<p>河內——上週股市以強烈的波動收盤，VN-Index 持續在歷史高點區域波動。</p>
<p>賣壓從周初開始增加，基準指數一度大幅下跌至 1900 點以下，甚至在週中交易時接近 1860 點水平，隨後強勁反彈。</p>
<p>這種拉鋸戰反映了投資者在市場進入前所未有的價格區域時的謹慎情緒。然而，大盤股的支撐和在不同板塊之間輪動的投機資金幫助 VN-Index 迅速恢復，並在 1925 點附近建立了新的歷史高點。</p>
<p>5 月 14 日的交易成為本週的亮點，強勁的午後買盤將 VN-Index 推高超過 27 點，正式突破 1925 點大關，創下越南股市的新歷史高點。</p>
<p>與基準指數一起，胡志明證券交易所（HoSE）的總市值首次超過 9.07 萬億越南盾（3441 億美元），突顯了越南股市近年來的快速擴張。</p>
<p>然而，市場廣度仍然不均，資金主要集中在領先的藍籌股上，而許多中小盤股和低價股則面臨強烈的獲利回吐壓力。</p>
<p>儘管流動性保持在較高水平，分析師指出市場尚未建立足夠的共識，以維持在 1900-1920 點交易區間之外的明確突破。</p>
<p>VN-Index 本週收於 1921.6 點，周漲幅為 0.33%。</p>
<p>在河內證券交易所（HNX），HNX-Index 本週收於 257.43 點，上漲 4.43%。</p>
<p>市場流動性總體保持穩定。南方交易所的總交易價值在本週達到約 124.13 萬億越南盾，與前一週基本持平。</p>
<p>與此同時，HNX 的流動性大幅下降，總交易價值環比下降 14.5%，約為 5.49 萬億越南盾。</p>
<p>最引人注目的發展之一是，儘管市場創下歷史新高，外資投資者仍持續進行激進的淨賣出。外資在市場上的淨賣出額約為 3.91 萬億越南盾。</p>
<p>胡志明證券交易所佔據了大部分資金流出，淨賣出約為 3.82 萬億越南盾。</p>
<p>儘管淨外資賣出的金額與前一週相比略有減輕，但即使在市場達到新的歷史高點時，資本撤出的規模仍然較高。</p>
<p>證券公司在持續波動的情況下對市場的中期前景保持謹慎但總體積極的看法。</p>
<p>根據越南資本證券公司（Vietcap Securities）的分析，只要短期支撐區間在 1890-1900 點附近保持完好，VN-Index 將繼續保持上升趨勢。</p>
<p>該券商表示，如果基準指數成功突破 1920 點閾值並伴隨支持性流動性，市場可能在短期內向 1940 點區域移動。</p>
<p>與此同時，BIDV 證券公司（BSC）表示，大盤股仍然是支撐市場的主要支柱。然而，該公司指出，更具決定性的突破需要更廣泛的資金參與和各個板塊之間更強的共識。</p>
<p>根據先鋒證券（TPS）的分析，流動性持續高於 20 個交易日的平均水平，表明買入需求相對積極。然而，短期賣壓依然存在，因為 VN-Index 尚未果斷突破接近 1925 點的阻力區。</p>
<p>市場專家建議投資者在劇烈反彈期間避免激進買入，而應專注於重組投資組合，選擇基本面強勁、上升趨勢明確且現金流支持穩健的股票。—— BIZHUB/VNS</p>

越南 ETF - VanEck Vectors

VNAM

<p>VN 指數上週經歷了強烈的波動，圍繞其歷史高點波動。它一度跌破 1900 點，但隨後反彈至 1925 點，創下新歷史高點。儘管流動性較高，外國投資者仍繼續淨賣出，總額約為 3.91 萬億越南盾。分析師建議，如果 VN 指數在強支撐下突破 1920 點，可能會向 1940 點邁進。投資者被建議在持續的市場波動中關注基本面強勁的股票</p>

