Vietnam’s stock market continued to face heavy pressure following the previous trading session. In the last 30 minutes of October 27, key blue-chip and real estate stocks simultaneously hit their lower limits, wiping out nearly $5 billion in market capitalization. The sudden plunge shocked investors and cast a shadow over market sentiment entering the October 28 session.

The morning opened with widespread selling, particularly among the "Vin group" stocks. Vingroup (VIC) hit the floor at VND 199,100 per share (approx. USD 8.12), Vinhomes (VHM) fell to its lower limit at VND 99,100 (USD 4.04), and Vincom Retail (VRE) plunged 7% to VND 33,600 (USD 1.37). Banking, real estate, and securities stocks also tumbled into the red.

By late morning, most VN30 stocks were down, with the VN-Index dropping more than 30 points to 1,622 - its lowest level in a month.

However, a reverse scenario unfolded in the afternoon, opposite to the prior session. Strong bottom-fishing demand emerged, especially in large-cap stocks, completely erasing earlier losses. By the close of trading on October 28, the VN-Index had jumped 27.96 points (+1.69%) to finish at 1,680.5.

VIC rebounded from its floor price to gain VND 6,100 (USD 0.25), closing at VND 220,100 (USD 8.98), contributing 5.4 points to the index. VHM posted a modest gain, while VRE reversed its loss to climb VND 700 to VND 36,800 (USD 1.50).

The VN30-Index surged 48.52 points (+2.55%) to 1,949.28, with 28 gainers and just 1 decliner. VietJet (VJC) hit its ceiling price. FPT, VIB, VPB, and STB all rose by over 4%. From its intraday bottom, the VN-Index soared by nearly 60 points thanks to a sudden inflow of capital.

After losing $5 billion in market cap the previous day, the total market regained nearly the same amount, resulting in a $10 billion swing over just two sessions.

Strong capital inflows return as foreign investors buy heavily

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VN-Index rebounds sharply after a steep decline. Photo: Tung Doan

Contrasting with the previous session, the October 28 afternoon saw an aggressive surge in bottom-fishing capital, absorbing floor-priced shares across sectors, especially in real estate, banking, and securities.

Banking stocks returned to lead the rebound. Notable gainers included VPBank (VPB), Sacombank (STB), VIB, HDBank (HDB), Techcombank (TCB), Vietcombank (VCB), and BIDV (BID).

Several banks recently reported strong third-quarter earnings and credit growth. VPBank recorded a pre-tax profit of nearly VND 20.4 trillion (USD 832 million) in nine months, up over 47% year-on-year. SHB reported over VND 12.3 trillion (USD 502 million), a 36% increase.

Remarkably, foreign investors turned net buyers with nearly VND 1,500 billion (USD 61 million) in net purchases, ending a four-session selling streak. FPT led with VND 1,265 billion (USD 52 million), followed by VRE with VND 236 billion (USD 9.7 million), and VPB with VND 143 billion (USD 5.8 million).

This successful test of the August 2025 bottom helped the VN-Index break above its 50-day simple moving average (SMA50), improving short-term market sentiment.

Fundamentally, the market saw little new information. Vietnam’s economy continues to grow, and the country’s global standing is improving. However, risks persist, including rising interbank interest rates, liquidity pressure, and currency fluctuations.

A notable shift was the global gold price plunge from USD 4,380 per ounce to below USD 3,900, prompting domestic investors to sell rather than buy. Additionally, signs of progress in US-China trade talks have emerged.

The quick rebound may be attributed to foreign investors’ bottom-fishing, which was followed by individual investors. Vietnam remains in a monetary expansion cycle to support the economy. Market expectations of continued policy easing could provide a safety net, despite some concerns over interest rate hikes.

According to CSI Securities, the VN-Index is currently experiencing alternating up and down swings. While October 27 saw a sharp decline, the October 28 rebound reclaimed much of that loss. However, liquidity remains subdued, with trading volume about 15.3% below the recent session average. CSI believes this could be a technical recovery, with the potential for the VN-Index to challenge resistance at 1,720 points.

Meanwhile, MBS Securities remains cautious, predicting the market may trade sideways. VDSC recommends investors manage risk carefully and monitor supply and demand closely.

Manh Ha