Vietnam’s Stock Market Sees Liquidity Surge as Local Investors Take the Lead

Record trading value signals rising domestic confidence, even as foreign capital pulls back

A powerful wave of domestic capital is reshaping Vietnam’s equity market, sending trading activity to its highest level in three months and underscoring a structural shift in who is driving Southeast Asia’s fastest-growing stock market.

Trading value on the Ho Chi Minh City Stock Exchange surged to nearly 46 trillion VND (around USD 1.8 billion), up 10% from the previous session and marking the fourth consecutive day of rising liquidity. According to analysis from SSI Securities, the rebound reflects easing interest-rate pressure compared with late last year, prompting local investors to reallocate capital from deposits into equities.

Capital inflows were heavily concentrated in large-cap and market-leading stocks, particularly in banking, securities, consumer goods, and heavy industry. Thirteen stocks recorded trading value above 1 trillion VND, led by SSI with nearly 1.93 trillion VND in matched orders, followed by Vinamilk and Vietcombank. The concentration suggests that domestic investors are positioning selectively rather than chasing broad-based momentum.

Despite strong liquidity, the VN-Index showed signs of fatigue after an early-week rally. The benchmark briefly touched a record high of 1,918 points before reversing course, fluctuating sharply throughout the session and closing down more than 8 points at 1,894. Heavy selling pressure in Vingroup-linked stocks proved decisive: Vingroup, Vinhomes, Vinpearl, and Vincom Retail all fell between 2.5% and 5.7%, collectively shaving 22 points off the index. Excluding this group, the market would have remained in positive territory.

Sector performance highlighted growing divergence beneath the headline index. State-owned banks such as BIDV, Vietcombank, and VietinBank continued to climb, while private lenders including VPBank, HDBank, Techcombank, TPBank, and VIB came under notable pressure. A similar split appeared in brokerage stocks, with leaders such as SSI and HSC advancing, while several mid-tier names declined.

One of the few consistently positive pockets was energy. Oil and gas stocks including Petrolimex, PV Oil, and PVC hit daily limits with no sellers, while PetroVietnam Gas, BSR, and PVS posted solid gains. The move reflects growing investor interest in Vietnam’s energy security and infrastructure expansion amid regional volatility.

Foreign investors, however, continued to move in the opposite direction, extending a net-selling streak of roughly 450 billion VND. Outflows were concentrated in real estate names, reinforcing the view that global funds remain cautious on Vietnam’s property cycle even as local money grows more confident.

The bigger story for global investors is not a single down session, but the changing balance of power in Vietnam’s capital markets. With domestic liquidity surging and increasingly shaping price action, Vietnam is becoming less dependent on foreign flows—a shift that could make the market more resilient, but also more selective, in the next phase of its growth cycle.