Vietnamese Stock Valuations Fall as VNDirect Watches Fund Flows
VNDirect Research expects Vietnam’s VN-Index to fluctuate between 1,700 and 1,800 points in November 2026. Earnings growth and lower valuations support the market, but trading value has fallen and foreign investors continue to sell on a net basis. The research team says interest rates, liquidity and external conditions will shape the market’s next moves.
In its November 2026 strategy report, VNDirect Research expects the VN-Index to fluctuate between 1,700 and 1,800 points during the month. The research team says listed company earnings and lower valuations support the stock market, but fund inflows have yet to improve noticeably, while external factors continue to affect investor sentiment.
As of November 3, 397 companies listed on the Ho Chi Minh Stock Exchange (HOSE), representing 99.9% of the exchange’s market capitalization, had released third-quarter 2026 financial reports. Their net profit rose 52% year on year, with VIC, VHM and BSR contributing much of the increase; excluding those three companies, net profit still grew 17.5%. Based on results for the first nine months, VNDirect Research raised its forecast for full-year 2026 profit growth among HOSE-listed companies from 27% to 36%, but expects growth to slow to about 6% in the fourth quarter.
VNDirect Research raised its forecast for 2026 net profit growth among HOSE-listed companies to 36%.（VietVance）
On valuations, the VN-Index’s trailing 12-month price-to-earnings ratio fell from 12 times at the end of September to about 10.6 times on November 3; excluding Vingroup companies VIC, VHM, VRE and VPL, it was about 9.1 times. VNDirect Research also expects the forward price-to-earnings ratio, after incorporating fourth-quarter results, could fall to about 10.4 times, assuming the index stays near its level when the report was prepared.
The VN-Index’s trailing 12-month price-to-earnings ratio fell below its 10-year average.（VietVance）
Fund flows remain cautious: market liquidity has declined for five consecutive months, while average daily trading value across the market was about VND 17.3 trillion in October, down 2.4% from the previous month. Foreign investors sold a net nearly VND 23 trillion on HOSE that month. The research team says domestic interest rates and banking system liquidity, oil prices, progress in Vietnam–US trade talks, and changes in foreign selling pressure will affect whether the market can sustain a recovery.
VNDirect Research’s base case is for the VN-Index to hold support near 1,700 points and consolidate between 1,700 and 1,770 points. If its weekly close rises above 1,770 points, signs of a short-term bottom could strengthen, opening the way for a recovery to 1,800–1,830 points; this scenario still depends on easing foreign selling pressure and improved domestic fund inflows.
Source: VietVance
