The VN-Index is striving to reclaim the 1,700-point level after slipping below 1,600 and touching 1,580 in mid-October. Macroeconomic pressure Despite expectations of solid economic growth in 2025 and optimistic forecasts for 2026, Vietnam’s stock market—often seen as a barometer of the economy—continues to struggle in its attempt to return to the peak reached in mid-October. Although the index has shown improvement over the past two weeks, market liquidity remains subdued, reflecting lingering uncertainty about investor confidence in future prospects. The first challenge for this investment channel is the renewed upward trend in interest rates toward year-end. Over the past month, a number of banks—now including major lenders—have steadily raised deposit rates. The clearest evidence is that savings with terms of less than six months have been pushed to the ceiling rate of 4.75% per annum for private customers depositing online. As a result, a portion of funds is being redirected from the stock market into bank savings, contributing to weakened cash inflows over the past month. Many investors remain on the sidelines, wary that the market’s recovery momentum over the last two weeks may not be sustainable. The tightening liquidity in the banking system has added upward pressure on […]