Nguyen Quang Huy from Nguyen Trai University believes that the 2026 picture unfolds with multiple colors: gold and silver at high price zones as central banks continue net purchases; stocks approaching historical milestones with valuations no longer cheap; real estate recovery following infrastructure development; bonds gradually clearing; and savings interest rates ticking up.

When many investment channels "light up" at once, the wise choice is not to find a single answer but to design a harmonious portfolio structure - sufficient in growth, defensive in nature, and disciplined in execution.

Huy stated that central banks maintaining net gold purchases shows the strategic role of precious metals in global reserve structures. In an environment with geopolitical risks and fluctuating inflation, gold maintains its "stable anchor" position. However, at high price levels, adjustments following interest rate changes are unavoidable.

Silver has dual characteristics as both a haven asset and crucial input for renewable energy, healthcare, and high-tech industries. Nevertheless, it remains a highly volatile asset that needs to be allocated with a reasonable proportion.

According to Huy, precious metals are an insurance layer, not a total replacement for growth assets.

Regarding the stock market, the expert noted that as the VN-Index approaches the 2,000-point mark, P/E ratios are no longer in the attractive zone as they were during the previous accumulation phase. This indicates the market needs time to settle, shifting from broad-based gains to differentiation by industry and enterprise.

Opportunities will belong to enterprises with individual growth stories: improving productivity, enhancing governance, expanding market share, and benefiting from public investment and integration. The prospect of passing upgrading evaluations, if realized, could attract long-term capital flows.

However, in high valuation zones, investment discipline is the deciding factor: avoid chasing prices during euphoria, limit excessive leverage, and rebalance when proportions exceed control thresholds.

"The strategic spirit of 2026 is the year of quality and patience, not of momentary emotions," he noted.

Meanwhile, the bond market is recovering selectively. Cash flow prioritizes reputable, transparent enterprises with collateral and fulfillment of obligations to bondholders. Rising savings interest rates add attractiveness for capital preservation and liquidity.

Huy believes that in a balanced portfolio structure, bonds and deposits act as a "support," helping investors stay proactive amid volatility and ready to disburse when opportunities appear.

However, one must be cautious with invitations to deposit money or buy bonds with unusually high interest rates compared to the general level, and conduct a thorough appraisal before making a decision.

Real estate can create "double profits"

Huy believes that the wave of infrastructure investment, such as expressways, large bridges, ports, and airports, creates a long-term foundation for real estate. Improved regional connectivity helps increase land values and expand development space. Yet, rising lending rates make capital costs and financial pressure become key factors.

Under these conditions, segments tied to real demand, such as social housing, affordable and mid-range apartments, industrial zones, and housing for experts, have clearer opportunities than purely speculative segments. The market is expected to evolve toward substance, emphasizing cash flow generation and legal transparency.

Huy noted that real estate investment in 2026 requires long-term thinking, leverage control, and priority on actual utility value.

Meanwhile, according to Nguyen Van Dinh, Vice Chair of the Vietnam Association of Realtors, while gold and stocks are flexible playgrounds, allowing investors with small capital  to easily enter and exit, real estate requires investors to have a solid capital base or possess supplementary financial resources and the ability to use credit leverage effectively.

In terms of profitability, real estate appears superior due to its ability to generate double profits. Not only benefiting from the increase in asset value over time, investors can also create stable cash flow through leasing or business activities.

Gold yields returns only when prices rise, while stocks, despite offering dividends, do not always deliver yields exceeding deposit interest rates during many periods.

Huy suggested a portfolio for reference: a stable asset group (deposits and high-quality bonds) as the foundation; a growth asset group (selective equities and real estate tied to real demand and infrastructure); and a defensive asset group (gold and silver) to diversify risk.

Tran Chung