Vietnam’s stock market suffered a sharp late-session reversal on December 25, as three major stocks linked to billionaire Phạm Nhật Vượng simultaneously fell to their floor limits, wiping out a significant portion of market gains and pulling the VN-Index down nearly 40 points.
The trading day began on a strong note, with the VN-Index briefly surpassing the 1,800-point threshold. However, selling pressure intensified toward the end of the session, triggering a steep decline that pushed the benchmark index down to 1,742.85 points, firmly into negative territory.
The most striking development was the synchronized collapse of three core stocks in the Vingroup ecosystem: Vingroup (VIC), Vinhomes (VHM), and Vincom Retail (VRE). All three plunged to their floor prices, each recording more than one million shares offered for sale at the lowest allowable price with virtually no buying interest by the close. Together, these declines erased more than 21 points from the VN-Index, making them the largest negative contributors of the session.
The sell-off came amid renewed attention on Vingroup’s strategic shift. The conglomerate recently withdrew its investment registration for the North–South high-speed railway project, choosing instead to concentrate resources on infrastructure and energy projects it has been tasked to develop. These include the Olympic Sports City, the Bến Thành–Cần Giờ high-speed rail line, and the Hà Nội–Quảng Ninh high-speed railway.
Market weakness was not limited to the Vingroup group. Two other stocks that had attracted strong investor interest in recent weeks also retreated. Sacombank (STB) dropped 4.77%, while LPBank (LPB) fell 1.87%.
In contrast, several blue-chip stocks moved against the broader market trend. Vietjet Air (VJC) surged more than 6.5%, marking the strongest gain among VN30 constituents. PetroVietnam Gas (GAS) also posted a solid advance of 4.69%, supported by strength in the energy sector.
Despite the sharp index decline, foreign investors continued to act as net buyers, purchasing more than VND 606 billion worth of shares during the session. Strong foreign inflows were recorded in VHM, STB, MCH, VJC, VPL, VPB, and GAS, while net selling pressure focused on GMD, DGC, VIX, and HAG.
The abrupt reversal underscores the VN-Index’s sensitivity to large-cap stocks, particularly those within the Vingroup ecosystem. It also highlights growing investor caution as valuations rise and strategic shifts by major corporations prompt reassessments of market expectations.
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Source: Vietnam Insider