{"id":16397,"date":"2026-05-19T10:31:48","date_gmt":"2026-05-19T03:31:48","guid":{"rendered":"https:\/\/www.phfm.vn\/?p=16397"},"modified":"2026-05-19T14:00:52","modified_gmt":"2026-05-19T07:00:52","slug":"vn-index-hit-a-peak-why-are-many-investors-still-struggling-to-find-profits","status":"publish","type":"post","link":"https:\/\/www.phfm.vn\/zh\/vn-index-hit-a-peak-why-are-many-investors-still-struggling-to-find-profits\/","title":{"rendered":"VN-INDEX HIT A PEAK \u2013 WHY ARE MANY INVESTORS STILL STRUGGLING TO FIND PROFITS?"},"content":{"rendered":"\"\"<\/p>\n

VN-INDEX HIT A PEAK \u2013 WHY ARE MANY INVESTORS STILL STRUGGLING TO FIND PROFITS?<\/b><\/h1>\n

The Vietnamese stock market in the first half of 2026 is witnessing landmark fluctuations. Facing a constantly changing economy, from global inflationary pressures to domestic institutional restructuring efforts, investors are currently facing a dilemma: How to allocate capital most effectively when market cash flow is becoming increasingly polarized.<\/p>\n

Reacting to a macroeconomic context intertwined with opportunities and challenges, the Vietnamese stock market has set new records but accompanied by fierce cash flow divergence. In May 2026, the VN-Index hit an all-time high of 1,927.06 points before facing profit-taking pressure and adjusting to the 1,895 – 1,901point zone. As of 12\/05\/2026, the year-to-date (YTD) performance of the VN-Index reached approximately 6.5%, and the performance compared to the beginning of 2025 achieved an impressive 47.5%.<\/p>\n

Although the overall market picture seems positive, the majority of market profits are concentrated only in a minority of large-cap stocks, particularly those in the VN30 basket. Industry groups such as Oil & Gas, Finance – Banking, and Basic Resources continuously attract cash flow. Conversely, many retail investors holding mid-and small-cap stocks, or real estate enterprises, still fail to generate profits, and are even facing losses.<\/p>\n

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Source: FiinPro, PHFM<\/em><\/p>\n

Furthermore, when looking at the 290% growth of the real estate sector, the main driving force comes from Vingroup’s stocks, while other real estate stocks are still trending sideways or declining sharply due to pressure from rising interest rates and slow permit processing.<\/p>\n

This divergence creates a significant risk for self-directed investors when lacking analytical tools; furthermore, investors also face the risk of information asymmetry in an inefficient market.<\/p>\n

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Source: FiinPro, PHFM<\/em><\/p>\n

Besides the profound divergence among industry groups, the current market picture also records a severe fracture in terms of capitalization scale. While the VN30 index basket (representing industry-leading enterprises) continuously breaks out and plays the main pulling role for the VN-Index, the VNMID basket (mid-cap) lags noticeably. Even more alarmingly, the VNSML basket (small-cap) moves in the completely opposite direction, continuously bottoming out and recording negative returns. This extreme shift is not a random development but stems from core macroeconomic movements and the structural nature of large capital flows.<\/p>\n

The market is booming, but the sweet fruits are not for everyone<\/strong><\/h2>\n

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Source: FiinPro, PHFM<\/em><\/p>\n

Through a booming period, the performance of funds reflects a harsh reality: Success is not for everyone. Even within the space of professional investment funds, the degree of profit divergence is occurring extremely fiercely.<\/p>\n

A few investment funds with a widespread allocation strategy, or maintaining a large proportion in the mid-and small-cap groups, are showing severe exhaustion and recording distinctly poorer performance compared to the breakthrough of the VN-Index. This phenomenon sends a resounding message to investment cash flows: In a market recovering under a K-shaped model, selecting the wrong investment focal points can still lead to massive losses during a strong bull market. This shows that not only individual investors, but also institutional investors are facing many difficulties in seeking profits.<\/p>\n

Investment Implications: The Optimal Yield Solution for the Majority of Investors<\/strong><\/h2>\n

Looking back at the macroeconomic picture in the 2025 – 2026 period, the market has gone through many complex and unpredictable variables. From tariff tensions and geopolitical risks to the long-term transformative steps of a “new economic era.” In that context, the market does not lack investment opportunities. However, these opportunities are no longer spread evenly to everyone but are narrowed and highly concentrated into a small group of the most outstanding enterprises. Choosing the right stocks has become more rigorous and riskier than ever.<\/p>\n

For semi-professional investors, investing is not a full-time job. Having to constantly monitor the dashboard, analyze every number on financial statements, or project macroeconomic risks not only consume a huge amount of time but also create unnecessary psychological pressure. Therefore, Exchange-Traded Funds (ETFs) have become a tool that can help investors generate profits without requiring the in-depth knowledge of a financial expert.<\/p>\n

Instead of having to manually filter through thousands of stock tickers, the ETF investment strategy operates on an extremely simple mechanism: automatically simulating the growth momentum of a basket of leading enterprises. When buying ETF certificates, investors are indirectly owning a piece of the best business machines in the economy. Even without needing to understand market techniques too deeply or spending much time monitoring, investors can still certainly keep pace with the general upward momentum of the economy.<\/p>\n

Actual data has proven that a disciplined ETF investment strategy brings extremely sustainable returns in the long term. Furthermore, thanks to eliminating personal emotional factors and having extremely low operating costs, the profits from passive ETFs at many times are even superior and much more stable compared to continuously trading or depositing money into other complex active funds.<\/p>\n

The rise of ETFs: The shortcomings of traditional methods are gradually being improved by the Smart Beta strategy<\/strong><\/h2>\n

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Source: PHFM<\/em><\/p>\n

Unlike traditional ETFs that allocate stock weightings based on market capitalization, the Smart Beta strategy weights and filters stocks based on one or more specific, pre-programmed financial criteria or factors.<\/p>\n

There are many different factors that can be selected from fund managers; according to research, six of the most successful and reliable factors in the Smart Beta selection model are:<\/p>\n

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Source: PHFM<\/em><\/p>\n

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In the global market, dividend-tracking ETFs have proven to deliver significantly higher and more sustainable returns compared to other factors, thanks to the sustainability and financial safety of the selected companies.<\/p>\n

In the Vietnamese market, ETF products are still quite limited, with most tracking market capitalization based on criteria such as high weighting in large-cap companies and low weighting in small-cap companies. As the market develops, more optimized products for the real investment environment will gradually be improved with more effective criteria. The introduction of the VNSHINE index, issued by the Ho Chi Minh City Stock Exchange (HOSE), directly addresses the shortcomings of traditional indices. While ETFs tracking the VN30 index may face risks during volatile market conditions due to their need to closely monitor the market capitalization of a few large companies, VNSHINE’s Smart Beta strategy focuses on “Shareholder Return.”<\/p>\n

The PHFM VNSHINE ETF<\/strong> (Code: FUEPHVNS<\/strong>), operated by Phu Hung Fund Management Joint Stock Company, is a pioneering fund in applying this index. The fund was recently granted an IPO license by the State Securities Commission on 07\/05\/2026, with the offering period expected from 22\/05 to 22\/06\/2026. Through rigorous screening based on cash dividend payout capacity, net debt control, and limited share dilution, FUEPHVNS provides a superior layer of protection. Despite employing a smart, proactive strategy, the fund maintains its core competitive advantage as an ETF with low management fees, at just 0.75% per year.<\/p>\n

Vo Hoang Long \u2013 Investment Department, PHFM<\/em><\/p>","protected":false},"excerpt":{"rendered":"

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