I. MARKET DYNAMICS OF WARRANT CERTIFICATES
By the close of trading on December 22, 2025, the market recorded 190 advancing codes, 52 declining codes, and 21 reference codes.
Market Breadth Over the Last 20 Sessions. Unit: Percentage 
Source: VietstockFinance
During the December 22, 2025 session, buyers dominated the market, driving most warrant certificates to rise. Notably, the leading warrant codes in the gainers group were CVIC2509, CVPB2513, CVHM2511, and CSTB2515.
Source: VietstockFinance
Total market volume on December 22 reached 51.45 million CW, up 89.78%; trading value hit 99 billion VND, a 140.5% increase compared to the December 19 session. Among these, CVHM2525 led the market in both volume and trading value, with a total volume of 3 million CW, equivalent to 6.57 billion VND.
Foreign investors continued net selling in the December 22 session, totaling 2.06 billion VND. CMWG2521 and CFPT2525 were the two most heavily net-sold codes.
Securities companies HCM, SSI, KIS, and ACBS are currently the issuers with the most warrant certificates in the market.
Source: VietstockFinance
II. MARKET STATISTICS
Source: VietstockFinance
III. WARRANT VALUATION
Based on the valuation method applicable as of December 23, 2025, the fair prices of warrants currently trading in the market are as follows: 
Source: VietstockFinance
Note: Opportunity costs in the valuation model have been adjusted to align with the Vietnamese market. Specifically, the risk-free treasury bill rate (Government treasury bill) is replaced by the average deposit rate of major banks, with maturity adjustments suitable for each warrant type.
According to the above valuation, CVIC2517 and CVPB2529 are currently the two most attractively priced warrant codes.
Warrant codes with higher effective gearing will experience greater volatility in response to underlying securities. Currently, CFPT2505 and CVPB2529 are the two warrant codes with the highest effective gearing in the market.
Economic Analysis & Market Strategy Division, Vietstock Consulting Department
– 18:58 December 22, 2025
Market Warrant Review Week 22-26/12/2025: Trading Volume Plummets Across the Board
As the trading session closed on December 19, 2025, the market witnessed 165 stocks advancing, 50 declining, and 36 remaining unchanged. Foreign investors continued their net selling streak, offloading a total of VND 620.74 million worth of shares.
Market Warrant Trading Week 22-26/12/2025: Overall Trading Volume Plunges Further
As the trading session closed on December 19, 2025, the market witnessed 165 stocks advancing, 50 declining, and 36 remaining unchanged. Foreign investors continued their net selling streak, offloading a total of VND 620.74 million worth of shares.
December 19, 2025: Warrant Market Trading Volume Continues to Decline
At the close of trading on December 18, 2025, the market saw 85 stocks rise, 137 fall, and 29 remain unchanged. Foreign investors continued their net selling streak, with a total net outflow of VND 494.29 million.
December 18, 2025 Warrant Market: Foreign Investors Extend Net Selling Streak
As the trading session closed on December 17, 2025, the market witnessed a mixed performance with 88 stocks advancing, 131 declining, and 38 remaining unchanged. Foreign investors continued their net selling streak, offloading a total of VND 1.52 billion worth of shares.
VTC Stock Plummets for 5 Consecutive Sessions: What’s VTC Telecom’s Explanation?
VTC Telecom has stated that the consecutive five-session floor price drop of VTC shares is attributed to the objective market dynamics of supply and demand in the stock market.
