Executive Summary
VN-Index opened February under pressure, falling 3.76% to 1,755.49. The index opened at 1,824.10, failed to reclaim 1,830, and closed near the weekly low of 1,754.39. That is a clear distribution structure. Liquidity remained meaningful at VND 27,368bn/day, suggesting investors were actively reducing risk rather than simply stepping away before Tet.
Foreign investors were net sellers of VND 4,058.06bn, with VND 12,117.48bn of buy value against VND 16,175.53bn of sell value. That outflow confirmed the price action. Offshore accounts were not just absent; they were a visible source of supply.
Vietnam Macro Pulse
DXY was flat at 97.63 and USD/VND rose 0.23% to 25,940. BTC fell 10.34%, gold rallied 7.11%, and WTI rose 2.27%. This is a classic defensive cross-asset mix: speculative risk sold off while hedges worked. Vietnam equities reflected the same caution.
VN-Index: Weekly Review
Support is now 1,754.39. Resistance is 1,827.91, with the 1,824 open also acting as a reference level. The index needs to recover 1,800 quickly to avoid turning the January pullback into a broader Q1 correction.
Sector Spotlight
Construction was the relative leader at +1.78%, but leadership was not strong enough to change the index message. When a defensive or idiosyncratic pocket leads during a broad selloff, it is usually a shelter rather than a new market engine.
The Week Ahead
Tet timing complicates interpretation, but the setup is simple. Hold 1,754 and a technical bounce is possible. Break it and the market opens the 1,720-1,740 zone. Foreign flow is the key variable: continued selling would keep rallies tactical.
Information purpose only - not investment advice. Prepared by Nguyen Vu Truong Huy.