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 3, 2025. Specifically, VN30F2512 (F2512) increased by 1.28%, reaching 1,972 points; 41I1G1000 (I1G1000) rose by 1.53%, hitting 1,972 points; the 41I1G3000 (I1G3000) contract climbed 2.14%, reaching 1,969 points; and the 41I1G6000 (I1G6000) contract surged 2.62%, closing at 1,973.8 points. The underlying index, VN30-Index, ended the session at 1,971.99 points.
Additionally, VN100 futures contracts also experienced a collective uptrend on December 3, 2025. Notably, 41I2FC000 (I2FC000) gained 1.2%, reaching 1,867.1 points; 41I2G1000 (I2G1000) advanced 1.67%, closing at 1,861.5 points; the 41I2G3000 (I2G3000) contract rose 1.9%, hitting 1,860 points; and the 41I2G6000 (I2G6000) contract increased by 1.12%, ending at 1,848 points. The underlying VN100-Index concluded the session at 1,868.56 points.
During the December 3, 2025 trading session, VN30F2512 opened with a surge and entered a prolonged tug-of-war phase, favoring the Long side throughout the morning. In the afternoon session, buying momentum intensified, propelling F2512 to a robust breakout and a green close with a 25-point gain.
Intraday Chart of VN30F2512
Source: https://stockchart.vietstock.vn/
At the close, the basis of the F2512 contract reversed from the previous session, reaching 0.01 points. This reversal indicates a resurgence in investor optimism.
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 -1.46 points. This narrowing suggests a reduction in investor pessimism.
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 decreased by 16.77% and 15.11%, respectively, compared to the December 2, 2025 session. Specifically, the trading volume of F2512 dropped by 16.8%, with 212,887 contracts matched. The trading volume of I2FC000 fell to 21 contracts, a decline of 82.64%.
Foreign investors continued their net buying, with a total net purchase volume of 839 contracts during the December 3, 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 4, 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 treasury bill rate (government treasury bill) is replaced by the average deposit rate of major banks, with term adjustments appropriate for each futures contract type.
I.3. Technical Analysis of VN30-Index
During the December 3, 2025 trading session, the VN30-Index marked its fourth consecutive day of gains, accompanied by increasing volume that surpassed the 20-session average. This indicates sustained investor optimism.
Currently, the index is closely tracking the upper band of the Bollinger Bands and is approaching the October 2025 peak (equivalent to the 2,000-2,050 point range).
Additionally, the MACD indicator continues to rise and remains above the zero line after generating a buy signal. This suggests a more positive short-term outlook.
Technical Analysis Chart of the VN30-Index
Source: VietstockUpdater
II. FUTURES CONTRACTS OF THE BOND MARKET
Based on the fair pricing method as of the start of December 4, 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 treasury bill rate (government treasury bill) is replaced by the average deposit rate of major banks, with term adjustments appropriate for each futures contract type.
According to the above pricing, the GB05F2512, 41B5G3000, and 41B5G6000 contracts are currently attractively priced. Investors may focus their attention and consider buying these futures contracts in the near term, as they present a compelling value in the market.
Economic Analysis & Market Strategy Department, Vietstock Consulting Division
– 18:28 03/12/2025
Derivatives Market Update: Mixed Signals Emerge on December 3, 2025
On December 2, 2025, both VN30 and VN100 futures contracts surged in a robust trading session. The VN30-Index extended its winning streak to three consecutive sessions, bolstered by rising trading volumes that exceeded the 20-session average, reflecting a notably optimistic investor sentiment.
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.
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.
Derivatives Market on November 28, 2025: Investor Sentiment Remains Unstable
On November 27, 2025, the VN30 and VN100 futures contracts exhibited a mixed trading session, with fluctuating movements. The VN30-Index closed lower, forming a small-bodied candlestick pattern accompanied by erratic trading volume, indicating investor sentiment remained uncertain.
