In August 2026, the latest data from the State Bank of Vietnam showed that Vietnam's foreign exchange reserves grew for the 12th consecutive month, reaching a record $85 billion. Concurrently, the scale of Vietnamese capital flowing into US stocks surpassed $12 billion in the first half of August, marking a 35% increase year-on-year and setting a new high. This phenomenon is underpinned by Vietnamese investors' recognition of the stabilizing role of US stocks—amid increased volatility in the Vietnamese stock market and growing global macroeconomic uncertainty, US stocks, with their global leading advantages, high liquidity, and risk diversification capabilities, have become a crucial asset allocation choice for Vietnamese investors. I. Core Advantages of the US Stock Market: Liquidity Assurance of the World's Largest Capital Market As the world's largest capital market, the liquidity advantage of US stocks is one of the key reasons Vietnamese investors choose them. As of August 2026, the average daily trading volume of US stocks exceeded $1.5 trillion, far surpassing other major markets. High liquidity means investors can quickly buy and sell shares, reducing transaction costs and avoiding discounts or premiums caused by insufficient liquidity. For example, Apple (AAPL) has an average daily trading volume exceeding $10 billion, allowing investors to complete large transactions within seconds, whereas the average daily trading volume of the Vietnamese stock market is only in the billions, and large transactions often require a long wait. Furthermore, the trading mechanism of US stocks is more mature, with systems like T+2 settlement and market maker mechanisms ensuring stable market operation. For Vietnamese investors, this means they can adjust their positions promptly even if the market experiences short-term fluctuations, without worrying about being unable to sell shares. For instance, in July 2026, the Dow Jones Industrial Average (DJIA) rose due to expectations of an interest rate cut by the Federal Reserve, and Vietnamese investors quickly bought technology stocks through US stock accounts, achieving good returns. II. Profit Growth of Global Leaders: The Foundation of Long-Term Value in US Stocks A core advantage of the US stock market is its abundance of global leading companies, which are not only large and profitable but also possess strong innovation capabilities and growth potential. For example, NVIDIA (NVDA), a leader in AI chips, saw a 45% year-on-year revenue increase and a 60% year-on-year net profit increase in the second quarter of 2026; Microsoft's (MSFT) Azure cloud business revenue grew by 30% year-on-year, becoming a major growth engine for the company; and Apple's (AAPL) iPhone 16 series sales exceeded expectations, driving a 12% year-on-year revenue increase. The profit growth of these leading companies provides stable returns to investors. Taking the S&P 500 index as an example, the Earnings Per Share (EPS) grew by 8% in the second quarter of 2026, with a dividend yield of 1.8%, which is higher than the average dividend yield of the Vietnamese stock market (about 1.2%). For Vietnamese investors, investing in these leading companies is equivalent to sharing the growth dividends of the global economy, not just the local economic growth of Vietnam. In addition, the dividend policies of US stock leaders are more stable. For example, Microsoft has paid dividends every year since 2003, and the dividend amount has increased annually; Apple has paid dividends every year since 2012, with the 2026 dividend amount reaching $0.96 per share, a 10% increase from 2025. Stable dividends provide continuous cash flow to investors, reducing investment risk. III. Risk Diversification: Low Correlation with the Vietnamese Stock Market The Vietnamese stock market is dominated by banking, real estate, and consumer goods, leading to high industry concentration and susceptibility to local economic fluctuations. In contrast, the US stock market covers multiple sectors such as technology, healthcare, consumer goods, and energy, resulting in a more balanced industry distribution. According to statistics from August 2026, the technology sector in the US stock market accounts for approximately 30%, the healthcare sector for about 15%, and the consumer sector for about 20%, whereas the technology sector in the Vietnamese stock market accounts for only about 5%, and the healthcare sector for about 10%. This difference in industry distribution leads to a lower correlation between the US stock market and the Vietnamese stock market. Data from Bloomberg shows that from January to August 2026, the correlation coefficient between the S&P 500 index and the VN30 index was only 0.35, significantly lower than the correlation coefficient with other Asian stock markets (such as the CSI 300 index in China, which was 0.6). This implies that when the Vietnamese stock market declines, the US stock market may rise, thereby diversifying investment risk. For example, in July 2026, the Vietnamese stock market fell by 5% due to real estate regulatory policies, while the US stock market rose by 3% due to expectations of interest rate cuts by the Federal Reserve. Vietnamese investors reduced portfolio volatility and achieved better risk-adjusted returns by allocating to the US stock market. IV. Long-Term Investment Value: Profit Growth and Valuation Advantages of the US Stock Market From a long-term perspective, the earnings growth capability of the US stock market is a key factor for Vietnamese investors. According to data from S&P Dow Jones Indices, the expected Earnings Per Share (EPS) for the S&P 500 index in 2026 is $220, a 10% increase from $200 in 2025, while the expected EPS growth for the Vietnamese stock market is only 6%. This means that the earnings growth rate of the US stock market is far faster than that of the Vietnamese stock market. Furthermore, the valuation advantage of the US stock market is also worth noting. As of August 2026, the Price-to-Earnings (PE) ratio of the S&P 500 index was 22 times, which is below the historical average (25 times), while the PE ratio of the Vietnamese stock market was 18 times. However, considering the faster earnings growth rate of the US stock market, its valuation is actually more attractive. For instance, Nvidia's PE ratio is 35 times, but its expected earnings growth rate is 40%, whereas a certain Vietnamese technology company has a PE ratio of 20 times but an expected earnings growth rate of 5%. Clearly, Nvidia's valuation is superior. For Vietnamese investors, investing in the US stock market offers higher returns in the long term. According to research by Morgan Stanley, the annualized return of the S&P 500 index over the past 10 years was 12%, while the annualized return of the VN30 index was 8%. Even when considering exchange rate fluctuations, the return from investing in the US stock market remains higher than that from investing in the Vietnamese stock market. V. Practical Advice for Vietnamese Investors: How to Allocate to the US Stock Market * Account Opening Process: Vietnamese investors can open US stock accounts through Vietnamese securities firms (such as Viet Capital Securities, SSI) or international brokers (such as Interactive Brokers, TD Ameritrade). Account opening requires providing information such as an ID card and bank account, which usually takes 1-2 weeks. It should be noted that international brokers may require higher minimum deposit amounts, while Vietnamese securities firms are more accustomed to local investors.

