On the Hồ Chí Minh Stock Exchange (HoSE), the VN-Index climbed 18.7 points, or 1.26 per cent, to 1,497.66 points, heading toward the 1,500 point-level.
The market resumes after a week off due to the Lunar New Year festival. Historical statistics suggest that the market is likely to be positive after the holiday.
Despite negative effects of the COVID-19 pandemic, oil and gas enterprises still recorded a prosperous year thanks to the sharp rise in oil prices. As oil prices are expected to remain high in the short term, enterprises in the industry are believed to continue benefitting.
Vietnamese shares on Tuesday reclaimed ground lost in the previous day's sharp sell-off as large-caps were picked up by bargain-hunters.
After increasing inventories at the beginning of 2021 to take advantage of price differences to maximise profits, the strategy has now hit steel producers hard as global steel prices plunged at the end of the year.
Indices were mixed on Friday as strong selling pressure still weighed market sentiment, while cash flows aimed at small- and medium-cap stocks on HNX and UpCOM exchanges.
Even though the average price of oil is unlikely to reach US$100 a barrel in 2022, it may hover above the break-even price of exploitation in Việt Nam, which is around $60 per barrel. This will be the driver for the growth of oil stocks next year, said experts.
Market analysts forecast that the VN-Index is unlikely to see a new drop in the short term as the demand for stocks remains significant.