Vietnam stocks jump on blue-chip rally despite persistent foreign outflows
Vietnam’s stock market is flashing renewed bullish momentum just as global investors remain cautious on emerging markets, with the benchmark VN-Index reclaiming the critical 1,700 level—an inflection point that could reshape short-term capital flows into Southeast Asia.
The VN-Index climbed 28 points in the first trading session of April, closing near 1,703—its highest level in two weeks—after at one point surging nearly 40 points. The rally was driven by strong inflows into large-cap stocks, particularly those tied to Vingroup, signaling a decisive shift in market sentiment from consolidation to a short-term uptrend, according to analysts at ACB Securities.
Market breadth reflected broad-based optimism, with nearly twice as many gainers as decliners on the Ho Chi Minh City exchange. Within the VN30 basket, 28 out of 30 stocks advanced, underscoring strong institutional participation. The standout drivers were Vingroup-linked equities: Vinhomes (VHM) and Vincom Retail (VRE) both hit their daily upper limits with no sellers remaining, following upbeat business plans and dividend announcements. Meanwhile, Vingroup (VIC) rose 4.4%, contributing roughly a third of the index’s total gain.
Beyond property, aviation also added fuel to the rally. Shares of VietJet Air surged to their ceiling price, reflecting renewed investor appetite for Vietnam’s travel and consumption recovery story—key themes closely watched by global funds seeking exposure to post-pandemic growth in Asia.
Sector-wise, securities firms led the charge, with major brokers such as SSI, HCM, and VCI gaining 3–4%, indicating rising expectations for trading activity and margin expansion. Banking stocks, including Vietcombank and BIDV, posted moderate gains, reinforcing their role as stabilizers rather than growth drivers. Oil and gas stocks, however, showed divergence, reflecting ongoing uncertainty in global energy markets.
Liquidity surged alongside the rally, with trading value exceeding VND29 trillion (approximately $1.2 billion), a sharp increase from the previous session. Notably, domestic investors continued to anchor the market, offsetting persistent foreign selling. Overseas investors extended their net-selling streak to 15 consecutive sessions, withdrawing nearly VND32 trillion year-to-date. Even as VIC rallied, it faced heavy foreign outflows, with nearly 9 million shares sold.
The divergence between strong domestic inflows and sustained foreign capital exits raises a critical question for global investors: is Vietnam entering a locally driven bull cycle, or is this rally vulnerable without international support?
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Source: Vietnam Insider