Vietnam’s stock market remained under strong correction pressure during the morning trading session on May 22 as major blue-chip stocks weakened sharply, particularly shares linked to the Vingroup ecosystem.

Blue-chip stocks slump

After a prolonged rally, Vietnam’s stock market has entered a correction phase with selling pressure increasing across the board. By 10:30 a.m., the VN-Index had dropped 22.3 points, or 1.2%, to 1,874.59 points, moving further away from the 1,900-point threshold the market had only recently surpassed.

The center of the latest correction remained stocks tied to Vingroup (VIC), which had driven the market higher for several consecutive weeks.

Shares of VIC fell VND6,000 to VND212,700 ($8.18) per share. Foreign investors were net sellers of roughly 400,000 VIC shares, adding further downward pressure.

Meanwhile, shares of Vinhomes (VHM) dropped VND5,600 to VND154,200 ($5.93) per share, with foreign investors net selling around one million shares.

Other companies within the ecosystem also weakened. Vinpearl’s VPL edged down to VND93,400 ($3.59) per share, while Vincom Retail’s VRE lost VND900 to VND31,900 ($1.23) per share.

By 11:15 a.m. on May 22, the VN-Index had fallen 39 points to 1,858 points. VIC shares dropped a further VND9,100 to VND209,600 ($8.06) per share.

This marked the second consecutive sharp decline for Vin-related shares following an extended rally. VIC had previously surged to nearly VND230,000 ($8.85) per share during the May 14 session, helping lift Pham Nhat Vuong’s fortune to around $36 billion and briefly placing him among the world’s 60 richest people.

Real estate stocks decline.

Beyond property stocks, banking and energy shares also faced heavy selling pressure. BIDV’s BID fell VND700 to VND43,100 ($1.66) per share. Vietcombank’s VCB lost VND800 to VND64,100 ($2.47), while SHB continued to retreat to VND13,450 ($0.52) per share.

In the energy sector, PV GAS’s GAS declined to VND86,600 ($3.33) per share, while Petrolimex’s PLX slipped to VND42,700 ($1.64).

A few blue-chip stocks managed to stay in positive territory, including FPT, Mobile World Investment (MWG), and Sabeco (SAB).

Liquidity on the Ho Chi Minh Stock Exchange reached around VND5.7 trillion ($219 million) by 10:45 a.m., indicating investors remained cautious. In reality, most stocks have been declining for several months, with the exception of Vin-related shares.

Notably, the market downturn came despite many companies reporting positive business results and stock valuations being considered attractive. However, investor sentiment remained cautious amid a series of uncertainties.

Foreign investors’ continuous net selling since the start of the year has also weighed heavily on the market. In the May 21 session alone, foreign investors net sold roughly VND1.7 trillion ($65.4 million), focusing on VIC, VHM, FPT, MBB and ACB.

In addition, rising global oil prices have fueled inflation concerns and expectations of higher interest rates in many countries. A number of stocks hitting floor prices due to executive-level personnel changes have also negatively affected investor confidence.

Meanwhile, Vietnam’s real estate market has yet to stage a full recovery, while idle cash flow into equities remains limited, keeping overall market liquidity subdued.

Pham Nhat Vuong’s wealth remains among the world’s largest

Despite recent sharp corrections in Vin-related shares, the market capitalization of companies within the Vingroup ecosystem remains extremely high.

VIC shares are still up nearly 11-fold compared to the beginning of 2025, making them among the strongest-performing stocks on Vietnam’s market in recent times.

According to Forbes’ May 22 update, billionaire Pham Nhat Vuong’s net worth stood at $33.8 billion, down around $1.6 billion from the peak recorded in mid-May.

With this fortune, Vuong ranked 67th among the world’s richest people. Previously, he had climbed to 58th globally with a net worth of around $36 billion.

Despite the decline, Vuong’s wealth has still increased by roughly $9 billion since March. He remains the richest person in Southeast Asia.

Several members of his family have also accumulated substantial fortunes thanks to the strong rise of Vin-related stocks. Pham Thu Huong currently holds an estimated $3.7 billion, while Pham Thuy Hang has around $2.6 billion.

The market expects the Vingroup ecosystem to continue benefiting as Vietnam accelerates the development of the private sector, infrastructure investment, urban development, logistics, energy and high technology.

Beyond real estate, Vingroup has aggressively expanded into green energy, technology and large-scale urban infrastructure projects. These areas are viewed as major growth drivers expected to sustain the conglomerate’s long-term expansion.

For 2026, Vingroup has set a revenue target of around VND485 trillion ($18.65 billion) and projected profit of roughly VND35 trillion ($1.35 billion). Meanwhile, Vinhomes aims for revenue of around VND285 trillion ($10.96 billion) and profit of about VND60 trillion ($2.31 billion), the highest level in its history.

Manh Ha