The VN-Index ended October 2026 down about 1.6%, its second consecutive monthly decline after a 3.5% fall in September. Notably, the dip came just as the third-quarter reporting season delivered very positive business results. According to securities firms, November will be a month in which the market tests the strength of capital flows.

A solid earnings foundation

As of October 30, 880 companies had released their Q3 financial statements. According to Nguyen Anh Khoa, director of research at Agriseco Securities, combined after-tax profit attributable to parent-company shareholders rose 48.5% year on year; excluding Vingroup companies, growth was 22.5%.

By sector, Q3 profits in retail rose about 71%, with 65% of companies in the sector reporting earnings growth. Banking sector after-tax profits rose approximately 21%, and 81% of banks reported growth. These figures point to a clear improvement in the health of listed companies.

Liquidity is the key factor

Despite strong results, investor sentiment remains cautious. Foreign investors sold a net VND2.69 trillion (US$104.9 million) worth of shares in the final week of October. Nguyen Thi My Lien, head of research at Phu Hung Securities, said the fading impact of the earnings season was driven by liquidity rather than earnings quality; low cash balances at securities firms and high margin lending were also cited as constraints. Nguyen The Hoai, a branch director at Rong Viet Securities, said capital was mainly rotating between stock groups.

November in history and levels to watch

Yuanta Vietnam Securities data for 2000–2024 show the VN-Index rose in November in half of the years, with an average gain of 2% in the month. In November 2023 the index gained about 6.4% after plunging 10.9% in October; in November 2025 it rose approximately 2.3%.

On the technical side, Khoa sees support for the VN-Index around 1,730 points. Vietcombank Securities (VCBS) said the market needs more time to consolidate around 1,740 points, while ASEAN Securities expected the index to fluctuate between 1,720 and 1,770 points in the first week of November. Analysts also caution against relying on seasonal patterns or expecting a broad-based recovery.

Key takeaways