According to data from the Vietnam Securities Depository and Clearing Corporation (VSD), investors opened approximately 229,400 new securities accounts in august. Cumulatively, new accounts opened since the beginning of the year surpassed 2 million, marking the fourth time in the market's history this milestone has been reached.
As of 31/8, Vietnam's stock market recorded nearly 13,9 million accounts, equivalent to 13,6% of the country's population. This figure exceeds the government's target of 11 million accounts by 2030.
Domestic individual investors account for 99% of the nearly 13,9 million securities accounts. Domestic and foreign institutional investors hold approximately 25,191 accounts, or 0,18%. The remaining accounts belong to foreign individual investors.
The number of new accounts continued to rise sharply during the first 8 months of this year, as FTSE Russell, one of the three leading global index providers, officially confirmed Vietnam's market upgrade effective 21/9.
However, after 8 months, the VN-Index had only increased by about 2%, primarily driven by the upward momentum of Vingroup stocks. Average daily liquidity on the Ho Chi Minh City Stock Exchange (HoSE) decreased by 8% compared to last year, reaching approximately 24,400 billion VND.
According to forecasts from SSI Securities Corporation, the market will enter a consolidation phase and face stronger selling pressure in the latter half of september, once the capital flow from the FTSE upgrade has been absorbed.
Seasonal factors further support this view. SSI's data over the past five years indicates that the VN-Index declined three times in september, with an average decrease of about 3,5%, while other periods showed sideways movement.
Additionally, SSI believes that interest rates may not cool down immediately in the short term, especially as credit demand tends to accelerate towards the year-end. High interest rates could impact the stock market.
The analysis team at SSI Securities Corporation views september as a consolidation phase, not the beginning of a new growth cycle. Therefore, the market's upward momentum around the upgrade event presents an opportunity for investors to realize profits and reduce their holdings in high-beta stocks—those with significant price volatility and greater sensitivity to the overall market index. However, the company maintains a positive outlook on the market's medium-term prospects.
Trong Hieu
