I. FUTURES CONTRACTS OF THE STOCK MARKET INDEX
I.1. Market Trends
On December 11, 2025, all VN30 futures contracts experienced declines. Specifically, VN30F2512 (F2512) dropped by 0.82% to 1,919.1 points; 41I1G1000 (I1G1000) fell by 0.83% to 1,916 points; 41I1G3000 (I1G3000) decreased by 0.67% to 1,916 points; and 41I1G6000 (I1G6000) declined by 1.52% to 1,911.1 points. The underlying index, VN30-Index, closed at 1,924.29 points.
Additionally, all VN100 futures contracts also saw declines on the same day. Notably, 41I2FC000 (I2FC000) dropped by 0.77% to 1,823 points; 41I2G1000 (I2G1000) fell by 2.44% to 1,812 points; 41I2G3000 (I2G3000) decreased by 0.81% to 1,823 points; and 41I2G6000 (I2G6000) declined by 1.14% to 1,803.2 points. The underlying index, VN100-Index, closed at 1,827.05 points.
During the December 11, 2025 session, VN30F2512 opened under selling pressure and continued to weaken throughout the morning. In the afternoon session, the contract showed some recovery, but buying momentum was insufficient, causing the gains to quickly narrow. By the end of the session, selling pressure returned strongly, pushing the contract to close at 1,919.1 points, a loss of nearly 16 points from the previous session.
Intraday Chart of VN30F2512
Source: https://stockchart.vietstock.vn/
At the close, the basis of the F2512 contract narrowed compared to the previous session, reaching -5.19 points. This indicates that investor sentiment has become less pessimistic.
Fluctuations of VN30F2512 and VN30-Index
Source: VietstockFinance
Note: Basis is calculated as follows: Basis = Futures Contract Price – VN30-Index
Meanwhile, the basis of the I2FC000 contract also narrowed, reaching -4.05 points, reflecting a less pessimistic investor sentiment.
Fluctuations of 41I2FC000 and VN100-Index
Source: VietstockFinance
Note: Basis is calculated as follows: Basis = Futures Contract Price – VN100-Index
Trading volume and value in the derivatives market increased by 23.26% and 21.25%, respectively, compared to the previous session on December 10, 2025. Specifically, the trading volume of F2512 rose by 23.37%, with 334,749 contracts matched. The trading volume of I2FC000 reached 85 contracts, up by 46.55%.
Foreign investors continued to net sell, with a total net selling volume of 629 contracts on December 11, 2025.
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 December 12, 2025, the reasonable price range for futures contracts currently trading in the market is as follows:
Summary Table of Derivatives Pricing 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
On December 11, 2025, the VN30-Index extended its decline for the third consecutive session, falling below the Middle line of the Bollinger Bands.
Currently, the Stochastic Oscillator continues to decline sharply after giving a sell signal and has exited the overbought zone.
Simultaneously, the MACD indicator is narrowing its gap with the Signal line. If the situation does not improve and a sell signal appears in the upcoming sessions, the short-term outlook will become even more pessimistic.
Technical Analysis Chart of VN30-Index
Source: VietstockUpdater
II. FUTURES CONTRACTS OF THE BOND MARKET
Based on the fair pricing method as of December 12, 2025, the reasonable price range for futures contracts currently trading in the market is as follows:
Summary Table of Government Bond Futures Pricing
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 pricing, the 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 offer favorable prices in the market.
Economic Analysis & Market Strategy Department, Vietstock Consulting Division
– 18:28 11/12/2025
Derivatives Market Update 09/12/2025: Trading Volume Plunges Across the Board
On December 8, 2025, most VN30 and VN100 futures contracts closed higher. The VN30-Index edged up, forming a small-bodied candlestick pattern. Trading volume remained low, falling below the 20-session average, indicating investor hesitation.
Technical Analysis for the Afternoon Session of December 5th: Uptrend Continues
The VN-Index extended its winning streak to an impressive eight consecutive sessions, despite trading near its October 2025 peak. Meanwhile, the HNX-Index experienced a mild pullback as it retested the middle band of the Bollinger Bands indicator.
Derivatives Market Week of December 8–12, 2025: Overall Market Liquidity Remains Sluggish
On December 5, 2025, the VN30 and VN100 futures contracts diverged in their performance. The VN30-Index reversed its trend, closing lower after five consecutive sessions of gains, accompanied by a small candlestick pattern that signaled cautious sentiment among investors.
Technical Analysis Afternoon Session 04/12: Aiming for the October 2025 High
The VN-Index has paused its upward momentum but remains close to the Upper Band of the Bollinger Bands, while the MACD continues its ascent. Meanwhile, the HNX-Index has rebounded after retesting its November 2025 low (around the 255-259 point range).
Technical Analysis for the Afternoon Session of December 3rd: Sustained Growth Continues
The VN-Index sustained its upward trajectory, clinging to the Upper Band of the Bollinger Bands as the bands expanded. Meanwhile, the HNX-Index experienced intense volatility, testing its previous November 2025 low (around the 255-259 point range).
