Vietnam’s VN-Index May Trade Between 1,700 and 1,800 Points in November
VnDirect expects Vietnam’s VN-Index to fluctuate between 1,700 and 1,800 points in November. Third-quarter earnings growth and lower valuations offer support, but weak trading and increased foreign net selling continue to weigh on the market. Further gains depend on clearer positive macroeconomic developments.
VnDirect expects Vietnam’s VN-Index to fluctuate between 1,700 and 1,800 points in November 2026. Until factors strong enough to drive a clear breakout emerge, the index may repeatedly test key support levels and face short-term profit-taking when it rebounds toward resistance levels. Despite relatively positive macroeconomic conditions and third-quarter results from listed companies, weak trading, increased foreign net selling and poor performance in international stock markets continue to put pressure on the market.
VN-Index valuations have fallen, but VnDirect says the index needs more positive catalysts to rise further.（VietVance）
As of November 3, 2026, 397 companies listed on the Ho Chi Minh Stock Exchange had released third-quarter financial reports, together accounting for 99.9% of the exchange’s total market capitalization. Their net profit for the quarter rose 52% year on year, with profits at VIC, VHM and BSR increasing 3,392%, 453% and 888%, respectively. Excluding those three companies, marketwide net profit still rose 17.5% year on year. VnDirect says profit growth varies considerably across sectors and among companies within the same sector, and overall profit growth may slow in the fourth quarter.
Following the market’s late-October correction and third-quarter earnings growth, the VN-Index’s trailing 12-month price-to-earnings ratio fell from 12 at the end of September to 10.6. Excluding the four stocks VIC, VHM, VRE and VPL, the ratio was about 9.1. VnDirect says lower valuations can help attract long-term capital but are not enough on their own to drive a significant market re-rating.
VnDirect says the market also needs clearer positive macroeconomic developments, including lower oil prices, improved financial system liquidity, interest rates that continue to fall and remain stable, and positive signals from bilateral trade talks between Vietnam and the United States. The firm advises investors to focus on risk management, avoid chasing rallies and cautiously consider investing in companies with sound fundamentals and good liquidity when the index retreats to support levels.
Source: VietVance
