The Ho Chi Minh Stock Exchange (HoSE). — Photo courtesy of HoSE

2022 was a year of many fluctuations for the Vietnamese stock market as the VN-Index closed with a decrease of nearly 33 per cent compared to the end of 2021, becoming one of the world's strongest falling indices. The capitalisation value of listed companies also fluctuated strongly compared to the previous year.

According to the HCM Stock Exchange (HoSE), at the end of the last trading session of December 2022, the VN-Index reached 1,007.09 points, down 3.94 per cent compared to November and down 32.78 per cent compared to the end of 2021. VNAllshare reached 970.65 points, down 2.24 per cent compared to November, and down 37.83 per cent compared to the end of 2021; VN-30 reached 1,005.19 points, down 4.20 per cent compared to November and down 34.55 per cent compared to the end of 2021.

Some industries recorded an increase, which is reflected in the following indices – the energy sector (VNENE) increased by 8.37 per cent; healthcare sector (VNHEAL) climbed by 6.23 per cent; financial sector (VNFIN) rose by 2.39 per cent. On the contrary, a number of industries declined such as the real estate industry (VNREAL) down 14.3 per cent; essential consumer goods (VNCONS) down 6.09 per cent; and industry (VNIND) decreased by 2.13 per cent.

The stock market liquidity in December recorded growth with the average trading volume and value of over 807.29 million shares and VNĐ14.08 trillion, increasing by 16.42 per cent and 23.05 per cent, respectively, compared to November.

Total trading volume in the month reached 17.76 billion shares, equivalent to a trading value of VNĐ309.82 trillion and, up by 16.42 per cent in volume and 23.06 per cent in value, respectively compared to November.

For the whole of 2022, the average trading volume reached 653.96 million shares and average trading value touched VNĐ17 trillion; decreased by 11.3 per cent in volume and 21.24 per cent in value, respectively, compared to the average in 2021.

Along with the sharp decline of the market, the number of enterprises with market capitalisation of more than $1 billion on HoSE also decreased significantly. By the end of December 2022, on HoSE, there were 37 enterprises with market capitalisation of more than $1 billion, down by nine enterprises compared to the previous year.

The number of enterprises with a capitalisation of over $10 billion was only one, which was the Joint Stock Commercial Bank for Foreign Trade of Vietnam (VCB). Meanwhile, this number last year was three enterprises, including Joint Stock Commercial Bank for Foreign Trade of Vietnam (VCB), Vingroup Group (VIC) and Vinhomes Joint Stock Company (VHM).

Notably, Hòa Phát Group (HPG) has dropped out of the list of Top 10 listed companies with the largest market capitalisation on HoSE, with the share price dropping significantly in the past year. According to HoSE statistics, by the end of 2022, the top 10 largest capitalisation stocks on HoSE included Vietcombank (VCB), Vingroup (VIC), Vinhomes (VHM), PetroVietnam Gas JSC (GAS), Bank for Investment and Development of Vietnam (BID), Masan Group (MSN), Vinamilk (VNM), Novaland (NVL), Techcombank (TCB) and Vietinbank (CTG). — VNS