Narrative Update • May 18
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Vietnamese (HOSE) Market Analysis & Valuation
UpdatedMay 21, 2026
DataAggregated Company Financials
Companies695
- 7D0.7%
- 3M4.3%
- 1Y43.0%
- YTD6.6%
The Information Technology sector gained 8.6% while the market remained flat over the last week. As for the longer term, the market has risen 43% in the past 12 months. Looking forward, earnings are forecast to grow by 14% annually.
Market Valuation and Performance
Has the Vietnamese Market valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Thu, 21 May 2026 | ₫9382.2t | ₫4673.0t | ₫640.3t | 11.2x | 14.7x | 2x |
| Sat, 18 Apr 2026 | ₫8935.8t | ₫4432.5t | ₫587.0t | 12.1x | 15.2x | 2x |
| Mon, 16 Mar 2026 | ₫8361.4t | ₫4426.7t | ₫593.4t | 11.9x | 14.1x | 1.9x |
| Wed, 11 Feb 2026 | ₫8629.8t | ₫4410.2t | ₫588.9t | 11.9x | 14.7x | 2x |
| Fri, 09 Jan 2026 | ₫9022.5t | ₫4048.3t | ₫518.2t | 12.4x | 17.4x | 2.2x |
| Sun, 07 Dec 2025 | ₫8061.1t | ₫4016.7t | ₫509.6t | 12.8x | 15.8x | 2x |
| Tue, 04 Nov 2025 | ₫7485.4t | ₫4013.6t | ₫508.0t | 12.8x | 14.7x | 1.9x |
| Thu, 02 Oct 2025 | ₫7416.1t | ₫3812.7t | ₫469.8t | 14.5x | 15.8x | 1.9x |
| Sat, 30 Aug 2025 | ₫7514.5t | ₫3799.7t | ₫468.1t | 14.6x | 16.1x | 2x |
| Mon, 28 Jul 2025 | ₫6808.2t | ₫3758.8t | ₫438.3t | 14.9x | 15.5x | 1.8x |
| Wed, 25 Jun 2025 | ₫5914.3t | ₫3695.1t | ₫433.0t | 13.8x | 13.7x | 1.6x |
| Fri, 23 May 2025 | ₫5690.3t | ₫3682.0t | ₫431.9t | 13.9x | 13.2x | 1.5x |
| Sun, 20 Apr 2025 | ₫5317.5t | ₫3564.1t | ₫418.2t | 13.4x | 12.7x | 1.5x |
| Tue, 18 Mar 2025 | ₫5828.0t | ₫3467.9t | ₫422.9t | 14.3x | 13.8x | 1.7x |
| Thu, 13 Feb 2025 | ₫5533.4t | ₫3427.1t | ₫419.9t | 13.9x | 13.2x | 1.6x |
| Sat, 11 Jan 2025 | ₫5286.8t | ₫3014.9t | ₫372.4t | 13.8x | 14.2x | 1.8x |
| Mon, 09 Dec 2024 | ₫5432.8t | ₫3011.7t | ₫374.0t | 14.2x | 14.5x | 1.8x |
| Wed, 06 Nov 2024 | ₫5332.7t | ₫3012.9t | ₫373.9t | 13.8x | 14.3x | 1.8x |
| Fri, 04 Oct 2024 | ₫5465.3t | ₫2936.1t | ₫361.7t | 14x | 15.1x | 1.9x |
| Sun, 01 Sep 2024 | ₫5499.2t | ₫2933.9t | ₫360.4t | 14.8x | 15.3x | 1.9x |
| Tue, 30 Jul 2024 | ₫5326.9t | ₫2934.8t | ₫324.1t | 15.3x | 16.4x | 1.8x |
| Thu, 27 Jun 2024 | ₫5335.9t | ₫2920.9t | ₫320.8t | 16x | 16.6x | 1.8x |
| Sat, 25 May 2024 | ₫5359.7t | ₫2816.6t | ₫346.3t | 15x | 15.5x | 1.9x |
| Mon, 22 Apr 2024 | ₫4999.3t | ₫2800.0t | ₫337.9t | 14.3x | 14.8x | 1.8x |
| Wed, 20 Mar 2024 | ₫5276.8t | ₫2814.7t | ₫313.6t | 15x | 16.8x | 1.9x |
| Fri, 16 Feb 2024 | ₫5090.9t | ₫2798.0t | ₫340.5t | 14.3x | 15x | 1.8x |
| Sun, 14 Jan 2024 | ₫4911.9t | ₫2820.0t | ₫322.6t | 13.6x | 15.2x | 1.7x |
| Tue, 12 Dec 2023 | ₫4795.1t | ₫2819.1t | ₫320.1t | 13.2x | 15x | 1.7x |
| Thu, 09 Nov 2023 | ₫4744.9t | ₫2824.1t | ₫319.2t | 12.9x | 14.9x | 1.7x |
| Sat, 07 Oct 2023 | ₫4783.9t | ₫2739.9t | ₫320.2t | 14x | 14.9x | 1.7x |
| Mon, 04 Sep 2023 | ₫5153.7t | ₫2739.0t | ₫320.7t | 14.3x | 16.1x | 1.9x |
| Wed, 02 Aug 2023 | ₫5099.3t | ₫2754.0t | ₫317.4t | 13.8x | 16.1x | 1.9x |
| Fri, 30 Jun 2023 | ₫4720.9t | ₫2731.4t | ₫315.8t | 12.6x | 14.9x | 1.7x |
| Sun, 28 May 2023 | ₫4467.6t | ₫2726.8t | ₫315.1t | 12.1x | 14.2x | 1.6x |
Price to Earnings Ratio
14.2x
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 27% 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 | 0.74% | |
| Tech | 8.61% | |
| Utilities | 5.24% | |
| Energy | 4.66% | |
| Real Estate | 2.28% | |
| Telecom | 0.21% | |
| Financials | -0.24% | |
| Industrials | -0.66% | |
| Consumer Staples | -0.69% | |
| Healthcare | -1.30% | |
| Materials | -1.62% | |
| Consumer Discretionary | -2.58% | |
Sector PE
- Investors favour the Telecom sector the most for future growth, which is trading close to its 3-year average PE ratio of 25.4x.
- 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 Financials sector, expecting annual earnings growth of 19% over the next 5 years.
- However this is lower than its past earnings growth rate of 24% per year.
- In contrast, the Energy industry is expected to see its earnings growth to stay flat 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 | |
|---|---|---|---|---|---|---|
| VCB Commercial Bank for Foreign Trade of Vietnam | ₫64.90k | 6.4% +₫32.6t | 14.1% | PB2.3x | Financials | |
| VHM Vinhomes | ₫159.80k | 1.8% +₫11.5t | 134.7% | PE10.1x | Real Estate | |
| THD Thaiholdings | ₫70.50k | 52.6% +₫9.4t | 149.1% | PE260x | Industrials | |
| GAS Petrovietnam Gas | ₫87.30k | 4.4% +₫8.9t | 47.4% | PE18.5x | Utilities | |
| VPL Vinpearl | ₫93.50k | 4.1% +₫6.6t | 1.6% | PE66.6x | Consumer Discretionary |