By the close of the January 26 trading session, the VN-Index had fallen 27.07 points, or 1.45%, to 1,843.72. The VN30 Index dropped 45.48 points, or 2.2%, to 2,032.28.

On the Ho Chi Minh City Stock Exchange (HoSE), 264 stocks declined - including 11 hitting the daily limit down - while only 73 rose and 45 remained unchanged. Total trading value reached over USD 1.3 billion.

The VN-Index has now continued its decline after touching a record high of 1,912 points on January 20. However, the index is still up by over 3.3% year-to-date. In 2025, it gained more than 40%, ranking second in Asia behind South Korea.

The January 26 session saw widespread losses across the board. Many major groups, particularly the Vin-related stocks, dropped sharply. Vingroup (VIC) fell VND 5,500 to VND 159,900 per share. Vinhomes (VHM) dropped VND 3,600 to VND 118,900. Vincom Retail (VRE) slid VND 1,400 to VND 31,000.

Private commercial banks also witnessed notable declines. MBBank (MBB) dropped VND 850 to VND 26,100. Techcombank (TCB) fell VND 850 to VND 36,650. VPBank (VPB) lost VND 750, closing at VND 27,750 per share.

Other major losses included Duc Giang Chemicals (DGC), which hit the floor price with a VND 5,100 drop to VND 68,800. Mobile World (MWG) fell VND 1,700 to VND 84,100, while Masan (MSN) also dropped VND 1,700 to VND 77,300.

On the brighter side, state-owned banking giants saw some gains. Vietcombank (VCB) added VND 1,000 to reach VND 69,600, while BIDV (BID) rose VND 1,700 to VND 52,500.

Petroleum-related stocks also performed well. PV GAS (GAS) hit the ceiling with a VND 7,000 increase to VND 107,800. Petrolimex (PLX) climbed VND 2,400 to VND 57,000.

The sharp decline in blue-chip stocks led to significant erosion in billionaire wealth. According to Forbes, Pham Nhat Vuong’s net worth dropped from USD 30 billion at the end of 2025 to USD 24.1 billion as of January 26, placing him 96th globally. Nguyen Thi Phuong Thao’s fortune decreased from USD 4.9 billion to USD 4.4 billion.

Despite the current downturn, Vietnam’s stock market continues to attract capital, especially as other investment channels lose appeal. Gold and silver prices have been hitting historic highs, but with limited trading activity. Bank interest rates remain low.

Many analysts remain optimistic. Strong economic forecasts, bolstered by both major private conglomerates and state-owned enterprises, continue to support investor sentiment. Expectations of an official stock market upgrade in 2026 could attract tens of billions of dollars in foreign inflows over the next five years.

In a recent report, VinaCapital projected that Vietnam’s stock market will remain a regional investment hotspot in 2026. The market is seen as undervalued, with high profit growth potential. Government reforms and stimulus measures are expected to further boost the real estate and banking sectors, attracting foreign capital back into the market.

Additionally, increased public spending is likely to open up new growth opportunities for listed enterprises.

If the US Federal Reserve continues to cut interest rates, it could drive more capital into promising emerging markets like Vietnam.

Manh Ha