Large-cap stocks within the VN30 basket displayed clear divergence. Shares in retail, technology, aviation and construction materials sectors faced selling pressure, while banking stocks - traditionally a key pillar of the market - fluctuated without a clear direction.

Amid this mixed landscape, Vingroup’s VIC stood out as a strong performer, continuing its upward momentum. The stock surged by VND7,300 (US$0.30) to reach VND214,500 (US$8.80) per share, marking a new all-time high.

Adjusted for last year’s 1:1 stock split, VIC’s current price is equivalent to nearly VND430,000 (US$17.60) per share, underscoring the strength of its rally. This surge has significantly boosted the fortune of billionaire Pham Nhat Vuong, further elevating his position on the global rich list.

As of the afternoon of April 23, his net worth was estimated at around US$34.9 billion, placing him 65th globally. The ranking surpasses several prominent figures in the region and worldwide, highlighting the resilience and growth of the Vingroup ecosystem despite broader market volatility.

Beyond VIC, a few other large-cap stocks also recorded positive movements. Notably, Sabeco (SAB) unexpectedly hit its ceiling price, rising by VND3,150 (US$0.13) to VND48,200 (US$1.98) per share, becoming one of the session’s rare bright spots.

At the close, the VN-Index gained 13.06 points, or 0.7%, to 1,870.36 points. In contrast, the VN30-Index edged down by 0.67 points to 2,024.74 points, reflecting divergence among large-cap stocks. Total market liquidity on the HoSE reached nearly VND29.3 trillion (US$1.2 billion), indicating that cash flow remained present but lacked strong momentum.

Power stocks see unexpected plunge

Another notable development was the sharp and unusual decline in power sector stocks, typically considered defensive assets with lower volatility.

Leading the drop was PC1, which hit its floor price, losing VND1,800 (US$0.07) to VND24,100 (US$0.99) per share. Sell orders at the floor price surged to nearly 14.6 million shares, signaling intense selling pressure. Trading volume also spiked, with nearly 16.3 million shares changing hands, reflecting a degree of panic among investors.

The decline was not isolated. TV3 also hit its floor, dropping VND1,600 (US$0.07) to VND15,200 (US$0.62) per share. Other stocks such as TV1, TV2, GEE, HDG, REE, POW and NT2 all recorded significant losses, leaving the entire sector awash in red.

Selling pressure on PC1 intensified after the midday break, coinciding with the spread of unverified negative rumors on social media. Despite this, foreign investors were net buyers of around 390,000 PC1 shares, suggesting that their longer-term outlook may not be entirely pessimistic.

Fundamentally, PC1 recently held its annual general meeting, revealing several notable points. The company targets consolidated revenue of VND15,618 billion (US$640 million) for 2026, up 19% year-on-year. However, its projected post-tax profit is expected to decline by 22% to VND1,056 billion (US$43 million), reflecting ongoing operational challenges.

Its core business segments face multiple headwinds. The energy division is affected by unfavorable hydrological conditions, while mining operations are expected to see declining ore quality. Meanwhile, construction activities are under pressure from rising input costs amid complex geopolitical conditions and persistently high interest rates.

Additionally, in the first quarter of 2026, PC1 was mentioned in a Government Inspectorate conclusion regarding compliance with regulations on private corporate bond issuance. The company reportedly used around VND90 billion (US$3.7 million) from certain bond tranches inconsistently with disclosed plans or not fully in line with legal requirements. It was also noted for delays in disclosing periodic information, including financial statements, capital usage reports and payment obligations.

Manh Ha