In a new report, the HCMC-based broker forecasts average daily trading value on the stock market will rise 18% year-on-year in 2026 to about $1.35 billion, supported by market reforms and earnings growth.

The brokerage said its outlook is based on expectations that new features of the KRX trading system – such as same-day trading and a shorter settlement cycle of T+2 compared with the current T+2.5 – will boost market activity.

It also cited strong corporate profit growth in a favorable macroeconomic environment, underpinned by accommodative monetary and fiscal policies, as well as expectedly higher foreign capital inflows of about $5-6 billion after Vietnam is upgraded from "frontier" to "secondary emerging" market status in 2026.

According to Vietcap, foreign investors have begun accumulating Vietnamese equities since early December 2025.

“Many high-quality blue-chip stocks such as MBB, ACB, MWG and GMD, which were foreign-ownership capped in previous years, are now available for foreign investors to buy at market prices,” the report said. “We see this as an attractive opportunity for foreign investors to accumulate shares of leading Vietnamese companies at appealing valuations.”

On valuation, Vietcap said the VN-Index is trading at an attractive level, with a trailing 12-month price-to-earnings ratio of 15.3 times, in line with the 10-year average. Corporate earnings in 2026 are expected to grow by about 19% from 2025, further improving forward valuations.

Recent market gains have been concentrated in Vingroup-related stocks and the financial sector, while valuations in many other industries remain appealing, the brokerage added.

Against this backdrop, Vietcap expects foreign investors to return to Vietnam’s equity market.

New IPO wave expected

Vietcap also said Vietnam’s stock market is likely to be buoyant in 2026, driven by a new wave of initial public offerings (IPOs) from large companies across multiple sectors.

In the financial sector, the broker highlighted potential listings by VPBank Securities, VPS, Kafi, and Techcom Securities. In consumer-related industries, companies mentioned include Masan Consumer, Mobile World, TH Group, FPT Retail, Long Chau Pharmacy, Bach Hoa Xanh, Highlands Coffee, Golden Gate and CP. Other potential listings include Thaco and Gelex Infra.

The brokerage said Vietnam’s capital market still has significant room for medium- and long-term growth. The economy remains heavily reliant on bank credit to finance business activities, while sustained growth prospects are increasing the need to diversify funding channels, underscoring the importance of the equity and corporate bond markets.

As of the end of the third quarter of 2025, Vietnam’s stock market capitalization stood at about 56% of GDP, well below that of regional peers such as Thailand and Malaysia.

The gap highlights substantial room for expansion alongside economic growth. Under a capital market development strategy issued in 2022, the government aims to raise stock market capitalization to 120% of GDP by 2030.

In its 2026 investment outlook report, VPBankS identifies six key sectors for 2026, including banking, residential real estate, industrial real estate, construction materials, securities, and consumer goods.

The Hanoi-based broker predicts the VN-Index could reach 2,087 points by the end of 2026, corresponding to a projected P/E ratio of 16.5 times and a market-wide EPS growth of approximately 14.4% year-on-year.