Vietnam’s stock market is positioned for further gains this year even as volatility remains a defining feature, said Finland's PYN Elite Fund head Petri Deryng.

The benchmark VN‑Index has climbed 4.3% year-to-date, while PYN Elite has outpaced the market with a 5.5% return over the same period.

In its January 2026 report, the fund said it had posted a 7.1% monthly gain, its strongest in five months, compared with a 2.5% rise in the VN-Index. PYN Elite manages about €990 million ($1.2 billion) in assets focused on Vietnam.

Petri Deryng, head of Finnish investment fund PYN Elite. Photo courtesy of the fund.

In a Wednesday notice, Deryng said continued market swings are likely, but sees substantial opportunities under current conditions.

“Individual stocks may diverge markedly in their performance, but in the bigger picture, Vietnam’s decisive political leadership, clearly defined policy objectives, strong economic growth, and earnings growth continue to support an overall upward market trajectory,” he noted.

Source: Pyn Elite Fund.

He added that Vietnam’s macroeconomic stability and earnings expansion provide a constructive backdrop even as capital flows remain selective and certain sectors face pressure.

On Thursday, the VN-Index, Vietnam's benchmark, extended its advance, rising 18.73 points to close at 1,979.64. Trading volume reached more than 891 million shares, equivalent to nearly VND31.7 trillion ($1.2 billion) in value, underscoring solid domestic participation.

The rally was driven by large-cap stocks. Vingroup (HoSE: VIC) surged 6.9%, Vincom Retail (HoSE: VRE) gained 4.2%, and Vinhomes (HoSE: VHM) edged up 0.56%. Banking shares including Vietcombank (HoSE: VCB), Sacombank (HoSE: STB), LPBank (HoSE: LPB), MBBank (HoSE: MBB), SeABank (HoSE: SBB), and VPBank also advanced.

Despite the gains, foreign investors remained net sellers, offloading roughly VND3.2 trillion ($122.72 million) across exchanges. On the Ho Chi Minh Stock Exchange, net selling totaled VND3.15 trillion ($120.81 million), led by Vinamilk (HoSE: VNM) at VND2.2 trillion, followed by FPT and Vinhomes.

While persistent foreign outflows continue to weigh on sentiment, strong domestic liquidity and leadership from blue chips have helped sustain the market’s recovery, even as sector divergence signals a more selective phase ahead.