Market reversal after historic peak

Vietnam’s stock market had been on a record-breaking run, with the VN-Index surpassing the historic 1,800-point mark earlier in the week.

Trading opened positively on December 25, with most blue-chip stocks posting strong gains. The VN-Index briefly rose to 1,805 points, but selling pressure surged later in the session. By the end of the morning, the index had pared gains to 1,792 points.

During the morning session, VHM hit its daily limit-up, and VRE traded near its ceiling, while VIC fluctuated slightly in the red.

By the afternoon, however, a wave of profit-taking swept the market. Heavy selling hit nearly all large-cap stocks, including the entire Vin group: VIC, VHM, VRE, and Vinpearl (VPL).

At the close, the VN-Index dropped 2.24%, losing nearly 40 points to 1,742.85. The VN30-Index fell more than 2.3% to 1,976.21, while HNX-Index and Upcom-Index declined 0.64% and 1.43%, respectively.

“Vin” stocks hit floor, liquidity surges

All three major Vin stocks - VIC, VHM, and VRE - hit their floor prices with no buy orders remaining. Despite the sharp decline, trading volume was exceptionally high.

Foreign investors’ activity was mixed, with net buying in VHM and VRE but balanced trading in VIC.

Across the broader market, 287 stocks declined, 109 gained, and 78 closed unchanged.

Total trading value reached 26.35 trillion VND (approx. USD 1.05 billion) on the Ho Chi Minh City Stock Exchange (HoSE) and nearly 1.6 trillion VND (USD 64 million) on HNX.

Vingroup shifts focus to other key projects

The sudden drop followed Vingroup’s announcement that it had formally requested permission from the government to withdraw its investment registration for the North–South high-speed railway project.

According to the company, the decision was part of a strategic restructuring to concentrate resources on other major infrastructure developments, including the Olympic Sports Urban Area and Trống Đồng National Stadium, as well as high-speed railway lines Ben Thanh–Can Gio and Hanoi–Quang Ninh.

Vingroup’s shares have surged dramatically throughout 2025, climbing nearly seven- to eightfold from around 40,000 VND per share at the start of the year to about 260,000 VND before a 1:1 stock split, which adjusted the trading price to 133,500 VND.

Recently, VIC shares even reached 170,000 VND post-split (equivalent to about 340,000 VND pre-split), buoyed by a string of large-scale project launches.

A year of massive expansion and record wealth

On December 19, Vingroup simultaneously broke ground on 11 major projects nationwide, spanning urban development, infrastructure, green energy, and heavy industry.

These include the Olympic Sports Urban Complex in Hanoi (valued at 925 trillion VND, approx. USD 37 billion), the Ha Long Xanh and Cam Ranh mega-urban chains, social housing in Hung Yen, the Song Tri Urban Area in Ha Tinh, Vincom Plaza Vinh in Nghe An, the Tuan Chau Public Park in Quang Ninh, high-speed railway lines Ben Thanh–Can Gio and Hanoi–Quang Ninh, two wind power plants, and the VinMetal steel plant in Vung Ang.

The group has also been entrusted with major infrastructure projects such as the Ben Thanh–Can Gio and Hanoi–Quang Ninh high-speed railways.

Recently, billionaire Pham Nhat Vuong and Vingroup established the VinSpace Aerospace Company, marking their entry into the aerospace sector at what has been described as the group’s most prosperous period to date.

Vingroup’s expanding ecosystem now includes subsidiaries such as VinEnergo, VinSpeed, VinRobotics, VinMetal, V-Film (cinema industry), and V-Culture Talents (arts and entertainment).

This diversification aligns with the national strategy outlined in Resolution No. 68-NQ/TW (May 4, 2025) of the Politburo, which designates private enterprises as a key driving force of the national economy.

Vingroup’s market dominance and billionaire milestone

Thanks to this rapid expansion, the market capitalization of Vingroup’s ecosystem has surged, pushing VIC shares up seven to eight times in 2025.

As of December 23, Pham Nhat Vuong’s net worth reached USD 30 billion, ranking him 71st globally, surpassing China’s Jack Ma.

Vingroup’s recently issued 3.9 billion VIC shares are scheduled to reach investors’ accounts on the final trading day of 2025.

Manh Ha