BSC Radar | 24.11 – 28.11: Update on key developments in Vietnam’s stock market upgrading process

GLOBAL STOCK MARKET
Rate-cut expectations fade, markets lose ground under pressure from the technology sector
Strong September employment data has made expectations of a December rate cut increasingly unclear. Global equities continued to face downward pressure from technology stocks. Nvidia, after rising 5% at the start of the session thanks to impressive earnings results, reversed to fall 3% during the 20/11 session, dragging down the entire market. Along with equities, the cryptocurrency market also witnessed a sharp decline in 2025.
- U.S. stock indices fell an average of 3% as of 20/11, EU600 -2.8%, Nikkei 225 -3.6%, CSI 300 -3.8%.
- The commodity index dropped -1.1%; energy (oil -2.9%, natural gas -1.9%) as President Trump pushed Ukraine to accept a peace agreement with Russia; metals (lead -2.9%, aluminum -2.3%); agricultural products (rice -4.5%, tea -4%, cocoa -7.8%), while lithium increased +8.2%.
- The DXY Index rose +0.7% to 100, while U.S. Treasury yields slipped slightly -0.05% to 4.06%.
The October FOMC minutes recorded a 10–2 vote to cut interest rates by 0.25%, bringing the policy rate to 3.75%–4%. The minutes show that many non-voting officials opposed the rate cut, while even those who supported the cut expressed no objection to the Fed keeping rates unchanged. The division partly stemmed from the lack of unemployment and CPI data; however, most members still indicated the possibility of a rate cut, even if not necessary, in December. Market expectations for a December cut from CME Group fell to 39%, down from 50% the previous week.
G7 meetings from 25–26/11; Australia, Germany, Japan CPI; Japan retail sales, industrial production, unemployment rate; U.S. consumer sentiment index, third estimate of GDP, jobless claims, and PCE will be the key information to watch next week.

VIETNAM STOCK MARKET
VN-Index posts a second consecutive gaining week thanks to the VIC group
Despite the negative developments in global markets, the VN-Index still recorded a 1.2% increase, accompanied by a slight 5% rise in liquidity. The VIC group continued to act as the main pillar of support for the market, creating a base for capital flows to rotate into some speculative mid- and small-cap stocks. The market reacted fairly positively at low price levels, even though skepticism about the sustainability of the rebound remains present.
- The VIC group contributed 22 points to the VN-Index, compared with 11.5 points in the previous week. Strong divergence within the banking sector caused the market to lose upward momentum and shift into a consolidation trading range.
- Only 4 out of 18 sectors advanced, led by Real Estate +5.72%, Travel & Leisure +5.07%, while Automobiles & Components and Media both declined by more than 2%.
- Foreign investors maintained their net selling streak with USD 72 million, compared with USD 86 million in the previous week.
On November 19, the Prime Minister instructed ministries and local authorities to further strengthen macroeconomic stability, control inflation, and promote export growth above 8% via an official telegram. In the first 10 months of the year, the macro environment remained stable, growth was supported, major economic balances were ensured, and total import–export turnover increased 17.4%. However, given the complex global context, more efforts are needed to boost trade activities for growth. Previously, the Prime Minister emphasized the target of 8.4% GDP growth in Q4, bringing full-year GDP growth to 8%, based on both traditional growth drivers and new growth engines.
The market is diverging within a sideways, range-bound trend, with risks easing. Investors can consider short-term trading in stocks with favorable positioning, while waiting for clearer trend signals and a stronger alignment of capital flows to deploy trend-following investment strategies.