The trading session reflected a striking contrast. In the morning, the VN-Index rose by around 15 points to approximately 1,869, signaling a positive headline performance. Yet beneath that figure lay a deeply fragmented market.

The primary force behind the index’s rise came from the “Vin” group of stocks. Key pillars within the Vingroup ecosystem posted strong gains, with VIC climbing nearly 5 percent, VHM rising over 6 percent, VRE adding close to 3 percent and VPL advancing nearly 4 percent.

Meanwhile, the broader market remained under pressure. More than 400 stocks were in decline by the end of the morning session, with 16 out of 23 sectors falling. The phenomenon often described as “green outside, red inside” - where the index rises but most stocks drop - has persisted across recent sessions.

A notable negative highlight was the floor-level plunge of Novaland (NVL) shares after a period of rapid gains, reflecting strong profit-taking sentiment and lingering short-term risks in the real estate sector. Outside the Vingroup group, most property stocks weakened.

Still, the market was not entirely bleak. Toward the end of the afternoon session, several other large-cap stocks reversed course and rose, helping stabilize investor sentiment. Shares such as VPB, VJC, STB, PLX, LPB and GAS all rebounded after earlier losses, while stocks including GEE, GEX, BSR and GMD attracted fresh capital inflows.

Liquidity remained modest, with trading value on the HOSE reaching around VND16.5 trillion (US$650 million) by 2pm. Foreign investors continued to be net sellers, adding pressure to the market.

By 2:30pm, the VN-Index had gained nearly 17 points to surpass 1,871. At the close, the index finished up 20.79 points, or 1.12 percent, at nearly 1,874.85.

Overall, the May 5 session clearly illustrated strong divergence: the index rose, but not in a way that reflected the broader market. Capital flows remained concentrated in a narrow group of large-cap stocks, particularly those linked to Vingroup.

Record wealth and the rise of a regional billionaire

The surge in Vingroup shares not only influenced the market but also reshaped the wealth landscape of major shareholders. Most notably, Pham Nhat Vuong recorded a historic milestone, with his net worth exceeding US$35 billion for the first time, making him the richest individual in Southeast Asia.

According to Forbes, as of May 5, his fortune stood at approximately US$35.1 billion, ranking him 62nd globally. Compared to March, his wealth has increased by nearly US$9.7 billion - a rare surge over such a short period.

The primary driver has been the sharp rise in Vingroup shares, which have climbed roughly elevenfold since the beginning of 2025, reaching over VND219,000 per share (US$8.60).

Other members of his family have also seen notable gains. His wife, Pham Thu Huong, holds an estimated US$3.8 billion, while his sister-in-law, Pham Thuy Hang, has around US$2.7 billion. Collectively, the family ranks among the wealthiest in the region.

This surge in wealth reflects strong market confidence in the long-term prospects of businesses within the Vingroup ecosystem, particularly in real estate, industry and services.

Outlook: opportunities and risks ahead

Despite ongoing market divergence and short-term pressures, Vietnam’s broader economic outlook remains positive. Moody’s recently upgraded Vietnam’s outlook from “stable” to “positive” while maintaining its Ba2 rating - a move that underscores international confidence in macroeconomic stability and institutional reforms.

Key supporting factors include administrative reforms, improved governance efficiency, infrastructure investment and a more favorable business environment. In addition, a solid fiscal foundation - with relatively low public debt and strong repayment capacity - continues to provide stability amid global uncertainties.

Real estate remains a key growth driver. With urbanization projected to rise from 40 percent to 45 percent by 2030, housing demand is expected to increase significantly. This creates substantial opportunities for major developers with strong land reserves and execution capabilities, such as Vingroup.

If credit conditions and legal bottlenecks are eased, capital flows may continue to support the sector, in turn benefiting the stock market.

However, risks persist. Challenges within the banking system, pressures in the real estate market and institutional constraints could affect future credit rating upgrades. Ongoing foreign net selling and low liquidity also warrant close monitoring.

In this context, the leadership of large-cap stocks - especially those within the “Vin” group - is likely to remain crucial. Beyond influencing the index, these stocks reflect investor expectations for Vietnam’s long-term economic growth.

The May 5 session, therefore, was not merely a short-term fluctuation but a signal of shifting capital flows and renewed confidence in the market’s true drivers.

Manh Ha