Broad-based rally lifts HoSE as oil, steel and property stocks lead gains despite foreign net selling
Vietnam’s stock market roared back to life after the Lunar New Year holiday, with the benchmark VN-Index surging more than 36 points in a broad-based rally that underscores renewed domestic risk appetite—even as foreign investors continued to pull capital from the market.
The VN-Index closed at 1,860.14 points, marking one of its strongest post-Tet sessions in recent years. On the Ho Chi Minh Stock Exchange (HoSE), advancing stocks outnumbered decliners nearly four to one, with 280 gainers versus just 73 losers. Fifteen stocks hit their daily upper trading limit, commonly known locally as the “purple ceiling,” signaling aggressive buying momentum across sectors.
Energy and industrial names led the charge. Shares of Petrolimex (PLX) and PetroVietnam Gas (GAS) were among standout performers, reflecting continued interest in oil and gas plays amid global energy volatility. Meanwhile, heavyweight stocks tied to two of Vietnam’s most prominent tycoons—Pham Nhat Vuong and Tran Dinh Long—provided crucial index support. Vingroup (VIC) rose 1.44%, contributing 3.4 points to the index, while Hoa Phat Group(HPG) climbed 2.42%, adding 1.52 points.
Banking and property names including VPBank, Vinhomes, and Vietcombank also contributed to the rally. The performance suggests that domestic investors are rotating back into large-cap leaders, particularly in sectors closely tied to infrastructure, construction, and credit growth—key pillars of Vietnam’s 2026 economic outlook.
However, the rebound came despite sustained foreign net selling. Overseas investors offloaded a net VND 1,126 billion ($45 million) on the session. Technology giant FPT Corporation saw the heaviest net selling, exceeding VND 1,140 billion, followed by Vietcombank, VPBank, and Mobile World Group (MWG). Notably, Hoa Phat bucked the trend, attracting the strongest foreign net buying at more than VND 329 billion.
For international investors tracking Southeast Asia, the session highlights a key dynamic in Vietnam’s equity story: strong domestic liquidity can counterbalance foreign outflows, at least in the short term. With Vietnam pushing for a potential market upgrade and positioning itself as a manufacturing alternative amid shifting global supply chains, sustained earnings growth—not just retail enthusiasm—will determine whether this post-Tet rally evolves into a durable bull phase.
The question now is whether foreign funds will return to validate the momentum—or whether Vietnam’s next market leg higher will be powered primarily by its increasingly confident domestic investor base.
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Source: Vietnam Insider