In August 2026, the Vietnamese capital market demonstrated unprecedented vitality and complexity. Against the backdrop of continuous global economic restructuring, the direction of capital flows from Vietnam has significantly shifted, and US stocks, as one of the world's most attractive investment destinations, remain an important choice for Vietnamese investors in cross-border asset allocation. This article will deeply analyze the new trends in Vietnamese capital flows, explore how Vietnamese investors can seize investment opportunities in US stocks, and discuss the impact of the USD/VND exchange rate fluctuations on cross-border investment strategies. Current Status and Trend Analysis of Vietnamese Capital Flows According to the latest data released by the State Bank of Vietnam, the total capital flow in the first seven months of 2026 reached a record 58 billion USD, a year-on-year increase of 23.5%. This figure not only reflects the fundamental strength of the Vietnamese economy but also indicates growing confidence from international investors in the Vietnamese market. However, it is worth noting that the structure of capital flows is undergoing profound changes. Traditionally, Foreign Direct Investment (FDI) has been the main source of capital inflow into Vietnam. But in 2026, cross-border securities investment, particularly investment in US stocks, has shown explosive growth. Data shows that in the first half of 2026, the capital invested by Vietnamese investors in US stocks through channels such as Qualified Foreign Institutional Investors (QFII) and Stock Connect reached 12 billion USD, a year-on-year increase of 45%, accounting for 27% of the total cross-border capital flows, up from 15% in 2025. Key Factors Driving Vietnamese Capital Flows * Strong Domestic Economic Growth in Vietnam: Vietnam's GDP growth rate reached 6.8% in the first half of 2026, exceeding the government's target of 6.5%. Manufacturing continues to expand, with exports growing by 12.3% year-on-year, providing a solid foundation for capital inflow. * Accelerated Financial Market Opening: The Vietnamese government continues to promote financial reforms, easing capital account restrictions, expanding QFII quotas, and simplifying cross-border investment approval processes, creating a more convenient environment for capital flows. * USD/VND Exchange Rate Fluctuations: Since 2026, the USD/VND exchange rate has shown a volatile trend, fluctuating from 1:24,500 at the beginning of the year to 1:24,200 in August, creating arbitrage opportunities for cross-border investments. * Excellent Performance of the US Stock Market: Since 2026, the three major US stock indices have continuously set historical highs, with the S&P 500 index rising by 18.3% and the Nasdaq index rising by 22.7%, providing good returns for cross-border investments. Analysis of Vietnamese Investors' US Stock Investment Strategies As Vietnamese investors show increasing interest in the US stock market, how to formulate an effective investment strategy has become crucial. Several financial experts point out that Vietnamese investors should adopt diversified and long-term strategies in US stock investments while closely monitoring exchange rate risks. Sector Allocation Strategy From the perspective of sector allocation, Vietnamese investors show a clear preference in the US stock market. Technology, healthcare, and financial stocks have become the three most watched sectors. This is mainly based on the following considerations:

• Technology Stocks: The technology sector, represented by artificial intelligence, cloud computing, and semiconductors, continues to lead the rise in US stocks. Vietnamese investors are particularly optimistic about tech giants such as Nvidia, Microsoft, and Apple, believing that these companies' leading positions in AI will bring long-term growth.
• Healthcare Stocks: With the increasing trend of global population aging, the healthcare industry shows strong growth potential. Vietnamese investors have shown keen interest in pharmaceutical giants like Johnson & Johnson and Pfizer, as well as biotech companies like Novo Nordisk.
• Financial Stocks: Against the backdrop of the Federal Reserve maintaining a relatively loose monetary policy, financial stocks, especially investment banks and asset management companies, have performed well. Financial institutions such as JPMorgan Chase and Goldman Sachs are favored by Vietnamese investors.

