The year 2025 concluded on a high note, with the stock market reaching unprecedented heights, boasting an impressive 40% surge—a feat few investors could have foreseen a year prior. However, this remarkable growth raises questions about the potential for further expansion in 2026.
2026: A Pivotal Year for a New Growth Cycle
At the FChoice 2025 Awards and the “Double-Digit Economic Growth Drivers and 2026 Investment Opportunities” seminar, Mrs. Nguyễn Thị Thu Hiền, CEO of TCBS, shared her insights. Despite the market’s robust performance in 2025, she believes there’s still ample room for growth in 2026.
Mrs. Hiền attributes the current upward trend to a solid foundation and more discerning investor participation, marking a shift from the uncontrolled surges of previous cycles. Investors have adapted to market growth, followed by accumulation phases, support level tests, and re-evaluations before establishing new trends. These adjustments are healthy, fostering sustainable market development.
Looking ahead to 2026, Mrs. Hiền identifies continued public investment and a stronger recovery in the private sector as key growth drivers. These factors will bolster production and business foundations, supporting stock market growth.
Beyond macroeconomic factors, the quality of listed companies is crucial for sustainable market development. Improved supply, driven by large enterprises entering the market and enhanced governance, transparency, and risk management among existing firms, is promising. With projected profit growth of 15–20%, experts view this as a positive outlook.
The market’s strong foundation is expected to unveil attractive investment opportunities. Following TCBS’s IPO, the IPO market is revitalizing, with numerous companies preparing to go public. Anticipated IPOs and M&A activities are poised to inject fresh capital into the market.
Sustainable Foreign Investment Return and Unlocking Domestic Capital
Regarding market upgrades and foreign investment, Mrs. Hiền notes that the impact will be gradual, spanning several years rather than an immediate 2026 effect.
Estimates suggest that over five years, Vietnam could attract approximately $25 billion in foreign investment post-upgrade. For 2026, this figure is projected at $2–6 billion, primarily from passive investment funds (ETFs) and some active capital.
Positively, foreign investment is expected to flow steadily, aligning with Vietnam’s inclusion in expanded indices and the participation of more blue-chip stocks, thus sustainably attracting passive investment.
However, high international interest rates and exchange rate fluctuations increase foreign investor costs, prompting careful consideration of Vietnam’s investment appeal versus domestic markets. Consequently, foreign investment is predicted to be selective and cautious.
Unlocking domestic capital is even more critical. In countries like Malaysia and Thailand, when GDP per capita reached around $6,000, financial asset investment surged, quadrupling. As Vietnam approaches this threshold, financial assets’ economic share will rise, necessitating more financial instruments to channel domestic capital.
The 2025 market liquidity evolution exemplifies this. Average trading values rose from 22 trillion VND per session in the first half to 35 trillion VND in the second half, averaging 30 trillion VND annually.
Improved liquidity signifies not just quantitative growth but also qualitative shifts, reflecting renewed domestic investor confidence—a vital 2026 market driver.
VN-Index Targets 2,000 Points, Opportunities Across Sectors
TCBS’s CEO forecasts a 15–20% growth potential for 2026, based on a P/E adjustment to 13 times. Thus, VN-Index reaching 2,000 points, as predicted, is feasible.
Mrs. Hiền emphasizes that the focus should be on market approach rather than specific numbers. Opportunities exist even in downturns, ideal for long-term asset accumulation. Investors should maintain diversified portfolios.
With diverse financial assets—stocks, bonds, funds, and real estate—investors must be flexible. Understanding, selectivity, and rational allocation are key, given increasing sector differentiation.
For 2026, TCBS highlights promising sectors: finance and banking, vital for the economy with enhanced risk management; energy and industrial production, benefiting from GDP growth and public investment; and retail-consumer, driven by Vietnam’s young population and economic growth.
Amid expected market fluctuations, diversification and maintaining cash reserves for accumulation during adjustments are advisable for stable, long-term asset growth.
Real Estate as the New “Safe Deposit Box”: 60% of Transactions Aimed at “Storing Wealth”
The Chairman of GP Invest’s Board of Directors believes that this unique characteristic sets the 2025 real estate market apart from previous cycles, imbuing it with distinct nuances and complexities.
Businesses Rush to Prepare 2026 Lunar New Year Bonuses: Some Offering Up to 100 Million VND per Employee
Despite facing numerous challenges over the past year, businesses are making concerted efforts to ensure their employees receive Tet bonuses for the Lunar New Year of the Horse in 2026.
Market Outlook 2026: Insights from Leading Securities Firms
The year 2026 is widely regarded by leading securities firms as the pivotal moment when Vietnam’s stock market enters a new growth cycle. This optimism is underpinned by a stable macroeconomic foundation, robust institutional reforms, and the convergence of intrinsic growth drivers. By closely examining strategic insights from top securities firms’ reports, investors can gain valuable perspectives to inform their strategic analyses and enhance their investment decisions throughout 2026.
FIDT CEO: 2026 Isn’t Bad, But It’s a Tougher Year for Investors
In the current landscape, as Mr. Huấn observes, there is a notable lack of cohesion among major economies, leaving a void where a leading force should be driving synchronized growth.
Top Bank Stocks to Watch in 2026: Maybank Securities Highlights HDB, TCB, and MBB
Maybank Securities, a member of the esteemed Maybank Investment Banking Group (Maybank IBG), has unveiled its top 10 stock picks for 2026 in the Vietnamese market. This exclusive list features a trio of banking sector stocks: HDB, TCB, and MBB.
