Vietnamese Brokerage and Real Estate Stocks Rise Despite Market Decline Amid Interest Rate Cuts

In the first trading week of November, Vietnam’s VN-Index fell 16.26 points, or 0.93%, to close at 1,725.36. Brokerage, residential real estate, and public investment and construction stocks rose against the broader market, gaining 7%, 5.2% and 1.9%, respectively. These sectors are relatively sensitive to changes in interest rates.

The State Bank of Vietnam has directed credit institutions to lower interest rates on deposits with terms of six months or longer by 0.5% to 1% per year and rates on loans for production and business by 1.5% to 2% per year. Rates on six- to 12-month deposits are now about 5.5% to 6.9% per year. More than 20 banks have introduced preferential credit programs with a combined limit exceeding VND 451 trillion. The central bank has also introduced a 182-day USD/VND swap facility of up to US$2 billion, equivalent to about VND 48.8 trillion, to support banking system liquidity.

MBS believes lower lending rates will help businesses reduce borrowing costs. Cuts to gasoline taxes, lower electricity prices and faster public investment are also seen as measures supporting the economy. The article projects that the energy price measures could reduce the month-on-month increase in the consumer price index for November 2026 by about 0.5 percentage points and the full-year average increase by about 0.08 percentage points; these are forecasts, not reported results.

For the stock market, MBS outlines two scenarios: if the VN-Index holds the 1,700-point support level, investors may look for opportunities after pullbacks; if it falls below the 1,680–1,690-point range, they should reduce their holdings and leverage. Chứng khoán LPS says that although buying emerged around 1,713–1,720 points, the index remains below its 20-day and 50-day moving averages. The short-term trend is weak, and a bottom has yet to be confirmed.

Source: VietVance