thanh khoản lại có phần suy giảm và việc chỉ số vẫn duy trì dưới hầu hết các đường trung bình động chủ đạo cho thấy tín hiệu phục hồi vẫn chưa đáng tin cậy.PDFBai Daily ngay_Vi_20260715
15 tháng 7, 2026
Tin tức nổi bật
Market commentary 2026/06/15: Selling pressure intensified
The market continues to move sideways in the short term as buying demand remains insufficient to generate a meaningful breakout. Moreover, the index has yet to reclaim its medium-term moving average, suggesting that the current trend has not turned convincingly positive and requires further confirmation signals in the coming sessions.15 tháng 6, 2026
Derivatives 2026/06/15: Late-session selling pressure
With the Bearish Engulfing pattern confirmed last week, the downtrend may be re-established. Accordingly, traders may consider re-entering short positions in the upcoming session.15 tháng 6, 2026
![VPB- Brief - [NONRATED] - Strong credit expansion](/_next/image?url=https%3A%2F%2Fdms2stj3pztto.cloudfront.net%2F5ivefbr0%2Fvpb.jpg%3Fformat%3Dwebp%26height%3D608%26mode%3Dcrop%26quality%3D80%26width%3D1080&w=3840&q=75)
VPB- Brief - [NONRATED] - Strong credit expansion
1Q26 PAT rose +61% YoY to VND 6,329bn, partially driven by a low base in 1Q25 and supported by strong operating income growth (+26% YoY). 1Q26 earnings completed 19% of the full-year 2026 guidance.15 tháng 6, 2026
Market commentary 2026/06/12: Selling pressure returns
The market ended lower while liquidity remained subdued, suggesting that cautious investor sentiment continues to dominate. This performance also indicates that the market has yet to find a sufficiently strong catalyst for a sustainable recovery, and short-term volatility is likely to persist.12 tháng 6, 2026
Derivatives 2026/06/12: Declining liquidity
Current signals lack consistency. Traders should therefore wait for further trend confirmation before opening new positions.12 tháng 6, 2026
![FPT - Brief - [NONRATED] - 1Q26: FPT Shop rebounds, Long Chau sustains strong growth](/_next/image?url=https%3A%2F%2Fdms2stj3pztto.cloudfront.net%2Fepqdxxws%2Ffrt.png%3Fformat%3Dwebp%26height%3D608%26mode%3Dcrop%26quality%3D80%26width%3D1080&w=3840&q=75)
FPT - Brief - [NONRATED] - 1Q26: FPT Shop rebounds, Long Chau sustains strong growth
In 1Q26, FRT recorded revenue of VND15,117bn (+29.5% yoy) and operating profit of VND474bn (+49% yoy). Both its core business chains, FPT Shop and Long Chau, recorded revenue growth and improved operating efficiency.12 tháng 6, 2026
Market commentary: Green momentum continues
The market recorded its second consecutive recovery session, accompanied by a slight improvement in liquidity. Meanwhile, the index is approaching its 100-day moving average (MA100), suggesting that the market is nearing an important testing zone that could help determine its next directional trend in the period ahead.11 tháng 6, 2026
Derivatives: Awaiting new confirmation
Signals remain mixed. Investors should wait for clearer trend confirmation before opening new positions.11 tháng 6, 2026
![PVD – Earnings Review – [HOLD] – 1Q26: Solid NPAT growth on robust E&P](/_next/image?url=https%3A%2F%2Fdms2stj3pztto.cloudfront.net%2F3tbnqqaj%2Fpvd.jpg%3Fformat%3Dwebp%26height%3D608%26mode%3Dcrop%26quality%3D80%26width%3D1080&w=3840&q=75)
PVD – Earnings Review – [HOLD] – 1Q26: Solid NPAT growth on robust E&P
PVD’s 1Q26 revenue reached VND3,401bn (+126% yoy, ~110% of KIS forecast). Gross profit recorded strong growth at VND638bn (+136% yoy, ~94% of KIS forecast). 1Q26 NPAT reached VND300bn (+110% yoy), below our expectations but still at a strong level.11 tháng 6, 2026
May 2026: The banking sector emerged as the leading issuer
