Margin debt as of July 20, 2025, reached VND 297 trillion, up VND 19 trillion compared to Q1/2025. Most securities companies have nearly exhausted their margin lending capacity. The total market capitalization of the three exchanges has exceeded VND 8 quadrillion, accounting for over 70% of GDP. Daily trading value is nearly VND 35 trillion, surpassing both Singapore (VND 24 trillion) and Thailand (VND 30 trillion). Vietnam’s financial market is truly gaining momentum, paving the way for the establishment of an international financial center and attracting foreign institutional investors.
In my opinion, market differentiation will become very clear in the upcoming phase. Capital will flow into stocks backed by real production, while sectors that rely on PR and inflated capital stories will see capital outflows. This is the time investors should restructure their portfolios toward fundamentally productive businesses.

The AI Investment team continues to maintain its projection of GEX reaching 20x5.