Vietnamese stock market holds firm despite VIC plunge

Vietnamese stock market holds firm despite VIC plunge

Although Vingroup (VIC) shares unexpectedly tumbled in the final minutes, Việt Nam’s stock market still ended in positive territory, supported by robust gains in banking stocks.

An investor monitors the stock market. — Photo baotintuc.vn

Despite a surprise plunge in Vingroup (VIC) shares during the final minutes of trading on April 18, Việt Nam’s stock market managed to close in positive territory, buoyed by strong performances in the banking sector. 

On the Hồ Chí Minh Stock Exchange (HoSE), the VN-Index edged up 1.87 points to close at 1,219.12 points. Meanwhile, the HNX-Index and UPCOM-Index on the Hà Nội Stock Exchange advanced by 3.52 points and 0.77 points respectively.

Total market liquidity reached nearly VNĐ24 trillion (US$941 million), with the HoSE alone recording over 1.06 billion shares traded, equivalent to a transaction value of VNĐ21.57 trillion.

The session's spotlight was undoubtedly SHB, which surged to its ceiling price of VNĐ12,850 per share — its highest since August last year. More than 156 million shares changed hands, generating a total trading value close to VNĐ2 trillion and accounting for over 9 per cent of total HoSE liquidity.

The surge followed the bank’s announcement of an ambitious business plan for 2025, targeting a 16 per cent credit growth rate, pre-tax profit of VNĐ14.5 trillion — up 25 per cent year-on-year — and a capital increase to nearly VNĐ46 trillion.

An investor monitors the stock market. — Photo baotintuc.vn

Beyond SHB, the broader banking group posted notable gains. An Bình Bank (ABB) and Eximbank (EIB) rose over 4 per cent, while Việt Á Bank (VAB), Kiên Long Bank (KLB) and Vietnam Propserity Bank (VPB) advanced by more than 2 per cent, helping offset the drag caused by heavy losses in several large-cap stocks.

On the downside, VIC hit its floor price at VNĐ66,100 per share following a block deal involving more than 64.8 million shares by foreign investors the previous day. This sharp decline, along with a 3.17 per cent drop in Vinhomes (VHM), a 1.7 per cent fall in Vietjet (VJC), and a 5.49 per cent slide in Vietnam Airlines (HVN), weighed heavily on the index and capped market gains.

VIC’s plunge also impacted the personal wealth of its chairman, Phạm Nhật Vượng, with Forbes estimating a drop of around $106 million in his net worth, now at $8.2 billion.

Investor sentiment remained cautious ahead of first-quarter earnings reports.

“The market continues to exhibit alternating gains and losses, with significant divergence among sectors. Export-related groups such as industrial parks and seaports — already down 30–40 per cent — are particularly sensitive to trade-related macro developments,” FinSuccess analysts observed.

Conversely, sectors less exposed to tariff pressures, such as banking, retail and public investment, showed notable recovery.

“Several banking stocks are now only 5–7 per cent below their peaks, while retail and steel are also rebounding. However, investors should carefully assess business fundamentals and valuations, rather than follow market sentiment blindly,” they advised.

Foreign investors returned as net buyers, purchasing over VNĐ19 billion worth of shares on HoSE, while on the HNX, net foreign inflows exceeded VNĐ32 billion. Despite this, the overall scale of net buying remained modest compared to recent sessions, reflecting market indecision in the absence of a clear trend. 

Bizhub