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This study aims at opening the “black box” of asset pricing models of individual investors in Vietnamese stock market to identify the fundamental factors that affect stock prices. Therefore, this research is a helpful reference for analysts and individual investors in determining stock prices in Vietnam. The results show that most of individual investors have firm fundamental knowledge in pricing, and are able to apply pricing theories very well in predicting stock prices. This research also shows that there are five basic factors affecting stock prices, including news about world-wide economy, macroeconomic factors, monetary policy, and basic factors related to stock trading information