In May, total value of bond issuance declined 41.8% yoy and -7.67% mom to VND43,163bn (Fig. 1). The Banking issued VND25,450bn, 26% mom, and accounted for 59%. Major issuer was Techcombank (VND8,000bn, Table 1) and Military Bank (VND7,250bn). The Real Estates issued 14,180VNDbn with +9% yoy, -5% mom and accounting for 32.9% of total issuance (Fig. 2). VHM was the main issuer with VND8,000bn. The average coupon rate still remained 5.3% in May 2026 (Fig. 3). The Real Estate coupon rate increased to 12.5%, while the banking coupon rate maintained at 8.5%. Bond tenors were focus on ≤ 3 Years (82.95%). Notably, bond tenor of 7-10 years re-arranged after being absent in April (11.24%) (Fig 4).10 tháng 6, 2026
Derivatives: Decline stalls
The short-term downtrend remains confirmed, accompanied by increasing liquidity. Accordingly, traders may consider opening short positions in the near term.10 tháng 6, 2026
Market commentary: Demand emerges
The market managed to rebound; however, the recovery remained modest as gains were limited and liquidity declined significantly. In contrast, the previous sharp decline was accompanied by a notable increase in trading activity, suggesting that selling pressure still outweighs buying demand. Therefore, investors should continue monitoring upcoming sessions for clearer signals regarding the market's near-term direction.10 tháng 6, 2026
Market commentary: Red dominated the start of the week
The market recorded a sharp decline accompanied by rising liquidity, indicating a significant increase in selling pressure. This development was partly driven by the broad-based weakness across global equity markets, which negatively affected domestic investor sentiment and placed additional corrective pressure on the index.9 tháng 6, 2026
Derivatives: Downtrend confirmed
The short-term downtrend has been confirmed, supported by a significant increase in session liquidity. Traders may therefore consider opening short positions in the near term.9 tháng 6, 2026
Covered warrant: Liquidity stabilizes
During the past week, the covered warrant market continued to exhibit weak performance, with the majority of warrants closing lower. At the same time, the decline in the underlying equity market suggests that investor caution remains prevalent, preventing any meaningful improvement in capital flows while selling pressure continues to dominate.9 tháng 6, 2026
Market Trader: Foreign investors maintained their net-selling trend
By investor group, trading activity from both domestic retail investors and domestic institutional investors continued to weaken, falling 14.9% and 15.8%, respectively, from the previous week.9 tháng 6, 2026
Strategic Insight - 06/2026: Attractive market valuation
The stock market may experience significant short-term volatility as investors grow concerned over inflation and high oil prices. Nevertheless, we believe the current market is undervalued, with 76% of stocks trading below their fair value, while the economy maintains its recovery trajectory despite external headwinds.9 tháng 6, 2026
![CTG – Brief – [NONRATED] – Robust Growth Trend Persists](/_next/image?url=https%3A%2F%2Fdms2stj3pztto.cloudfront.net%2F3w4hv2ba%2Fctg.jpg%3Fformat%3Dwebp%26height%3D608%26mode%3Dcrop%26quality%3D80%26width%3D1080&w=3840&q=75)
CTG – Brief – [NONRATED] – Robust Growth Trend Persists
1Q26 PAT surged +63% YoY to VND 8,960bn, driven by robust operating income growth (+22.7% YoY) alongside well-controlled operating and risk provision expenses. 1Q26 earnings accounted for 25% of the full-year 2026 guidance9 tháng 6, 2026
![VSC – Brief – [NONRATED] – Leverage eroded 1Q26 net profit](/_next/image?url=https%3A%2F%2Fdms2stj3pztto.cloudfront.net%2Fm5kjftvt%2Fvsc.jpg%3Fformat%3Dwebp%26height%3D608%26mode%3Dcrop%26quality%3D80%26width%3D1080&w=3840&q=75)
VSC – Brief – [NONRATED] – Leverage eroded 1Q26 net profit
In 1Q26, VSC reported consolidated revenue of VND861bn (-1.3% qoq, +26.2% yoy), driven by higher throughput volumes at key downstream ports following strategic cooperation with HAH. NPAT plunged to VND70bn (-37% YoY).9 tháng 6, 2026
