Narrative Update • Aug 04
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Vietnamese (HOSE) Market Analysis & Valuation
UpdatedAug 16, 2026
DataAggregated Company Financials
Companies696
- 7D-2.3%
- 3M-9.7%
- 1Y5.0%
- YTD-3.3%
Over the last 7 days, the market has dropped 2.3%, driven by a pullback of 5.7% in the Real Estate sector. In contrast to the last week, the market is actually up 5.0% over the past year. As for the next few years, earnings are expected to grow by 14% per annum.
Market Valuation and Performance
Has the Vietnamese Market valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Mon, 17 Aug 2026 | ₫8661.1t | ₫5184.7t | ₫724.1t | 10x | 12x | 1.7x |
| Wed, 15 Jul 2026 | ₫8910.7t | ₫4678.2t | ₫641.7t | 10.9x | 13.9x | 1.9x |
| Fri, 12 Jun 2026 | ₫8879.4t | ₫4683.3t | ₫641.5t | 11x | 13.8x | 1.9x |
| Sun, 10 May 2026 | ₫9379.7t | ₫4634.3t | ₫636.2t | 11.5x | 14.7x | 2x |
| Tue, 07 Apr 2026 | ₫8253.4t | ₫4433.9t | ₫593.0t | 11.9x | 13.9x | 1.9x |
| Thu, 05 Mar 2026 | ₫8954.0t | ₫4426.6t | ₫593.0t | 12.3x | 15.1x | 2x |
| Sat, 31 Jan 2026 | ₫8916.4t | ₫4134.5t | ₫547.9t | 12.2x | 16.3x | 2.2x |
| Mon, 29 Dec 2025 | ₫8421.9t | ₫4054.9t | ₫518.7t | 12.3x | 16.2x | 2.1x |
| Wed, 26 Nov 2025 | ₫7707.9t | ₫4015.6t | ₫509.3t | 12.4x | 15.1x | 1.9x |
| Fri, 24 Oct 2025 | ₫7703.8t | ₫3863.5t | ₫491.6t | 13.9x | 15.7x | 2x |
| Sun, 21 Sep 2025 | ₫7392.5t | ₫3808.3t | ₫469.4t | 14.8x | 15.7x | 1.9x |
| Tue, 19 Aug 2025 | ₫7328.9t | ₫3802.6t | ₫467.4t | 15x | 15.7x | 1.9x |
| Thu, 17 Jul 2025 | ₫6556.0t | ₫3738.6t | ₫434.2t | 14.4x | 15.1x | 1.8x |
| Sat, 14 Jun 2025 | ₫5711.3t | ₫3692.5t | ₫432.7t | 13.9x | 13.2x | 1.5x |
| Mon, 12 May 2025 | ₫5507.0t | ₫3678.5t | ₫431.8t | 13.8x | 12.8x | 1.5x |
| Wed, 09 Apr 2025 | ₫4951.8t | ₫3526.7t | ₫422.8t | 12.7x | 11.7x | 1.4x |
| Fri, 07 Mar 2025 | ₫5743.8t | ₫3458.4t | ₫422.0t | 14.5x | 13.6x | 1.7x |
| Sun, 02 Feb 2025 | ₫5503.1t | ₫3333.1t | ₫407.0t | 14x | 13.5x | 1.7x |
| Tue, 31 Dec 2024 | ₫5460.0t | ₫3005.6t | ₫372.3t | 14.3x | 14.7x | 1.8x |
| Thu, 28 Nov 2024 | ₫5310.1t | ₫3009.9t | ₫374.0t | 13.8x | 14.2x | 1.8x |
| Sat, 26 Oct 2024 | ₫5365.4t | ₫2948.2t | ₫356.4t | 13.8x | 15.1x | 1.8x |
| Mon, 23 Sep 2024 | ₫5437.7t | ₫2928.3t | ₫361.6t | 14.2x | 15x | 1.9x |
| Wed, 21 Aug 2024 | ₫5448.3t | ₫2928.1t | ₫360.4t | 15.1x | 15.1x | 1.9x |
| Fri, 19 Jul 2024 | ₫5428.0t | ₫2909.9t | ₫319.0t | 16.3x | 17x | 1.9x |
| Sun, 16 Jun 2024 | ₫5426.1t | ₫2804.8t | ₫346.3t | 15.8x | 15.7x | 1.9x |
| Tue, 14 May 2024 | ₫5273.0t | ₫2811.7t | ₫344.1t | 14.6x | 15.3x | 1.9x |
| Thu, 11 Apr 2024 | ₫5343.3t | ₫2804.0t | ₫342.9t | 14.9x | 15.6x | 1.9x |
| Sat, 09 Mar 2024 | ₫5289.6t | ₫2810.5t | ₫344.4t | 15x | 15.4x | 1.9x |
