Except for a handful of oil and transportation stocks, nearly all other shares dropped significantly, with many blue-chip stocks hitting the daily limit-down level.

By 9:30 a.m., the VN-Index had plunged more than 100 points, or 5.9%, to around 1,660 points.

This marked one of the steepest declines in the market’s history, both in relative and absolute terms. Many key constituents in the VN30 basket dropped to their limit-down levels.

Banking stocks such as ACB, BID, CTG, HDB, SHB, TCB, VPB and TPB all fell to the floor price.

Shares related to billionaire Pham Nhat Vuong’s Vingroup ecosystem also declined sharply, including Vingroup (VIC), Vinhomes (VHM), Vincom Retail (VRE) and Vinpearl (VPL), all of which hit their daily lower limit.

Other major stocks also saw steep losses.

Shares of SSI Securities (SSI) and technology giant FPT (FPT) dropped to the floor price, while companies such as Hoa Phat (HPG), Masan (MSN) and Mobile World (MWG) also declined sharply.

Oil and gas stocks such as GAS and Petrolimex (PLX), which initially rose in early trading, later reversed course and turned negative.

On the HoSE exchange, 318 stocks were in decline, including 169 hitting the limit-down level. Only 16 stocks gained while 10 remained unchanged.

Trading liquidity reached a relatively high level of nearly VND13 trillion (approximately US$530 million) within just the first 30 minutes of trading.

Global turmoil drives market panic

Vietnam’s stock market slump came as global markets were shaken by escalating conflict in the Middle East.

Heightened tensions in the region pushed WTI crude prices up roughly 30% on the morning of March 9, surpassing US$118 per barrel after surging 36% in the previous week. Brent crude also rose more than 27% to a similar price range.

The crisis in the Middle East is intensifying as military confrontations and geopolitical tensions disrupt critical oil and trade shipping routes.

Potential blockages at key maritime chokepoints threaten global energy supply, pushing oil prices and transportation costs sharply higher.

The surge in energy prices has also revived concerns about inflation returning across many major economies.

Global financial markets have reacted sensitively, with capital flows shifting toward safer assets. As a result, stock markets in many countries have experienced strong volatility.

At the same time, prices of key commodities such as energy, metals and food have been rising, creating additional pressure on global economic growth.

Manh Ha