Vietnam’s stock market entered February with a sharp downturn as the VN-Index tumbled nearly 46.5 points, erasing the gains made throughout January. The drop followed steep losses in core stocks - especially those linked to the “Vin group” - which dragged the broader market into red territory.

By the close of morning trading on February 2, the VN-Index had fallen 2.54% to 1,782.57 points, down from its mid-January high of nearly 1,920 points. The VN30 Index, which tracks the 30 largest listed companies, also dropped 53.3 points (2.63%) to 1,976.51.

Out of the Ho Chi Minh Stock Exchange’s listings, 255 stocks fell, 36 remained flat, and only 77 gained. Trading liquidity reached nearly VND17.5 trillion (approx. $700 million).

The key factor behind this decline was the simultaneous collapse of several major “Vin group” stocks. Three out of four dropped to their floor prices. Shares of Vingroup (VIC) fell VND 9,800 to VND 130,700 each. Vinhomes (VHM) lost VND 7,400 to hit VND 98,600. Vincom Retail (VRE) dipped VND 2,000 to VND 28,200, while Vinpearl (VPL) also declined significantly.

Banking stocks also fell across the board. BIDV (BID) dropped VND 900 to VND 53,000 per share, Techcombank (TCB) lost VND 1,000 to close at VND 34,900, and VPBank (VPB) dropped VND 700 to VND 27,300. In other sectors, Duc Giang Chemicals (DGC) slid VND 1,500 to VND 67,100.

Few bright spots remained. Vietinbank (CTG) edged up by VND 100 to VND 38,850, and Vietnam Rubber Group (GVR) gained VND 150 to VND 40,000.

The plunge in large-cap stocks triggered a swift erosion of billionaire wealth. According to Forbes, Pham Nhat Vuong - chairman of Vingroup - saw his net worth drop from $30 billion at the end of 2025 to $21.2 billion by February 1. He now ranks 115th globally.

Similarly, Nguyen Thi Phuong Thao, Vietnam’s first female billionaire, saw her wealth dip from $4.9 billion to $4 billion.

The downturn comes amid global financial turbulence. A rebound in the US dollar, interest rate hikes, and ongoing corrections in US markets have all dampened investor sentiment.

Domestically, interest rates - particularly for real estate loans - have begun to climb again. The USD/VND exchange rate has also risen, with black-market rates reaching VND 26,500 per USD on February 2, up VND 250 from the previous weekend.

Despite the current setback, analysts remain cautiously optimistic. The market is still forecast to perform positively in 2026, buoyed by Vietnam’s high economic growth targets, strong public investment, and increasing interest from foreign investors. A major boost is expected if Vietnam’s stock market receives an official upgrade to emerging market status.

Manh Ha