23W26: SBV withdraws liquidity while interbank rates diverge
In 23W26, the SBV shifts to a net liquidity withdrawal from the banking system. Besides, interbank rates record a divergence across tenors as short tenors decrease while longer terms increase, accompanied by a notable decline in trading activity. In the FX market, USDVND continues to trade sideways with an upward bias, supported by hawkish Fed expectations. Meanwhile, persistent foreign outflows, as global capital continues to rotate away from emerging markets, are adding further pressure to the USDVND outlook in the coming periods.8 tháng 6, 2026
Ưu đãi nổi bật
Market commentary 2026/06/15: Selling pressure intensified
The market continues to move sideways in the short term as buying demand remains insufficient to generate a meaningful breakout. Moreover, the index has yet to reclaim its medium-term moving average, suggesting that the current trend has not turned convincingly positive and requires further confirmation signals in the coming sessions.15 tháng 6, 2026
Derivatives 2026/06/15: Late-session selling pressure
With the Bearish Engulfing pattern confirmed last week, the downtrend may be re-established. Accordingly, traders may consider re-entering short positions in the upcoming session.15 tháng 6, 2026
VPB- Brief - [NONRATED] - Strong credit expansion
1Q26 PAT rose +61% YoY to VND 6,329bn, partially driven by a low base in 1Q25 and supported by strong operating income growth (+26% YoY). 1Q26 earnings completed 19% of the full-year 2026 guidance.15 tháng 6, 2026
Market commentary 2026/06/12: Selling pressure returns
The market ended lower while liquidity remained subdued, suggesting that cautious investor sentiment continues to dominate. This performance also indicates that the market has yet to find a sufficiently strong catalyst for a sustainable recovery, and short-term volatility is likely to persist.12 tháng 6, 2026
Derivatives 2026/06/12: Declining liquidity
Current signals lack consistency. Traders should therefore wait for further trend confirmation before opening new positions.12 tháng 6, 2026
FPT - Brief - [NONRATED] - 1Q26: FPT Shop rebounds, Long Chau sustains strong growth
In 1Q26, FRT recorded revenue of VND15,117bn (+29.5% yoy) and operating profit of VND474bn (+49% yoy). Both its core business chains, FPT Shop and Long Chau, recorded revenue growth and improved operating efficiency.12 tháng 6, 2026
Market commentary: Green momentum continues
The market recorded its second consecutive recovery session, accompanied by a slight improvement in liquidity. Meanwhile, the index is approaching its 100-day moving average (MA100), suggesting that the market is nearing an important testing zone that could help determine its next directional trend in the period ahead.11 tháng 6, 2026
Derivatives: Awaiting new confirmation
Signals remain mixed. Investors should wait for clearer trend confirmation before opening new positions.11 tháng 6, 2026
PVD – Earnings Review – [HOLD] – 1Q26: Solid NPAT growth on robust E&P
PVD’s 1Q26 revenue reached VND3,401bn (+126% yoy, ~110% of KIS forecast). Gross profit recorded strong growth at VND638bn (+136% yoy, ~94% of KIS forecast). 1Q26 NPAT reached VND300bn (+110% yoy), below our expectations but still at a strong level.11 tháng 6, 2026
May 2026: The banking sector emerged as the leading issuer
In May, total value of bond issuance declined 41.8% yoy and -7.67% mom to VND43,163bn (Fig. 1). The Banking issued VND25,450bn, 26% mom, and accounted for 59%. Major issuer was Techcombank (VND8,000bn, Table 1) and Military Bank (VND7,250bn). The Real Estates issued 14,180VNDbn with +9% yoy, -5% mom and accounting for 32.9% of total issuance (Fig. 2). VHM was the main issuer with VND8,000bn. The average coupon rate still remained 5.3% in May 2026 (Fig. 3). The Real Estate coupon rate increased to 12.5%, while the banking coupon rate maintained at 8.5%. Bond tenors were focus on ≤ 3 Years (82.95%). Notably, bond tenor of 7-10 years re-arranged after being absent in April (11.24%) (Fig 4).10 tháng 6, 2026