<p>HÀ NỘI — The stock market closed last week with strong volatility as the VN-Index continuously fluctuated around its historical peak zone.</p>
<div class="lb-trans"><p>河內——上週股市以強烈的波動收盤，VN-Index 持續在歷史高點區域波動。</p>
</div><p>Selling pressure increased from the beginning of the week, causing the benchmark index at one point to fall sharply below the 1,900-point threshold, even nearing the 1,860-point level during the midweek session before rebounding strongly.</p>
<div class="lb-trans"><p>賣壓從周初開始增加，基準指數一度大幅下跌至 1900 點以下，甚至在週中交易時接近 1860 點水平，隨後強勁反彈。</p>
</div><p>The tug-of-war movements reflected investors' cautious sentiment as the market entered an unprecedented price territory. However, support from large-cap stocks and speculative cash flow rotating among different sectors helped the VN-Index recover quickly and establish a new all-time high around the 1,925-point mark.</p>
<div class="lb-trans"><p>這種拉鋸戰反映了投資者在市場進入前所未有的價格區域時的謹慎情緒。然而，大盤股的支撐和在不同板塊之間輪動的投機資金幫助 VN-Index 迅速恢復，並在 1925 點附近建立了新的歷史高點。</p>
</div><p>May 14's session emerged as the highlight of the week when strong afternoon buying pushed the VN-Index up more than 27 points, officially surpassing the 1,925-point mark and setting a new all-time high for the Vietnamese stock market.</p>
<div class="lb-trans"><p>5 月 14 日的交易成為本週的亮點，強勁的午後買盤將 VN-Index 推高超過 27 點，正式突破 1925 點大關，創下越南股市的新歷史高點。</p>
</div><p>Alongside the benchmark index, total market capitalisation on the Hochiminh Stock Exchange (HoSE) also exceeded VNĐ9.07 quadrillion (US$344.1 billion) for the first time, underscoring the rapid expansion of Việt Nam's equity market in recent years.</p>
<div class="lb-trans"><p>與基準指數一起，胡志明證券交易所（HoSE）的總市值首次超過 9.07 萬億越南盾（3441 億美元），突顯了越南股市近年來的快速擴張。</p>
</div><p>However, market breadth remained uneven as cash flow concentrated mainly on leading blue-chip stocks while many mid-cap and penny stocks came under strong profit-taking pressure.</p>
<div class="lb-trans"><p>然而，市場廣度仍然不均，資金主要集中在領先的藍籌股上，而許多中小盤股和低價股則面臨強烈的獲利回吐壓力。</p>
</div><p>Although liquidity stayed at elevated levels, analysts noted that the market had yet to establish sufficient consensus to sustain a clear breakout beyond the 1,900-1,920 point trading range.</p>
<div class="lb-trans"><p>儘管流動性保持在較高水平，分析師指出市場尚未建立足夠的共識，以維持在 1900-1920 點交易區間之外的明確突破。</p>
</div><p>The VN-Index finished the week at 1,921.6 points, gaining 0.33 per cent for the week.</p>
<div class="lb-trans"><p>VN-Index 本週收於 1921.6 點，周漲幅為 0.33%。</p>
</div><p>On the Hanoi Stock Exchange (HNX), the HNX-Index ended the week at 257.43 points, up 4.43 per cent.</p>
<div class="lb-trans"><p>在河內證券交易所（HNX），HNX-Index 本週收於 257.43 點，上漲 4.43%。</p>
</div><p>Market liquidity remained broadly stable. Total trading value on the southern bourse reached approximately VNĐ124.13 trillion during the week, largely unchanged from the previous week.</p>
<div class="lb-trans"><p>市場流動性總體保持穩定。南方交易所的總交易價值在本週達到約 124.13 萬億越南盾，與前一週基本持平。</p>
</div><p>Meanwhile, liquidity on the HNX declined sharply, with total trading value falling 14.5 per cent week-on-week to around VNĐ5.49 trillion.</p>
<div class="lb-trans"><p>與此同時，HNX 的流動性大幅下降，總交易價值環比下降 14.5%，約為 5.49 萬億越南盾。</p>
</div><p>One of the most notable developments was the continued aggressive net selling by foreign investors despite the market’s record-setting performance. Foreign investors posted net sales of approximately VNĐ3.91 trillion on the market.</p>
<div class="lb-trans"><p>最引人注目的發展之一是，儘管市場創下歷史新高，外資投資者仍持續進行激進的淨賣出。外資在市場上的淨賣出額約為 3.91 萬億越南盾。</p>
</div><p>The HoSE accounted for the majority of the outflows with net selling of roughly VNĐ3.82 trillion.</p>
<div class="lb-trans"><p>胡志明證券交易所佔據了大部分資金流出，淨賣出約為 3.82 萬億越南盾。</p>
</div><p>Although the value of net foreign selling eased slightly compared with the previous week, the scale of capital withdrawal remained elevated even as the market reached new historical highs.</p>
<div class="lb-trans"><p>儘管淨外資賣出的金額與前一週相比略有減輕，但即使在市場達到新的歷史高點時，資本撤出的規模仍然較高。</p>
</div><p>Securities companies maintained cautious but generally constructive views on the market's medium-term outlook amid the ongoing volatility.</p>
<div class="lb-trans"><p>證券公司在持續波動的情況下對市場的中期前景保持謹慎但總體積極的看法。</p>
</div><p>According to Vietcap Securities, the VN-Index continues to maintain its upward trend as long as the short-term support zone around 1,890-1,900 points remains intact.</p>
<div class="lb-trans"><p>根據越南資本證券公司（Vietcap Securities）的分析，只要短期支撐區間在 1890-1900 點附近保持完好，VN-Index 將繼續保持上升趨勢。</p>
</div><p>The brokerage said that if the benchmark index successfully breaks above the 1,920-point threshold with supportive liquidity, the market could move toward the 1,940-point region in the near term.</p>
<div class="lb-trans"><p>該券商表示，如果基準指數成功突破 1920 點閾值並伴隨支持性流動性，市場可能在短期內向 1940 點區域移動。</p>
</div><p>Meanwhile, BIDV Securities Company (BSC) said large-cap stocks remained the primary pillar supporting the market. However, the firm noted that a more decisive breakout would require broader cash flow participation and stronger consensus across sectors.</p>
<div class="lb-trans"><p>與此同時，BIDV 證券公司（BSC）表示，大盤股仍然是支撐市場的主要支柱。然而，該公司指出，更具決定性的突破需要更廣泛的資金參與和各個板塊之間更強的共識。</p>
</div><p>According to Tien Phong Securities (TPS), liquidity continuing above the 20-session average indicated that buying demand remained relatively positive. Nevertheless, short-term selling pressure persists as the VN-Index has yet to decisively overcome the resistance zone near 1,925 points.</p>
<div class="lb-trans"><p>根據先鋒證券（TPS）的分析，流動性持續高於 20 個交易日的平均水平，表明買入需求相對積極。然而，短期賣壓依然存在，因為 VN-Index 尚未果斷突破接近 1925 點的阻力區。</p>
</div><p>Market experts advised investors to avoid aggressive buying during sharp rallies and instead focus on restructuring portfolios toward fundamentally strong stocks with clear upward trends and solid cash flow support. — BIZHUB/VNS</p>
<div class="lb-trans"><p>市場專家建議投資者在劇烈反彈期間避免激進買入，而應專注於重組投資組合，選擇基本面強勁、上升趨勢明確且現金流支持穩健的股票。—— BIZHUB/VNS</p>
</div>

市場可能在短期內向 1940 點靠攏