I. MARKET DYNAMICS OF WARRANTS
By the close of trading on November 13, 2025, the market recorded 81 gainers, 181 decliners, and 39 unchanged securities.
Market Breadth Over the Last 20 Sessions. Unit: Percentage
Source: VietstockFinance
During the November 13, 2025 session, sellers regained dominance, pushing most warrant prices downward. Notably, the leading decliners included CVPB2513, CVHM2511, CMBB2511, and CSTB2515.
Source: VietstockFinance
Total market volume on November 13 reached 41.06 million CW, up 6.76%; trading value hit 69.47 billion VND, a 6.96% increase from November 12. CVNM2513 led in volume with 2.46 million CW, while CMBB2511 topped trading value at 3.81 billion VND.
Foreign investors resumed net selling on November 13, totaling 2.59 billion VND. CVNM2511 and CFPT2525 were the most heavily sold.
Securities firms SSI, ACBS, KIS, and HCM are currently the top issuers of warrants in the market.
Source: VietstockFinance
II. MARKET STATISTICS
Source: VietstockFinance
III. WARRANT VALUATION
Based on the valuation method applicable from November 14, 2025, the fair prices of actively traded warrants are as follows: 
Source: VietstockFinance
Note: Opportunity costs in the valuation model have been adjusted for the Vietnamese market. Specifically, the risk-free rate (government treasury bills) is replaced by the average deposit rate of major banks, with maturity adjustments for each warrant type.
According to the valuation, CVIC2507 and CVRE2515 are currently the most attractively priced warrants.
Warrants with higher effective gearing exhibit greater volatility relative to their underlying assets. Presently, CMSN2508 and CHPG2514 boast the highest effective gearing ratios in the market.
Economic Analysis & Market Strategy Division, Vietstock Advisory Department
– 18:58 13/11/2025
November 13, 2025: Foreign Investors Return to Net Buying in Warrant Market
As the trading session closed on November 12, 2025, the market witnessed a positive trend with 236 stocks advancing, 43 declining, and 22 remaining unchanged. Foreign investors returned to net buying, recording a total net purchase of VND 1.62 billion.
November 12, 2025 Warrant Market Update: A Glimmer of Hope Amidst Previous Pessimism
At the close of trading on November 11, 2025, the market saw 161 stocks rise, 107 decline, and 33 remain unchanged. Foreign investors continued their net selling streak, with a total net sell-off of 109.66 million VND.
Central Bank Maintains Net Injection in Open Market Operations
During the week of November 3–10, the State Bank of Vietnam (SBV) continued its fourth consecutive week of net injection into the open market operations (OMO), with a total value exceeding 39 trillion VND, significantly higher than the 854 billion VND recorded in the previous week.
Navigating the Warrant Market on 11/11/2025: Unveiling Hidden Risks and Opportunities
At the close of trading on November 10, 2025, the market saw 88 stocks rise, 175 decline, and 38 remain unchanged. Foreign investors continued their net selling streak, totaling 179.06 million VND.
Market Warrants Week 10-14/11/2025: Fiery Momentum Mirrors Underlying Market
At the close of trading on November 7, 2025, the market saw 27 stocks rise, 250 fall, and 24 remain unchanged. Foreign investors continued their net selling streak, with a total net sell-off of 874.33 million VND.
