I. FUTURES CONTRACTS OF THE STOCK MARKET INDEX
I.1. Market Trends
VN30 futures contracts saw a unanimous rise during the trading session on December 2, 2025. Specifically, VN30F2512 (F2512) increased by 0.71%, reaching 1,947 points; 41I1G1000 (I1G1000) rose by 0.49%, hitting 1,942.2 points; the 41I1G3000 (I1G3000) contract climbed 0.62%, reaching 1,940 points; and the 41I1G6000 (I1G6000) contract gained 0.46%, closing at 1,937 points. The underlying index, VN30-Index, ended the session at 1,950.12 points.
Additionally, VN100 futures contracts also experienced a collective uptrend on December 2, 2025. Notably, 41I2FC000 (I2FC000) surged by 0.75%, reaching 1,844.9 points; 41I2G1000 (I2G1000) edged up by 0.08%, closing at 1,830.9 points; the 41I2G3000 (I2G3000) contract advanced 0.26%, hitting 1,825.3 points; and the 41I2G6000 (I2G6000) contract rose by 0.57%, ending at 1,827.6 points. The underlying VN100-Index concluded the session at 1,847.4 points.
During the December 2, 2025 trading session, the VN30F2512 contract initially entered a tug-of-war phase, with short sellers gaining the upper hand. Increasing selling pressure weakened the contract for most of the morning session. However, buyers re-emerged in the afternoon, quickly overwhelming sellers and propelling the contract to a strong finish above the reference level. Consequently, VN30F2512 closed at 1,947 points, a gain of 13.8 points.
Intraday Chart of VN30F2512
Source: https://stockchart.vietstock.vn/
At the close, the basis of the F2512 contract widened compared to the previous session, reaching -3.12 points. This indicates a more pessimistic sentiment among investors.
Fluctuations of VN30F2512 and VN30-Index
Source: VietstockFinance
Note: Basis is calculated using the formula: Basis = Futures Contract Price – VN30-Index
Meanwhile, the basis of the I2FC000 contract narrowed compared to the previous session, reaching -2.5 points. This suggests a less pessimistic sentiment among investors.
Fluctuations of 41I2FC000 and VN100-Index
Source: VietstockFinance
Note: Basis is calculated using the formula: Basis = Futures Contract Price – VN100-Index
Trading volume and value in the derivatives market increased by 29.94% and 29.74%, respectively, compared to the session on December 1, 2025. Specifically, the trading volume of F2512 rose by 29.93%, with 255,879 contracts matched. The trading volume of I2FC000 reached 121 contracts, a 23.47% increase.
Foreign investors continued to buy net, with a total net buying volume of 580 contracts during the December 2, 2025 trading 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 3, 2025, the fair 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 rate (government treasury bills) is replaced by the average deposit rate of major banks, with maturity adjustments appropriate for each futures contract.
I.3. Technical Analysis of VN30-Index
During the December 2, 2025 trading session, the VN30-Index continued its third consecutive session of gains, accompanied by increasing trading volume above the 20-session average, indicating a fairly optimistic investor sentiment.
Currently, the MACD indicator continues to widen its gap with the Signal line after giving a buy signal, while the index remains above the Middle line of the Bollinger Bands, suggesting a positive short-term outlook.
However, the index is retesting the October 2025 high (equivalent to the 1,945-1,970 point range) amid the Stochastic Oscillator entering the overbought territory. If the indicator generates a sell signal and exits this zone in the near term, short-term correction risks may emerge.
Technical Analysis Chart of VN30-Index
Source: VietstockUpdater
II. FUTURES CONTRACTS OF THE BOND MARKET
Based on the fair pricing method as of the start of December 3, 2025, the fair 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 rate (government treasury bills) is replaced by the average deposit rate of major banks, with maturity adjustments appropriate for each futures contract.
According to the above pricing, 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 present a bargain in the market.
Economic Analysis & Market Strategy Department, Vietstock Consulting Division
– 18:28 02/12/2025
Technical Analysis Afternoon Session 02/12: Stochastic Oscillator in Overbought Territory
The VN-Index paused its upward momentum after reaching the psychological threshold of 1,700 points. Meanwhile, the HNX-Index extended its losing streak to a fourth consecutive session, testing its previous November 2025 low around the 255-259 point range.
Technical Analysis Afternoon Session 01/12: Touching the Psychological Threshold of 1,700 Points
The VN-Index extended its winning streak to a fourth consecutive session, breaching the psychological 1,700-point threshold. Conversely, the HNX-Index declined for the third straight session, retreating to levels last seen in November 2025, hovering near the 255-259 point range.
Derivatives Market Update: December 2, 2025 – Market Liquidity Plunges Further
On December 1, 2025, most VN30 and VN100 futures contracts closed higher. The VN30-Index remained range-bound, forming a small-bodied candlestick pattern with trading volume below its 20-session average, indicating cautious investor sentiment.
Vietstock Weekly 01-05/12/2025: Fueling Momentum for a Breakthrough
The VN-Index has sustained its position above the Middle Bollinger Band, marking its third consecutive week of recovery. However, the current upward momentum lacks conviction, as trading volumes remain below the 20-week average. Additionally, technical indicators such as the MACD and Stochastic Oscillator have yet to signal a clear buying opportunity. It is likely that the index will continue to oscillate within the 1,680–1,720 range until sufficient liquidity emerges to drive a decisive breakout.
Derivatives Market Week 01-05/12/2025: Total Trading Volume Declines for Sixth Consecutive Week
On November 28, 2025, most VN30 and VN100 futures contracts declined during the trading session. While the VN30-Index edged higher, it formed a small-bodied candlestick pattern accompanied by below-average trading volume over the past 20 sessions, indicating investor hesitation.
