Dr. Ho Sy Hoa, Director of Research and Investment Advisory at DNSE Securities Joint Stock Company, made this assessment based on a projected 17,5% profit growth across various sectors.

According to him, the market's three main drivers are: expansionary fiscal policy, a stable monetary policy, and the expectation of a market upgrade in september. Despite the State Bank setting a credit growth target of approximately 15% for this year, which is lower than last year, the scale of credit capital is still considered substantial.

Dr. Ho Sy Hoa, Director of Research and Investment Advisory, DNSE Securities Joint Stock Company. Photo: Provided

Sharing this perspective, Phan Linh, CEO of TechProfit Joint Stock Company—a stock investment support platform, believes that the 2,000-point level for the VN-Index this year is entirely achievable. From a macroeconomic standpoint, the market is policy-driven, with domestic institutional reforms progressing rapidly. According to Linh, a 10% GDP target and the divestment orientation at state-owned enterprises could generate new capital flows. Additionally, accelerated public investment and fiscal policies continue to be bright spots.

Beyond these supporting factors, experts also highlight two main risks. The first is the rising interest rate trend, which began in Q4 last year and has continued, potentially becoming detrimental if it intensifies. The second risk involves geopolitical uncertainties and global conflicts, which are inherently unpredictable.

Linh explained that rapid credit growth compared to last year's deposit growth has narrowed the room for monetary policy management this year. This makes it challenging to lower interest rates and continues to pressure exchange rates. "When interest rates remain high, businesses' capital costs clearly increase, directly impacting profit expectations", he stated.

Phan Linh, CEO of TechProfit. Photo: Provided

Regarding investment strategy, experts assess that the 2026-2030 period marks a fiscal policy cycle. The government plans to boost public investment with a total capital of approximately 8,3 quadrillion VND, averaging 1,6 quadrillion VND annually. Sectors directly benefiting include: public investment, construction materials, and energy. Furthermore, the banking sector remains a pillar of the economy. Despite a slower credit growth rate compared to last year, its scale of approximately 2,7 quadrillion VND still significantly supports the market.

For investors holding substantial cash, Dr. Ho Sy Hoa recommends a phased disbursement into stocks with strong cash flow and companies possessing sound financial foundations and attractive valuations. He suggests that capital flows in the market tend to rotate among sectors, seeking quality businesses.

Meanwhile, according to the TechProfit CEO, in the current environment, investors should avoid chasing stocks that have already risen over 30% since the beginning of the year, and instead wait for re-accumulation phases.

Anh Vu