VCBF: Many Stocks at Five-Year Valuation Lows
A VCBF investment manager said at a November 12 forum that many stocks have fallen to roughly five-year valuation lows despite rising corporate profits. Continued foreign capital outflows, pressure on domestic funds and the direction of deposit interest rates remain key factors in assessing a recovery in Vietnam’s stock market.
On November 12, 2026, Nguyễn Duy Anh, Director of Portfolio Management at Vietcombank Securities Investment Fund Management Company (VCBF), told an investment forum that many stock prices had fallen even as the companies’ profits continued to grow. According to VCBF, valuations for these stocks are at their lowest levels in about five years, comparable to levels seen when the trade war or the COVID-19 pandemic affected the market.
A capital markets panel discussion at the investment forum on November 12, 2026.（VietVance）
Nguyễn Duy Anh said decisions on whether to invest now should take account of both valuations and capital flows. Foreign investors are still withdrawing from Vietnam’s stock market, with no clear indication of when they will return, while domestic capital also faces difficulties. Even with attractive valuations, it remains hard to predict when the market will turn. He said VCBF recently received new capital and, if it decides to invest at this stage, plans to deploy almost all of it.
Nguyễn Duy Anh, Director of Portfolio Management at VCBF.（VietVance）
Deposit interest rates are another factor he is watching. He said investors need to assess whether current rates are already high and how much further they could rise, rather than assume the stock market will bottom when deposit rates peak. With foreign capital leaving, domestic funds under pressure and liquidity yet to recover clearly, stable interest rates could help improve investor expectations.
On long-term capital, Nguyễn Duy Anh proposed developing pension funds. He said better corporate governance and transparency would help attract and retain capital. Companies’ contributions to pension funds for employees could also generate investment capital over 20 to 30 years. If this capital reaches the market, it could strengthen the long-term funding base of Vietnam’s stock market.
Source: VietVance