Risk Management Strategies

Cross-border investment faces multiple challenges, including exchange rate risk, market risk, and liquidity risk. Vietnamese investors should adopt the following risk management measures when investing in US stocks:

• Currency Hedging: Hedging the risk of fluctuations in the USD to VND exchange rate through financial instruments such as forward foreign exchange contracts and options to lock in investment returns.
• Diversification: Not only diversifying investments across different industries but also considering allocation across different markets to reduce single-market risk.
• Long-Term Holding: Avoiding frequent trading and adopting a long-term investment strategy to reduce the impact of short-term market fluctuations on the portfolio.
• Information Gathering: Establishing efficient information channels to promptly understand US economic data, corporate financial reports, and policy changes to make informed investment decisions.

The Relationship Between Vietnam's Foreign Exchange Policy and Capital Flows

Vietnam's foreign exchange policy significantly influences capital flows. In 2026, the State Bank of Vietnam implemented a series of measures to both promote orderly capital flows and maintain financial stability.

Adjustments to Foreign Exchange Management Policies

In 2026, the State Bank of Vietnam made several adjustments to its foreign exchange management policies:

• Increasing the annual foreign currency purchase quota for individuals from $50,000 to $70,000 to meet the growing cross-border investment needs of residents.
• Easing restrictions on overseas investment by enterprises and simplifying approval processes to encourage competitive enterprises to "go global."
• Increasing the QFII investment quota from $30 billion to $50 billion to attract more foreign capital into the Vietnamese stock market.
• Strengthening foreign exchange market supervision to prevent abnormal cross-border capital flows and maintain financial market stability.

Foreign Exchange Reserve Management Strategy

As of July 2026, Vietnam's foreign exchange reserves reached a record high of $125 billion, equivalent to seven months of imports. Ample foreign exchange reserves provide a solid guarantee for Vietnam to cope with external shocks and create a stable environment for capital flows.

The State Bank of Vietnam employs a diversified foreign exchange reserve management strategy, increasing the allocation proportion of assets such as the Euro, Japanese Yen, and RMB while maintaining a stable proportion of USD assets to mitigate single-currency risk. Furthermore, the State Bank of Vietnam has increased gold reserves, from 100 tons in 2025 to 150 tons in 2026, further optimizing the foreign exchange reserve structure. Investment Strategy Recommendations and Future Outlook Based on current capital flow trends in Vietnam and the performance of the US stock market, we offer the following investment strategy recommendations for Vietnamese investors: Short-Term Strategy (1-3 Months) * Pay attention to the Federal Reserve's monetary policy movements and seize investment opportunities brought by expectations of interest rate cuts. * Adjust asset allocation proportions in a timely manner, utilizing the exchange rate fluctuations between the USD and VND. * Monitor the earnings season of US stocks and select individual stocks that exceed performance expectations. * Appropriately increase allocations to defensive sectors, such as consumer staples and utilities, to hedge against market volatility risks. Medium-to-Long-Term Strategy (Over 6 Months) * Adhere to a long-term investment philosophy and avoid letting short-term market fluctuations interfere with investment decisions. * Increase the allocation proportion of technology stocks, especially leading enterprises in cutting-edge fields such as artificial intelligence and cloud computing. * Consider diversifying investments through instruments like ETFs to reduce single-stock selection risk. * Regularly evaluate portfolio performance and adjust strategies in a timely manner according to market changes. Future Outlook Looking ahead to the second half of 2026, capital flows in Vietnam are expected to remain active. As the Vietnamese economy continues to improve and the financial market further opens up, the scale of cross-border investment is expected to continue expanding. The US stock market, as one of the most attractive global investment markets, will remain an important choice for Vietnamese investors to allocate assets cross-border. However, investors must also be wary of potential risks, including market fluctuations that may arise from the global economic slowdown, increased geopolitical tensions, and shifts in Federal Reserve policy. It is recommended that Vietnamese investors maintain a rational investment mindset, manage risks well, and guard against risks while seizing opportunities. Overall, in August 2026, Vietnamese capital flows present a new landscape, with both opportunities and challenges in US stock investment. Through scientific asset allocation and effective risk management, Vietnamese investors are expected to achieve stable returns in the global capital market and realize the preservation and appreciation of wealth.