| Mon, 05 Feb 2024 | ₫4993.0t | ₫2824.7t | ₫332.9t | 14.1x | 15x | 1.8x |
| Wed, 03 Jan 2024 | ₫4819.8t | ₫2818.8t | ₫322.4t | 13.3x | 14.9x | 1.7x |
| Fri, 01 Dec 2023 | ₫4663.5t | ₫2819.0t | ₫320.1t | 12.9x | 14.6x | 1.7x |
| Sun, 29 Oct 2023 | ₫4513.3t | ₫2781.4t | ₫313.7t | 13x | 14.4x | 1.6x |
| Tue, 26 Sep 2023 | ₫4874.4t | ₫2743.9t | ₫320.3t | 13.9x | 15.2x | 1.8x |
| Thu, 24 Aug 2023 | ₫4936.0t | ₫2739.8t | ₫321.8t | 13.8x | 15.3x | 1.8x |
Price to Earnings Ratio
15.3x
Current Market PE
- Investors are pessimistic on the Vietnamese market, indicating that they anticipate earnings will not grow as fast as they have historically.
- The market is trading at a PE ratio of 12.0x which is lower than its 3-year average PE of 14.8x.
Past Earnings Growth
- The earnings for Vietnamese listed companies have grown 31% per year over the last three years.
- Revenues for these companies have grown 24% per year.
- This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.
Sector Trends
Which sectors have driven the changes within the Vietnamese Market?
| VN Market | -2.30% | |
| Consumer Discretionary | 0.68% | |
| Utilities | 0.35% | |
| Consumer Staples | 0.038% | |
| Financials | -1.01% | |
| Materials | -1.06% | |
| Healthcare | -1.16% | |
| Industrials | -1.78% | |
| Telecom | -1.96% | |
| Energy | -1.98% | |
| Tech | -2.93% | |
| Real Estate | -5.66% | |
Sector PE
- Investors favour the Telecom sector the most for future growth even though it's trading below its 3-year average PE ratio of 25.0x.
- It looks like investors are confident that earnings will grow faster in the future than they have historically.
- The Energy sector is the least preferred by investors for future growth, which is trading below its 3-year average of 21.0x.
Forecasted Growth
- Analysts are most optimistic on the Industrials sector, expecting annual earnings growth of 25% over the next 5 years.
- This is roughly in line with its past earnings growth rate.
- In contrast, the Energy sector is expected to see its earnings decline by 10% per year over the next few years.
Top Stock Gainers and Losers
Which companies have driven the market over the last 7 days?
| Company | Last Price | 7D | 1Y | Valuation | Sector | |
|---|---|---|---|---|---|---|
| TCB Vietnam Technological and Commercial Bank | ₫32.00k | 7.7% +₫16.3t | -14.9% | PB1.3x | Financials | |
| DMX Dien May Xanh Investment | ₫89.80k | 6.9% +₫7.4t | n/a | PE14.5x | Consumer Discretionary | |
| GVR Vietnam Rubber Group - | ₫31.20k | 4.9% +₫5.8t | -0.6% | PE18.1x | Materials | |
| BCM Becamex Investment and Industrial Development Group | ₫43.05k | 11.5% +₫4.6t | -38.7% | PE24.3x | Real Estate | |
| GAS Petrovietnam Gas | ₫76.00k | 1.9% +₫3.4t | 12.3% | PE14.7x | Utilities |