I. FUTURES CONTRACTS OF THE STOCK MARKET INDEX
I.1. Market Trends
Most VN30 futures contracts declined during the trading session on December 5, 2025. Specifically, VN30F2512 (F2512) dropped by 0.03% to 1,976.5 points; 41I1G1000 (I1G1000) fell by 0.05% to 1,974 points; the 41I1G3000 (I1G3000) contract decreased by 0.1% to 1,969 points; and the 41I1G6000 (I1G6000) contract rose by 0.12% to 1,971 points. The underlying index, VN30-Index, closed at 1,975.5 points.
Additionally, most VN100 futures contracts also declined during the December 5, 2025 trading session. Notably, 41I2FC000 (I2FC000) decreased by 0.1% to 1,871.5 points; 41I2G1000 (I2G1000) remained unchanged at the reference level of 1,874.7 points; the 41I2G3000 (I2G3000) contract increased by 0.05% to 1,866.1 points; and the 41I2G6000 (I2G6000) contract fell by 0.01% to 1,852 points. The underlying index, VN100-Index, closed at 1,876.20 points.
During the trading week of December 1-5, 2025, VN30F2512 continued its upward trend from the previous week, starting with a gain as the Long side took early control. Building on this momentum, subsequent sessions saw stronger growth as buyers dominated, pushing the contract to a weekly high of 1,986.1 points. In the final two sessions, buyers and sellers engaged in a fierce tug-of-war, causing the contract’s upward momentum to stall. It ultimately closed the week in positive territory with a gain of 53.5 points.
Intraday Chart of VN30F2512 for December 1-5, 2025
Source: https://stockchart.vietstock.vn/
At the close, the basis of the F2512 contract reversed from the previous session, reaching a value of 1 point. This indicates a return of optimism 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 a value of -4.7 points. This suggests that investor sentiment has become less pessimistic.
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 5.67% and 5.04%, respectively, compared to the session on December 4, 2025. For the week, trading volume and value declined by 3.34% and 1.41%, respectively, compared to the previous week.
Foreign investors returned to net buying, with a total net purchase volume of 1,790 contracts on December 5, 2025. For the week, foreign investors net bought a total of 3,415 contracts.
Weekly 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 December 8, 2025, the fair price range for futures contracts currently trading in the market is as follows:
Summary Table of Derivatives Contract Valuation for VN30-Index and VN100-Index
Source: VietstockFinance
Note: The opportunity cost in the valuation 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.
I.3. Technical Analysis of VN30-Index
During the trading session on December 5, 2025, the VN30-Index reversed its trend, declining after five consecutive sessions of gains. A small candlestick pattern emerged, indicating less optimistic investor sentiment.
However, the index remained close to the Upper Band of the Bollinger Bands, while the MACD indicator continued to rise after giving a buy signal. This suggests that recovery prospects are still present.
Technical Analysis Chart of VN30-Index
Source: VietstockUpdater
II. FUTURES CONTRACTS OF THE BOND MARKET
Based on the fair pricing method as of December 8, 2025, the fair price range for futures contracts currently trading in the market is as follows:
Summary Table of Government Bond Futures Contract Valuation
Source: VietstockFinance
Note: The opportunity cost in the valuation 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.
According to the above valuation, the GB05F2512, 41B5G3000, and 41B5G6000 contracts are currently attractively priced. Investors may focus on and consider buying these futures contracts in the near future, as they present a bargain in the market.
Economic Analysis & Market Strategy Department, Vietstock Consulting Division
– 18:28 06/12/2025
Technical Analysis Afternoon Session 04/12: Aiming for the October 2025 High
The VN-Index has paused its upward momentum but remains close to the Upper Band of the Bollinger Bands, while the MACD continues its ascent. Meanwhile, the HNX-Index has rebounded after retesting its November 2025 low (around the 255-259 point range).
Technical Analysis for the Afternoon Session of December 3rd: Sustained Growth Continues
The VN-Index sustained its upward trajectory, clinging to the Upper Band of the Bollinger Bands as the bands expanded. Meanwhile, the HNX-Index experienced intense volatility, testing its previous November 2025 low (around the 255-259 point range).
Derivatives Market on December 5, 2025: Is Uncertainty Emerging?
On December 4, 2025, most VN30 and VN100 futures contracts closed higher. The VN30-Index extended its winning streak to five consecutive sessions, forming a small-bodied candlestick pattern accompanied by above-average 20-session trading volume, indicating investor hesitation.
Derivatives Market Outlook on December 4, 2025: Will Short-Term Prospects Continue to Brighten?
On December 3, 2025, both VN30 and VN100 futures contracts surged in a synchronized rally. The VN30-Index marked its fourth consecutive session of gains, accompanied by steadily rising trading volumes that surpassed the 20-session average. This sustained momentum underscores a prevailing optimism among investors.
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.
