Latest data from the State Bank of Vietnam in August 2026 shows that Vietnam's foreign exchange reserves have surpassed $150 billion, reaching a record high. However, in terms of capital flows, Vietnamese investors have not cooled down their enthusiasm for US stocks. According to statistics from the Vietnam Securities Depository (VSD), in the first half of 2026, the capital inflow of Vietnamese investors into US stocks through cross-border channels increased by 35% year-on-year, reaching $12 billion. This phenomenon is underpinned by the sustained recognition by Vietnamese investors of the "ballast" nature of US stocks. So, against the backdrop of increasing volatility in the Vietnamese Dong exchange rate and rising domestic market volatility, why is buying US stocks still a wise choice for Vietnamese investors? This article will deeply analyze the underlying logic of this issue from four dimensions: global leading enterprises, liquidity advantage, risk diversification needs, and long-term value.

I. Concentration of Global Leaders: The "Value Anchor" of US Stocks

The US stock market is a hub for global leading enterprises, possessing numerous companies with long-term competitiveness in technology, consumer goods, and healthcare sectors. Taking technology stocks as an example, companies like Apple, Microsoft, and Nvidia not only hold dominant positions in the global market but also provide stable returns to investors through continuous innovation and profitability. In the second quarter of 2026, Apple's revenue increased by 12% year-on-year, with net profit reaching $38 billion; Microsoft's Azure cloud service revenue grew by 18% year-on-year, and net profit increased by 15%; while Nvidia achieved a 45% year-on-year revenue increase and a 52% year-on-year net profit increase, driven by the explosive growth of AI chips. The performance of these companies not only supports the long-term rise of US stocks but also provides a "value anchor" for Vietnamese investors.

For Vietnamese investors, investing in US stocks is equivalent to indirectly holding equity in global leading enterprises. For instance, Vietnamese technology companies (such as Vingroup and FPT) collaborate with US stock leaders in fields like AI and cloud computing; by investing in US stocks, Vietnamese investors can share in the results of the global technological revolution. Furthermore, the dividend policies of US stock leaders are relatively stable; Apple paid a quarterly dividend of $0.24 per share in the second quarter of 2026, a 5% year-on-year increase; Microsoft paid a dividend of $0.75 per share, a 6% year-on-year increase. These dividends provide an additional income source for Vietnamese investors, reducing investment risk.

II. Liquidity Advantage: The "Monetization Capability" of US Stocks

Liquidity is a crucial indicator in the investment market, directly affecting the efficiency of capital inflow and outflow for investors. The US stock market is one of the most liquid markets globally, with a daily trading volume exceeding $1 trillion, far higher than the Vietnamese stock market (with a daily trading volume of about $1 billion). This means that when Vietnamese investors need to liquidate, they can quickly sell US stocks without significant discounts.

For example, in July 2026, the exchange rate of the Vietnamese Dong against the US Dollar fluctuated significantly, falling from 23,500 VND per USD to 24,000 VND per USD, a drop of about 2.1%. At this time, if Vietnamese investors hold US stocks, they can convert their capital into US Dollars by quickly selling shares, thereby hedging against the risk of the Vietnamese Dong depreciation. However, if they hold shares in the Vietnamese stock market, due to poorer liquidity, they may have to wait a long time to sell, or even face the possibility of being unable to sell.

Furthermore, the trading hours for US stocks cover major global markets, from 9:30 AM to 4:00 PM New York time, allowing Vietnamese investors to trade from 9:30 PM to 4:00 AM Vietnam time, offering flexibility. In contrast, the Vietnamese stock market is only open from 9:00 AM to 3:00 PM, which is quite limited for Vietnamese investors who work during the day. III. Risk Diversification Needs: US Stocks as a "Hedging Tool" Vietnam's economy is highly dependent on exports, particularly electronics and textile exports. In the first half of 2026, Vietnam's exports grew by 8% year-on-year, but export growth has slowed due to global economic fluctuations. Moreover, the Vietnamese Dong has experienced significant currency volatility; since 2026, the VND has depreciated by approximately 3.5% against the USD, putting depreciation pressure on the assets of Vietnamese investors. In this context, investing in US stocks has become an important tool for Vietnamese investors to diversify risk. The correlation between the US stock market and the Vietnamese stock market is low. According to VSD data, the correlation coefficient between the Vietnamese stock market and the US stock market in the first half of 2026 was only 0.3, which is far lower than the correlation coefficient between the Vietnamese stock market and the Hong Kong stock market (0.7). This means that when the Vietnamese stock market declines, US stocks may rise, thereby hedging the risk of the Vietnamese stock market. For example, in July 2026, the Vietnamese stock market fell by 2.5% due to domestic economic data missing expectations, while US stocks rose by 1.2% due to dovish signals from the Federal Reserve. At this time, the volatility of the asset portfolio held by Vietnamese investors in US stocks was significantly reduced. Furthermore, sectors such as technology and consumer stocks in the US market have a low correlation with the Vietnamese economy, which further enhances the risk diversification effect. IV. Long-Term Value: US Stocks as a "Growth Engine" In the long run, the driving force behind the rise of US stocks comes mainly from corporate earnings growth and valuation improvement. According to historical data from the S&P 500 index, the annualized return of the S&P 500 over the past 10 years has been about 12%, significantly higher than the annualized return of the Vietnamese stock market (about 8%). This long-term growth trend is mainly due to the continuous innovation and improved profitability of US companies. Taking the AI industry as an example, AI technology has become a new engine for global economic growth in 2026. AI-related companies in the US stock market (such as Nvidia, Microsoft, and Google) hold over 70% of the global AI market share due to their technological advantages. The earnings growth of these companies drives the long-term rise of US stocks. For Vietnamese investors, investing in US stocks means sharing in the results of global economic growth, especially the growth dividends of emerging industries like AI and cloud computing. In addition, the monetary policy of the Federal Reserve also influences the long-term value of US stocks. In 2026, the Federal Reserve maintained a base interest rate of 0.5%, which is at a historical low, reducing the financing costs for companies and promoting investment and consumption. Although the Federal Reserve hinted at a possible interest rate hike, market expectations suggest that the increase will be limited and will not cause a major impact on US stocks. Therefore, the long-term value of US stocks remains favored by the market. In summary, the underlying logic for Vietnamese capital flowing into US stocks lies in the concentration of global leading enterprises, liquidity advantages, the need for risk diversification, and long-term value of US stocks. For Vietnamese investors, buying US stocks is not just an asset allocation choice but also a way to share in the results of global economic growth. Against the backdrop of increased volatility in the Vietnamese Dong exchange rate and domestic market fluctuations, the "ballast" nature of US stocks will become even more prominent. Of course, investing in US stocks also involves risks, such as exchange rate risk and market volatility risk; Vietnamese investors need to allocate assets reasonably according to their risk tolerance. However, overall, the answer to why buy US stocks is clear: it is an indispensable part of asset allocation for Vietnamese investors.