VIX Securities hit its floor price, losing VND 1,950 to close at VND 26,050 ($1.05) per share, down 35% from its mid-October peak of over VND 40,000 ($1.61).

Dat Xanh Group (DXG) also fell to its floor price at VND 18,850 ($0.76) with no buy orders and nearly 2.5 million shares on offer. This stock has lost 22% in the past 45 days. CII shares also hit their floor price.

The market reversed its morning gains in the afternoon of November 3, with many blue-chip stocks forced into sharp sell-offs. Fears of deeper market losses and forced margin calls triggered broad declines, dragging the VN-Index near the 1,600-point threshold.

Numerous stocks closed at their session lows, including 20 VN30 stocks, effectively crushing efforts to buy the dip.

A concerning sign was rising trading volume amid falling prices, with many banking and securities stocks losing 4-6% in the session. This may reflect a retreat from high-risk territory and expectations that the VN-Index could drop even further.

According to Luu Chi Khang, Director of the Research Center at CSI Securities, the VND/USD exchange rate is a concern causing foreign investors to continue net selling. He noted that after a strong market rally, a correction is expected, and this correction may not be over. The market is seeking a new balance, with the VN-Index potentially falling to support levels around 1,560 points.

Another expert based in Ho Chi Minh City also projected the market could bottom in the 1,500–1,550-point range.

Recently, as the stock market has sharply declined, foreign investors have eased their selling compared to previous months. However, the pressure from this group remains. On November 3, net foreign selling totaled VND 185 billion (about $7.44 million).

Khang added that while macroeconomic indicators remain positive and the government continues to support GDP growth, some trade-offs are being made. Recently, the USD/VND exchange rate has been on the rise, prompting more aggressive intervention by the State Bank.

In line with other countries, Vietnam’s monetary policy remains accommodative. Credit growth within the banking system is currently high.

Vietnam is recording a trade surplus, but most of it comes from foreign-invested enterprises, while domestic companies continue to import heavily. Toward the year-end, firms must import more raw materials for their orders, typically putting pressure on foreign currency reserves. The heating up of gold and cryptocurrency markets may also pose negative impacts.

Margin lending remains high in Q3 2025 but not yet at alarming levels. The margin debt-to-equity ratio of securities firms is still below the peak observed at the end of 2021.

Therefore, according to CSI experts, a sharp market collapse is unlikely. This appears to be a correction of 15-18% following a robust 66% market rally from April to September.

The long-term uptrend, as assessed by many securities firms, has not been broken. The market may consolidate in preparation for the next rally. Although recent trading volumes have declined from the peak of VND 50,000–70,000 billion ($2–2.8 billion) per session, liquidity remains relatively strong. This indicates there is no mass capital flight into alternative assets such as bank deposits.

Although deposit rates have started to rise, they are still low, suggesting Vietnam is still in a "cheap money" phase.

Several upcoming factors may support the market. These include the U.S. Federal Reserve's move toward monetary easing, which may relieve pressure on the USD/VND exchange rate. Public investment is also being ramped up, potentially boosting economic growth in late 2025 and early 2026. This should encourage capital flows into a wider range of economic sectors.

Manh Ha