Vietnam Stock Market in the Second Half of 2025: VN-Index Could Reach 1,800 Points

At the beginning of the year, the 1,500 point level was considered the most positive scenario, but after the increase that lasted for the past 4 months, especially when the VN-Index surpassed the 1,600 point mark, most analysis organizations have raised their forecasts.

Mr. Petri Deryng, Director of PYN Elite Fund, believes that VN-Index reaching 1,800 points by Christmas this year is a feasible scenario, although the market may experience a short-term correction due to profit-taking activities. He emphasized supporting factors including the results of Vietnam-US trade negotiations, policies to promote economic growth, attractive valuations and prospects for market upgrade.

VNDirect believes that the VN-Index could rise to 1,850-1,900 points in the next 9-12 months, thanks to sustainable growth in corporate profits and expectations of the Fed easing monetary policy. Meanwhile, ABS forecasts that the index could reach 1,792-1,864 points in the medium term, much higher than the scenario at the beginning of the year.

According to SSI Research, profit-taking pressure due to high margin may cause short-term fluctuations, but the long-term target is the 1,750-1,800 point range by 2026, thanks to corporate profit growth and expectations of market upgrade. VPS also made a similar forecast, expecting the index to reach 1,780-1,800 points by the end of this year, driven by a 16-17% increase in after-tax profit for the entire market and the possibility of FTSE Russell upgrading Vietnam to a "second-tier emerging market" in September 2025, helping to attract about 1 billion USD more in foreign capital.

Maybank Investment Bank (MSVN) shares the same view, targeting VN-Index at 1,800 points in the second half of 2025, with a projected P/E valuation of 14.5 times, equal to the 5-year average.

In addition to the index outlook, experts also pointed out the industry groups that will attract cash flow. According to VinaCapital, banks benefit from credit growth policies; technology is supported by the digital transformation trend; retail and consumption increase thanks to domestic demand; real estate, building materials and construction flourish thanks to project restarts; the securities industry benefits when the market is upgraded.

MSVN and VDSC also highlighted opportunities from sectors related to infrastructure investment, maritime logistics, aviation logistics, steel and real estate. However, some export sectors such as textiles, footwear, wood and seafood may slow down in the second half of the year.

Although the risk of short-term correction exists, most analysts share the view that the market still has room for growth, with the target of VN-Index at 1,780-1,800 points by the end of 2025.

Source: https://baogialai.com.vn/thi-truong-chung-khoan-viet-nam-nua-cuoi-2025-vn-index-co-the-len-1800-diem-post564387.html