Derivatives: Decline stalls
The short-term downtrend remains confirmed, accompanied by increasing liquidity. Accordingly, traders may consider opening short positions in the near term.10 tháng 6, 2026
Market commentary: Demand emerges
The market managed to rebound; however, the recovery remained modest as gains were limited and liquidity declined significantly. In contrast, the previous sharp decline was accompanied by a notable increase in trading activity, suggesting that selling pressure still outweighs buying demand. Therefore, investors should continue monitoring upcoming sessions for clearer signals regarding the market's near-term direction.10 tháng 6, 2026
Market commentary: Red dominated the start of the week
The market recorded a sharp decline accompanied by rising liquidity, indicating a significant increase in selling pressure. This development was partly driven by the broad-based weakness across global equity markets, which negatively affected domestic investor sentiment and placed additional corrective pressure on the index.9 tháng 6, 2026
Derivatives: Downtrend confirmed
The short-term downtrend has been confirmed, supported by a significant increase in session liquidity. Traders may therefore consider opening short positions in the near term.9 tháng 6, 2026
Covered warrant: Liquidity stabilizes
During the past week, the covered warrant market continued to exhibit weak performance, with the majority of warrants closing lower. At the same time, the decline in the underlying equity market suggests that investor caution remains prevalent, preventing any meaningful improvement in capital flows while selling pressure continues to dominate.9 tháng 6, 2026
Market Trader: Foreign investors maintained their net-selling trend
By investor group, trading activity from both domestic retail investors and domestic institutional investors continued to weaken, falling 14.9% and 15.8%, respectively, from the previous week.9 tháng 6, 2026
Strategic Insight - 06/2026: Attractive market valuation
The stock market may experience significant short-term volatility as investors grow concerned over inflation and high oil prices. Nevertheless, we believe the current market is undervalued, with 76% of stocks trading below their fair value, while the economy maintains its recovery trajectory despite external headwinds.9 tháng 6, 2026
CTG – Brief – [NONRATED] – Robust Growth Trend Persists
1Q26 PAT surged +63% YoY to VND 8,960bn, driven by robust operating income growth (+22.7% YoY) alongside well-controlled operating and risk provision expenses. 1Q26 earnings accounted for 25% of the full-year 2026 guidance9 tháng 6, 2026
VSC – Brief – [NONRATED] – Leverage eroded 1Q26 net profit
In 1Q26, VSC reported consolidated revenue of VND861bn (-1.3% qoq, +26.2% yoy), driven by higher throughput volumes at key downstream ports following strategic cooperation with HAH. NPAT plunged to VND70bn (-37% YoY).9 tháng 6, 2026
23W26: SBV withdraws liquidity while interbank rates diverge
In 23W26, the SBV shifts to a net liquidity withdrawal from the banking system. Besides, interbank rates record a divergence across tenors as short tenors decrease while longer terms increase, accompanied by a notable decline in trading activity. In the FX market, USDVND continues to trade sideways with an upward bias, supported by hawkish Fed expectations. Meanwhile, persistent foreign outflows, as global capital continues to rotate away from emerging markets, are adding further pressure to the USDVND outlook in the coming periods.8 tháng 6, 2026
