INVESTMENT STRATEGY:
The market has shown signs of correction since mid-March, driven by a gradual lack of supportive information. In an optimistic scenario, we believe this correction phase is necessary; however, it is unlikely to be overly “severe,” with the VNINDEX expected to maintain a solid price foundation above the 1,300 level, setting the stage for the next upward momentum. For now, the prospect of a market upgrade remains the most anticipated focal point for market participants. On the other hand, concerns over tariffs and exchange rate pressures are acting as headwinds, prompting caution among investors. In a pessimistic scenario, high tariffs and a sharp rise in exchange rates could potentially “erode” the upward momentum seen since the beginning of the year.
The most suitable strategy at this juncture is to closely monitor the latest developments regarding the impact of tariffs and exchange rates (early April). Additionally, selective accumulation of stocks or sectors with supportive catalysts can be considered, including those benefiting from the wave of Q1 earnings results, as well as banking and real estate stocks with strong fundamentals and attractive valuations (further details in the report)

(EN) GTJASVN Research_April Market Strategy_Essential Accumulation Period_28.3.2025