I. FUTURES CONTRACTS OF THE STOCK MARKET INDEX
I.1. Market Trends
VN30 futures contracts experienced mixed movements during the trading session on November 21, 2025. Specifically, VN30F2512 (F2512) rose by 0.15%, reaching 1,892.4 points; 41I1G1000 (I1G1000) declined by 0.67%, closing at 1,889 points; the 41I1G3000 (I1G3000) contract increased by 0.16%, hitting 1,886.9 points; and the 41I1G6000 (I1G6000) contract dropped by 0.3%, settling at 1,875.8 points. The underlying index, VN30-Index, ended the session at 1,899.89 points.
Meanwhile, VN100 futures contracts universally declined during the November 21, 2025 trading session. Notably, 41I2FC000 (I2FC000) fell by 0.11%, closing at 1,797 points; 41I2G1000 (I2G1000) decreased by 0.53%, ending at 1,799 points; the 41I2G3000 (I2G3000) contract dropped by 1.24%, reaching 1,769.5 points; and the 41I2G6000 (I2G6000) contract declined by 0.59%, settling at 1,778 points. The underlying index, VN100-Index, concluded the session at 1,802.47 points.
During the trading week from November 17 to 21, 2025, the VN30F2512 futures contract exhibited a tug-of-war pattern. The week began with Long positions dominating, propelling the contract upward and maintaining fluctuations around the 1,885-point mark in subsequent sessions. However, by the week’s end, selling pressure intensified unexpectedly, causing the contract to plummet at the session’s start and nearly erasing all prior gains. Despite this, buyers re-entered the market, helping the contract recover and close at 1,892.4 points, a 27.4-point increase from the previous week’s close.
Intraday Chart of VN30F2512 for November 17-21, 2025
Source: https://stockchart.vietstock.vn/
At the close, the basis of the VN30F2512 contract reversed from the previous session, reaching -7.49 points. This indicates a return to bearish sentiment among investors.
Fluctuations of VN30F2512 and VN30-Index
Source: VietstockFinance
Note: Basis is calculated using the formula: Basis = Futures Contract Price – VN30-Index
Meanwhile, the basis of the 41I2FC000 contract expanded from the previous session, reaching -5.47 points. This suggests a more bearish sentiment among investors.
Fluctuations of 41I2FC000 and VN100-Index
Source: VietstockFinance
Note: Basis is calculated using the formula: Basis = Futures Contract Price – VN100-Index
Trading volume and value in the derivatives market increased by 18.99% and 17.18%, respectively, compared to the session on November 20, 2025. For the week, trading volume and value declined by 17.89% and 15.96%, respectively, compared to the previous week.
Foreign investors continued to buy net, with a total net purchase volume of 1,474 contracts on November 21, 2025. For the week, foreign investors bought a net total of 2,462 contracts.
Weekly 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 24, 2025, the fair price range for futures contracts currently trading in the market is as follows:
Summary Table of Derivatives Contract Valuation for VN30-Index and VN100-Index
Source: VietstockFinance
Note: Opportunity costs in the pricing model have been adjusted to suit the Vietnamese market. Specifically, the risk-free treasury bill rate (government treasury bill) has been replaced by the average deposit rate of major banks, with term adjustments appropriate for each futures contract.
I.3. Technical Analysis of VN30-Index
During the trading session on November 21, 2025, the VN30-Index saw a slight increase and retested the 50-day SMA, with trading volume remaining below the 20-session average. This indicates investor hesitation.
Currently, the VN30-Index remains above the Middle line of the Bollinger Bands, while the MACD indicator continues to rise and approach the zero line after giving a buy signal. This suggests that recovery efforts are being maintained.
Technical Analysis Chart of VN30-Index
Source: VietstockUpdater
II. FUTURES CONTRACTS OF THE BOND MARKET
Based on the fair pricing method as of November 24, 2025, the fair price range for futures contracts currently trading in the market is as follows:
Summary Table of Government Bond Futures Contract Valuation
Source: VietstockFinance
Note: Opportunity costs in the pricing model have been adjusted to suit the Vietnamese market. Specifically, the risk-free treasury bill rate (government treasury bill) has been replaced by the average deposit rate of major banks, with term adjustments appropriate for each futures contract.
According to the above valuation, the GB05F2512, 41B5G3000, 41B5G6000, GB10F2512, 41BAG3000, and 41BAG6000 contracts are currently attractively priced. Investors may focus on and consider buying these futures contracts in the near future, as they present a bargain in the market.
Economic Analysis & Market Strategy Department, Vietstock Consulting Division
– 18:58 22/11/2025
Derivatives Market on November 21, 2025: Persistent Tug-of-War in Trading Sessions
On November 20, 2025, both the VN30 and VN100 futures contracts rallied during the trading session. The VN30-Index continued its sideways movement, forming small-bodied candlestick patterns in recent sessions, while trading volume remained below the 20-session average, reflecting investor hesitation.
Technical Analysis Afternoon Session 19/11: Hesitation at the 50-Day SMA
The VN-Index has paused its upward momentum as it approaches the 50-day Simple Moving Average (SMA). Similarly, the HNX-Index is mirroring this trend, characterized by the emergence of a Long Upper Shadow candlestick pattern.
Derivatives Market on November 20, 2025: Market Liquidity Declines Ahead of Expiry Session
On November 19, 2025, futures contracts for the VN30 and VN100 indices predominantly closed in negative territory. The VN30-Index reversed its trend, forming a small-bodied candlestick pattern after retesting the 50-day SMA, accompanied by increased trading volume compared to the previous session. This suggests a cautious sentiment among investors.
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Derivatives Market on November 19, 2025: Investors Maintain Optimistic Outlook
On November 18, 2025, both VN30 and VN100 futures contracts surged during the trading session. The VN30-Index continued its upward trajectory, forming a near-perfect Hammer candlestick pattern, indicating a bullish sentiment among investors.
