I. FUTURE CONTRACTS OF THE STOCK MARKET INDEX
I.1. Market Trends
VN30 futures contracts rallied during the trading session on December 8, 2025. Specifically, VN30F2512 (F2512) rose by 0.38%, closing at 1,984 points; 41I1G1000 (I1G1000) increased by 0.37%, reaching 1,981.4 points; 41I1G3000 (I1G3000) gained 0.37%, closing at 1,976.3 points; and 41I1G6000 (I1G6000) climbed by 0.2%, ending at 1,975 points. The underlying index, VN30-Index, closed at 1,983.82 points.
Meanwhile, VN100 futures contracts showed mixed performance on the same day. Notably, 41I2FC000 (I2FC000) dipped by 0.03%, settling at 1,871 points; 41I2G1000 (I2G1000) fell by 0.05%, closing at 1,872 points; 41I2G3000 (I2G3000) advanced by 0.11%, reaching 1,868.2 points; and 41I2G6000 (I2G6000) surged by 0.59%, ending at 1,863 points. The underlying VN100-Index closed at 1,880.12 points.
During the December 8, 2025 session, VN30F2512 broke out early as long positions dominated, driving the contract higher until the midday break. In the afternoon session, selling pressure re-emerged, nearly erasing all morning gains. However, buyers managed to hold their ground, allowing the contract to close slightly above the reference level, up by 7.5 points.
Intraday Chart of VN30F2512
Source: https://stockchart.vietstock.vn/
At the close, the basis of the F2512 contract narrowed compared to the previous session, settling at 0.18 points. This indicates a slightly less optimistic sentiment among investors.
Fluctuations of VN30F2512 and VN30-Index
Source: VietstockFinance
Note: Basis is calculated as follows: Basis = Futures Contract Price – VN30-Index
In contrast, the basis of the I2FC000 contract widened compared to the previous session, reaching -9.12 points. This suggests a more pessimistic outlook among investors.
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 decreased by 3.62% and 3.77%, respectively, compared to the session on December 5, 2025. Specifically, F2512 trading volume fell by 3.72%, with 191,932 contracts matched. I2FC000 trading volume dropped by 58.82%, with only 14 contracts traded.
Foreign investors continued to buy net, with a total net buying volume of 588 contracts during the December 8, 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 the start of December 9, 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: Opportunity costs in the pricing model are adjusted to suit the Vietnamese market. Specifically, the risk-free rate (government treasury bills) 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 December 8, 2025 session, the VN30-Index edged higher, forming a small-bodied candlestick pattern. Trading volume continued to decline and remained below the 20-session average, reflecting investor hesitation.
Currently, the Stochastic Oscillator has issued a sell signal in the overbought territory. If conditions do not improve and the indicator exits this zone in upcoming sessions, the risk of a short-term correction will increase.
Technical Analysis Chart of VN30-Index
Source: VietstockUpdater
II. FUTURE CONTRACTS OF THE BOND MARKET
Based on the fair pricing method as of the start of December 9, 2025, the fair price range for bond futures contracts currently trading in the market is as follows:
Summary Table of Government Bond Futures Valuation
Source: VietstockFinance
Note: Opportunity costs in the pricing model are adjusted to suit the Vietnamese market. Specifically, the risk-free rate (government treasury bills) is replaced by the average deposit rate of major banks, with term adjustments suitable for each futures contract.
According to the above valuation, the GB05F2512, 41B5G3000, and 41B5G6000 contracts are currently attractively priced. Investors may focus on and consider buying these futures contracts in the near term, as they offer compelling value in the market.
Economic Analysis & Market Strategy Department, Vietstock Consulting Division
– 18:28 08/12/2025
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).
Derivatives Market on December 5, 2025: Is Uncertainty Emerging?
On December 4, 2025, most VN30 and VN100 futures contracts closed higher. The VN30-Index extended its winning streak to five consecutive sessions, forming a small-bodied candlestick pattern accompanied by above-average 20-session trading volume, indicating investor hesitation.
