The Vietnamese stock market saw a sharp retreat on Tuesday after recent strong rallies, following the global markets' trend.

Although banking profits are expected to grow slower in Q4/2022 and in the first half of 2023, experts still have an optimistic outlook on bank stocks in the short term.

Benchmark indices extended rallies on Monday, boosted by the market's bullish sentiment and strong net inflows from foreign investors.

The market posted the third weekly gain last week, with the VN-Index witnessing the biggest increase since 2009. Experts said that the uptrend of the Vietnamese stock market is continuing strongly and the benchmark index is expected to head toward the next resistance of 1,130 points.

Vietnamese equities closed higher on Friday thanks to the strong growth of blue chips.

The Vietnamese stock market settled lower on Thursday, ending its five-day gaining streak due to the slump of heavy-weight stocks.

Shares climbed for a third day this week and five sessions in a row, buoyed by blue chips again.

There were no new IPO deals in Viet Nam in the third quarter of 2022, according to recent data from Deloitte, as the figure was only counted in the first half of the year.

Shares gained ground on Tuesday thanks to the sharp rises of large-caps and in the securities and real estate group, supporting the overall market.