I. FUTURE CONTRACTS OF THE STOCK MARKET INDEX
I.1. Market Trends
VN30 futures contracts experienced mixed movements during the trading session on November 13, 2025. Specifically, 41I1FB000 (I1FB000) declined by 0.41% to 1,863 points; VN30F2512 (F2512) dropped by 0.81% to 1,854.9 points; contract 41I1G3000 (G3000) fell by 1.18% to 1,845.5 points; and contract 41I1G6000 (I1G6000) rose by 0.92% to 1,857.3 points. The underlying index, VN30-Index, closed at 1,864.23 points.
Additionally, VN100 futures contracts showed divergent trends during the same session. Notably, 41I2FB000 (I2FB000) decreased by 0.26% to 1,779 points; 41I2FC000 (I2FC000) increased by 0.47% to 1,766.1 points; contract 41I2G3000 (I2G3000) fell by 1.07% to 1,761 points; and contract 41I2G6000 (I2G6000) rose by 0.88% to 1,760.5 points. The underlying index, VN100-Index, closed at 1,773.67 points.
During the November 13, 2025 session, the 41I1FB000 contract fluctuated with a short bias dominating most of the time, but long positions gradually regained control, helping I1FB000 recover above the reference level by the end of the morning session. In the afternoon session, buyers and sellers continued to tussle fiercely, with sellers eventually gaining control, causing the contract to weaken and close in the red despite a late buying resurgence, resulting in a 7.6-point decline.
Intraday Chart of 41I1FB000
Source: https://stockchart.vietstock.vn/
At the close, the basis of the 41I1FB000 contract narrowed compared to the previous session, reaching -1.23 points. This indicates that investor sentiment has become less pessimistic.
Fluctuations of 41I1FB000 and VN30-Index
Source: VietstockFinance
Note: Basis is calculated using the formula: Basis = Futures Contract Price – VN30-Index
Trading volume and value in the derivatives market increased by 0.11% and 1.33%, respectively, compared to the November 12, 2025 session. Specifically, the trading volume of I1FB000 rose by 0.22% with 294,937 matched contracts. The trading volume of I2FB000 reached 101 contracts, a 29.49% increase.
Foreign investors continued to net buy, with a total net buying volume of 501 contracts during the November 13, 2025 session.
Daily Trading Volume Fluctuations in the Derivatives Market. Unit: Contracts
Source: VietstockFinance
I.2. Valuation of Futures Contracts
Based on the fair pricing method as of November 14, 2025, the fair price range for futures contracts currently trading in the market is as follows:
Summary Table of Derivatives Valuation for VN30-Index and VN100-Index
Source: VietstockFinance
Note: The opportunity cost in the pricing model has been adjusted to suit the Vietnamese market. Specifically, the risk-free treasury bill rate (government treasury bill) is replaced by the average deposit rate of major banks, with term adjustments suitable for each type of futures contract.
I.3. Technical Analysis of VN30-Index
During the November 13, 2025 session, the VN30-Index fluctuated with a small-bodied candlestick pattern accompanied by declining trading volume, remaining below the 20-session average, indicating investor caution.
Additionally, the index remained below the Middle line of the Bollinger Bands, while the MACD indicator stayed below the 0 level after giving a sell signal. This suggests that short-term downward adjustment pressure persists.
However, the Stochastic Oscillator has given a buy signal in the oversold region. If conditions improve and the indicator moves out of this region in upcoming sessions, the outlook may brighten.
Technical Analysis Chart of VN30-Index
Source: VietstockUpdater
II. FUTURE CONTRACTS OF THE BOND MARKET
Based on the fair pricing method as of November 14, 2025, the fair price range for futures contracts currently trading in the market is as follows:
Summary Table of Government Bond Futures Valuation
Source: VietstockFinance
Note: The opportunity cost in the pricing model has been adjusted to suit the Vietnamese market. Specifically, the risk-free treasury bill rate (government treasury bill) is replaced by the average deposit rate of major banks, with term adjustments suitable for each type of futures contract.
According to the above valuation, contracts GB05F2512, 41B5G3000, 41B5G6000, GB10F2512, 41BAG3000, and 41BAG6000 are currently attractively priced. Investors may focus on and consider buying these futures contracts in the near term, as they present a favorable opportunity in the market.
Economic Analysis & Market Strategy Department, Vietstock Consulting Division
– 18:28 13/11/2025
Technical Analysis Afternoon Session 13/11: Stochastic Oscillator Signals a Buy Opportunity
The VN-Index staged a modest recovery, forming a small-bodied candle, while the Stochastic Oscillator signaled a return to buying momentum. Meanwhile, the HNX-Index extended its upward trajectory, decisively breaching the Middle line of the Bollinger Bands.
Derivatives Market Outlook on November 13, 2025: Has Pessimism Subsided?
On November 12, 2025, both the VN30 and VN100 futures contracts rallied during the trading session. The VN30-Index extended its winning streak to a second consecutive session, forming a White Marubozu candlestick pattern. This bullish signal was further reinforced by a notable increase in trading volume compared to the previous session, indicating a shift in investor sentiment from pessimism to cautious optimism.
Afternoon Technical Analysis, November 12: Cautious Sentiment Persists
The VN-Index and HNX-Index experienced a modest recovery, marked by small-bodied candles and subdued trading volumes in the morning session, indicating investor caution.
Technical Analysis for the Afternoon Session of November 11: A Mild Recovery
The VN-Index staged a modest recovery, forming a candle with a long upper shadow and low trading volume, indicating investor caution. Similarly, the HNX-Index reflects a comparable sentiment of hesitation among market participants.
Derivatives Market on November 12, 2025: Uncertainty Takes Hold
On November 11, 2025, most VN30 and VN100 futures contracts closed higher. The VN30-Index reversed its trend, forming a small-bodied candlestick pattern, while trading volume remained below the 20-session average, indicating investor hesitation.
