RESEARCH ON INVESTORS' INVESTMENT INDUSTRY SELECTION TRENDS IN THE VIETNAMESE STOCK MARKET BASED ON BEHAVIORAL FINANCE THEORY

This study aims to explore and analyze the trend of individual investors' investment sector choices in the Vietnamese stock market, based on the factors of Behavioral Finance theory, including Overconfidence, Herd behavior, Anchoring Bias, and Confirmation Bias. The results show that Overconfidence Bias is 2.95 points (neutral), Herding Bias is 3.5 points (biased), Anchoring Bias is 3.4 points (biased), and Confirmation Bias is 2.83 (neutral). The order of priority sectors is as follows: sectors with high growth potential, sectors influenced by media and social trends, sectors supported by the government or driven by economic trends, sectors with stable income from dividends, and sectors with low risk and stability according to economic cycles. On that basis, the authors propose two groups of recommendations for the Government, State management agencies, and individual investors.