The VN-Index is Projected to Reach 1,750 Points: Top 10 Potential Opportunities to Ride the Year-End Rally

In a newly published strategic report, Agriseco Securities projected a 20% growth in overall market profits in 2025 compared to 2024.

Agriseco Research forecasts that the VN-Index will reach the 1,700-1,750 point range by the end of 2025, based on: (1) a 20% growth in overall market profits; and (2) a reasonable P/E of 15 times.

Additionally, favorable factors such as the Fed’s potential rate cut starting September 2025, and the Vietnamese government’s determination to boost economic growth with a target of 8.3%-8.5% this year, along with various moves to boost credit growth, fiscal spending, public investment disbursement, and market upgrade plans, will continue to support the market’s upward trend.

With these projections, Agriseco identifies 10 potential stocks suitable for investment in the last months of 2025.

First, Vinaconex, JSC (Vinaconex, ticker: VCG) . The analysis team expects Vinaconex’s real estate segment to remain the primary growth driver for the company’s business results in 2025 due to the accelerated sales and deliveries of projects with high-profit margins.

The infrastructure construction segment is also projected to perform well, with many projects ahead of schedule. Furthermore, Vinaconex is expected to record an exceptional profit in 2025 due to its divestment from Vinaconex ITC. With an initial investment cost of VND 1,629 billion in VCR, VCG is expected to record a profit of over VND 3,670 billion from financial activities this year. Apart from generating exceptional profits, this event is anticipated to enhance cash flow and motivate the growth of other projects for Vinaconex.

Second, Hoa Phat Group (ticker: HPG) . Agriseco anticipates improved consumption volumes for HPG, attributable to demand from: (1) the real estate market, which continues to exhibit positive signals, including a 28.9% increase in new project permits in Q2/2025 compared to the previous quarter (as per the Ministry of Construction); and (2) public investment disbursements, which rose by 25.8% in the first seven months and are expected to maintain this trajectory.

Previously, Hoa Phat recorded revenue of VND 73,532 billion, a 4.4% increase compared to the same period last year, and a net profit of over VND 7,600 billion, a 23% increase in the first half of the year.

Third, Nam Long Investment Corporation (ticker: NLG) . The analysts expect NLG’s sales to continue rising, driven by the introduction of new products, and this will boost their business results in the coming years. The real estate market in the outskirts of Ho Chi Minh City, such as Long An and Dong Nai, where NLG’s projects are concentrated, is expected to recover due to infrastructure development and provincial mergers.

Moreover, profits in 2025 are projected to increase thanks to financial revenue from the sale of a 15.1% stake in the Izumi City project. NLG will benefit in the medium and long term from its large urban land fund and its focus on affordable housing projects, which align with actual demand amid limited supply in the southern region.

Fourth, Khang Dien House Trading and Investment JSC (ticker: KDH) . KDH possesses over 600 hectares of land in the eastern part of Ho Chi Minh City, which is considered highly promising for the medium and long term due to its substantial land bank.

The company’s business results in 2025 are expected to maintain their growth trajectory, mainly due to the launch of Gladia, a project developed in collaboration with Keppel (comprising 226 low-rise units and 600 apartments). Over 200 villas are currently being sold, with prices ranging from VND 200 to 250 million per square meter. Agriseco anticipates that real estate sales in the 2025-2026 period will significantly contribute to KDH’s performance, primarily driven by the Gladia project and, to a lesser extent, by Solina.

Fifth, Vietnam Technological and Commercial Joint Stock Bank (Techcombank, ticker: TCB) . Given its leading position in retail and real estate lending, Agriseco Research estimates that TCB’s credit growth in 2025 will exceed 20%, driven by: (1) reasonable interest rate levels, stimulating borrowing demand; and (2) a rebounding real estate market, which will significantly benefit TCB through its portfolio of individual home loans and real estate project financing this year.

TCB’s net interest margin continues to recover thanks to low funding costs and growing net interest income, along with improved asset quality as a result of increased loan loss provisions.

Sixth, Bank for Investment and Development of Vietnam (BIDV, ticker: BID) . Similar to TCB, Agriseco expects an improvement in BIDV’s asset quality by the end of the year. The bank’s profit growth prospects are attributed to: (1) a 16% credit growth target for 2025; (2) an expected NIM recovery to the 2.3-2.5% range; and (3) enhanced asset quality. Furthermore, BID plans to increase its charter capital to VND 91,870 billion in 2025, notably including a proposal to pay dividends in shares at a rate of 19.9% and a private placement of a maximum of 269.8 million shares (equivalent to 3.84%).

Seventh, Vietnam Industrial and Commercial Joint Stock Bank (VietinBank, ticker: CTG), with profit growth driven by a focus on retail lending. It is estimated that CTG’s net interest income in 2025 will exceed VND 70,813 billion (+15% year-on-year), and its ROA/ROE ratios have been continuously improving, indicating the bank’s positive long-term operational efficiency.

Additionally, asset quality is expected to further improve as the economy recovers and production and business activities, as well as the real estate market, rebound.

Eighth, Ho Chi Minh City Securities Corporation (ticker: HCM) . In anticipation of the market upgrade in September, Agriseco foresees that the upgrade will significantly boost HSC’s brokerage revenue and enhance its appeal to international investors. Simultaneously, HFIC’s plan to divest creates an opportunity to remove ownership barriers, increase capital scale, invest in technology, expand its service ecosystem, and attract strategic international partners, aligning with global standardization trends.

Ninth, SSI Securities Corporation (SSI) . Agriseco believes that SSI is expanding into digital financial products and services to capitalize on the digitalization trend in the securities industry. Through SSI Digital Ventures (established in 2023), the company is investing in promising tech startups, prioritizing blockchain, AI, and capital market solutions. This strategic move diversifies SSI’s portfolio, expands its ecosystem, and strengthens its long-term position.

As Vietnam moves towards market upgrade and attracts foreign capital, SSI, as the leader in serving foreign investors, is well-positioned to benefit. The operation of the KRX system also paves the way for developing new securities products, positively supporting SSI’s business activities.