Narrative Update • Jun 30
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Vietnamese (HOSE) Market Analysis & Valuation
UpdatedJul 14, 2026
DataAggregated Company Financials
Companies692
- 7D-2.3%
- 3M1.5%
- 1Y21.9%
- YTD0.8%
Over the last 7 days, the market has dropped 2.3%, driven by a pullback of 3.3% in the Financials sector. In contrast, the Energy sector has actually gained 5.4%. As for the longer term, the market has actually risen by 22% in the last year. As for the next few years, earnings are expected to grow by 20% 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 |
|---|---|---|---|---|---|---|
| Wed, 15 Jul 2026 | ₫8876.2t | ₫4678.3t | ₫641.7t | 10.9x | 13.8x | 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 |
| Sat, 22 Jul 2023 | ₫4969.6t | ₫2725.2t | ₫318.8t | 13.4x | 15.6x | 1.8x |
Price to Earnings Ratio
15.6x
Current Market PE
- Investors are relatively neutral on the Vietnamese market at the moment, indicating that they expect earnings will grow in line with historical growth rates.
- The market is trading close to its 3-year average PE ratio of 14.9x.
Past Earnings Growth
- The earnings for Vietnamese listed companies have grown 26% per year over the last three years.
- Revenues for these companies have grown 20% 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 | -2.29% | |
| Energy | 5.39% | |
| Utilities | 0.046% | |
| Real Estate | -1.87% | |
| Industrials | -1.88% | |
| Healthcare | -1.89% | |
| Consumer Staples | -2.18% | |
| Materials | -2.79% | |
| Consumer Discretionary | -2.79% | |
| Tech | -3.15% | |
| Financials | -3.30% | |
| Telecom | -5.80% | |
Sector PE
- Investors favour the Telecom sector the most for future growth, which is trading close to its 3-year average PE ratio of 25.3x.
- It looks like investors are confident that earnings will grow faster in the future than they have historically.
- The Financials sector is the least preferred by investors for future growth, which is trading close to its 3-year average of 10.7x.
Forecasted Growth
- Analysts are most optimistic on the Real Estate sector, expecting annual earnings growth of 26% 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 grow by 2.8% 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 | |
|---|---|---|---|---|---|---|
| BSR Petrovietnam Refining and Petrochemical | ₫27.20k | 12.2% +₫14.8t | 138.1% | PE10.4x | Energy | |
| GAS Petrovietnam Gas | ₫78.50k | 6.4% +₫11.3t | 19.4% | PE16.6x | Utilities | |
| THD Thaiholdings | ₫142.40k | 16.2% +₫7.7t | 405.0% | PE525.1x | Industrials | |
| MCH Masan Consumer | ₫139.90k | 1.7% +₫3.0t | n/a | PE26.4x | Consumer Staples | |
| PLX Vietnam National Petroleum Group | ₫36.80k | 5.4% +₫2.4t | -1.3% | PE48x | Energy |