I. FUTURES CONTRACTS OF THE STOCK MARKET INDEX
I.1. Market Trends
Most VN30 futures contracts declined during the trading session on November 28, 2025. Specifically, VN30F2512 (F2512) rose by 0.1%, reaching 1,923 points; 41I1G1000 (I1G1000) fell by 0.1%, closing at 1,915.3 points; contract 41I1G3000 (I1G3000) dropped by 0.03%, settling at 1,917.4 points; and contract 41I1G6000 (I1G6000) decreased by 0.38%, ending at 1,911 points. The underlying index, VN30-Index, closed at 1,923.92 points.
Additionally, all VN100 futures contracts experienced declines during the November 28, 2025 trading session. Notably, 41I2FC000 (I2FC000) fell by 0.11%, closing at 1,822 points; 41I2G1000 (I2G1000) dropped by 0.39%, settling at 1,822.8 points; contract 41I2G3000 (I2G3000) decreased by 0.28%, ending at 1,821.9 points; and contract 41I2G6000 (I2G6000) declined by 0.78%, finishing at 1,808.2 points. The underlying index, VN100-Index, closed at 1,829.88 points.
During the trading week of November 24-28, 2025, VN30F2512 exhibited a tug-of-war pattern with alternating sessions of gains and losses. The week began with the Long side gaining early dominance, propelling F2512 upward. However, in the subsequent mid-week sessions, buyers and sellers alternated control, causing the contract to enter a prolonged sideways phase. By the final session, buying and selling forces reached equilibrium, closing at 1,923 points—a 30.6-point increase from the previous week.
Intraday Chart of VN30F2512 for November 24-28, 2025
Source: https://stockchart.vietstock.vn/
At the close, the basis of the F2512 contract widened compared to the previous session, reaching -0.92 points. This indicates a more pessimistic 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 I2FC000 contract widened compared to the previous session, reaching -7.88 points. This reflects a more pessimistic 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 decreased by 8.25% and 8.43%, respectively, compared to the session on November 27, 2025. For the week, trading volume and value declined by 8.37% and 7.09%, respectively, compared to the previous week.
Foreign investors returned to net buying, with a total net purchase volume of 1,068 contracts during the November 28, 2025 trading session. For the week, foreign investors net sold a total of 1,618 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 starting December 1, 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 cost in the valuation model is 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 futures contract.
I.3. Technical Analysis of VN30-Index
During the November 28, 2025 trading session, the VN30-Index rose slightly, accompanied by a small-bodied candlestick pattern and trading volume below the 20-session average, indicating investor hesitation.
Currently, the index is retesting the October 2025 peak (around 1,930-1,960 points), while the ADX indicator continues to decline and remains below 20, signaling a weak current trend. Without improvement, the sideways movement is likely to persist.
Technical Analysis Chart of VN30-Index
Source: VietstockUpdater
II. FUTURES CONTRACTS OF THE BOND MARKET
Based on the fair pricing method starting December 1, 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 cost in the valuation model is 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 futures contract.
According to the above valuation, contracts GB05F2512, 41B5G3000, and 41B5G6000 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 November 29, 2025
Derivatives Market on November 28, 2025: Investor Sentiment Remains Unstable
On November 27, 2025, the VN30 and VN100 futures contracts exhibited a mixed trading session, with fluctuating movements. The VN30-Index closed lower, forming a small-bodied candlestick pattern accompanied by erratic trading volume, indicating investor sentiment remained uncertain.
Derivatives Market Update 26/11/2025: Bulls Losing Steam
On November 25, 2025, most VN30 and VN100 futures contracts declined during the trading session. The VN30-Index reversed its trend after three consecutive up sessions, forming a small-bodied candlestick pattern accompanied by increased trading volume that surpassed the 20-session average. This suggests a less optimistic sentiment among investors.
Derivatives Market Update: Investor Sentiment Continues to Strengthen on November 25, 2025
On November 24, 2025, both the VN30 and VN100 futures contracts surged in a synchronized rally. The VN30-Index marked its third consecutive day of gains, closing above the 50-day SMA, signaling sustained investor optimism.
Derivatives Market Week 24-28/11/2025: Persistent Decline in Overall Market Liquidity
On November 21, 2025, the VN30 and VN100 futures contracts exhibited a mixed performance during the trading session. The VN30-Index edged higher, retesting its 50-day SMA, while trading volume remained below the 20-session average, indicating investor hesitation.