Investment Strategy: It is recommended to adopt a dollar-cost averaging strategy, investing a fixed amount every month across different industries and companies. For example, investing $1000 monthly into S&P 500 index funds (such as SPY), Nasdaq 100 index funds (such as QQQ), and Dow Jones Industrial Average index funds (such as DIA). This helps to diversify risk and avoid making incorrect decisions due to market fluctuations.

Risk Control: Do not invest all funds in US stocks; it is recommended to allocate 20%-30% of the investment portfolio to US stocks. The remaining funds can be invested in the Vietnamese stock market, bonds, or real estate to achieve risk diversification. Furthermore, currency exchange rate fluctuations must be monitored, and currency risk can be hedged by purchasing foreign exchange futures or options.

Long-Term Holding: The long-term value of US stocks lies in the earnings growth of leading companies, so long-term holding is recommended, avoiding frequent trading. For instance, holding companies like Nvidia and Microsoft for over 5 years can yield higher returns.

Conclusion: US Stocks Remain the "Anchor" for Vietnamese Investors

In 2026, capital flows from Vietnam to US stocks reached a new high, a phenomenon that reflects the recognition of US stocks by Vietnamese investors. With its advantages as a global leader, high liquidity, risk diversification capabilities, and long-term investment value, US stocks have become an important choice in asset allocation for Vietnamese investors. For Vietnamese investors, allocating to US stocks not only allows them to share in the dividends of global economic growth but also reduces portfolio volatility, leading to better risk-adjusted returns. Against the backdrop of increasing uncertainty in the current global macroeconomic environment, US stocks remain the "anchor" for Vietnamese investors.