Duc Giang Chemical’s sudden rally highlights selective confidence as Vietnam’s stock market faces liquidity pressure and foreign outflows.
Vietnam’s equity market offered global investors a familiar emerging-market paradox this week: sharp foreign selling, falling liquidity, and yet pockets of aggressive buying that stopped a broader sell-off. At the center of that divergence was Duc Giang Chemical Group, whose shares staged a dramatic two-day rebound, emerging as a key stabilizer for the benchmark VN-Index.
Shares of Duc Giang Chemical (ticker: DGC) hit the daily ceiling price for a second consecutive session, surging to VND 73,800 and locking out sellers for most of the trading day. The rally came with strong turnover of nearly VND 667 billion, placing the stock among the most actively traded names on the Ho Chi Minh Stock Exchange. The move marked a sharp reversal after months of heavy losses that had erased more than 40% of the stock’s value in 2025.
The rebound followed confirmation that Duc Giang would retain its place in the VN30, easing investor concerns that the company could be excluded from Vietnam’s flagship blue-chip basket. Earlier fears over a potential hike in phosphorus export taxes and index removal had triggered a steep sell-off late last year, including multiple sessions at floor prices.
DGC was one of 15 stocks to hit their maximum daily gain, ranking among the top contributors preventing a deeper market decline. Other heavyweights such as Saigon Thuong Tin Commercial Joint Stock Bank, Vietnam Rubber Group, and Mobile World Investment Corporation also helped cushion losses, underscoring the stabilizing role of state-linked and large-cap names during volatile sessions.
Despite early gains, the VN-Index came under pressure in the closing auction as selling intensified in major banks and property developers, including Vietcombank, PetroVietnam Gas, and Vinhomes. A late rebound in Vingroup limited the day’s decline to around three points, leaving the index near 1,883.
Beneath the surface, market signals were mixed. While advancing stocks nearly doubled decliners on the HoSE, total trading value slipped to VND 33.6 trillion, reflecting cautious positioning. Foreign investors remained net sellers of roughly VND 1.45 trillion, with heavy outflows from Vinhomes and Vietcombank, even as technology leader FPT Corporation continued to attract net buying.
For global investors watching Vietnam as a Southeast Asian growth story, the message is increasingly nuanced. Foreign capital is turning selective, liquidity is tightening, and yet sharp rebounds like Duc Giang’s suggest domestic conviction remains intact for companies with strong fundamentals and index support. The question now is whether this resilience marks a sustainable rotation—or merely a temporary pause before the market’s next test.
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Source: Vietnam Insider