Heavy buying in Vingroup’s blue-chip ecosystem adds 14 points to Vietnam’s benchmark index, masking broader market weakness and signaling a return of selective large-cap momentum.
Vietnam’s stock market delivered an eye-catching rally today as a surge in Vingroup-related stocks lifted the VN-Index toward a major technical breakout, even as most listed companies traded in the red. The sharp divergence highlights a growing trend seen across emerging Asian markets: liquidity is concentrating in a handful of mega-caps while broader investor sentiment remains cautious amid global rate uncertainty and thinning holiday-season volumes.
The VN-Index ended the session near 1,668 points, up 13 points, thanks almost entirely to the Vingroup ecosystem. Analysts had expected the market to remain range-bound until a clear leadership group emerged to push the index through the 1,670-point resistance level. Today, that leadership came decisively from four Vingroup stocks — VIC, VHM, VRE, and VPL — which together contributed more than 14 index points, meaning the market would have closed lower without them.
Vincom Retail (VRE) hit its ceiling price at 34,450 VND, attracting nearly 900 billion VND in matched orders, while parent company Vingroup (VIC) continued setting new all-time highs, rising 4.3% to nearly 240,000 VND. The VN30 basket also strengthened, climbing past 1,900 points as investors rotated into select blue chips.
Yet beneath the headline rally, market breadth remained weak. Nearly 190 stocks closed lower compared with 123 gainers — a classic “green index, red market” pattern. Banking shares were mixed, with VPB, KLB, OCB, and BID edging higher while more than ten peers, including STB and VCB, fell under selling pressure. Securities and real estate stocks also showed sharp divergence, with large-caps such as SSI and Novaland gaining, while smaller speculative names like SCR, LDG, and HQC slid 1–3%.
Liquidity fell to 17,400 billion VND, the lowest since mid-June and almost 3,000 billion VND below last week’s levels, indicating that trading activity is narrowing into a few dominant names. Foreign investors remained net sellers, unloading 2,900 billion VND — their heaviest selling in two weeks — with VRE, VND, NVL, and VIX among the most heavily sold.
Vietnam’s equity market is now approaching a technical turning point. If concentrated buying in mega-caps continues, the VN-Index could finally pierce the 1,670 resistance, but the question remains whether a rally driven by only a handful of stocks can sustain momentum — or whether global macro pressures will keep broader investor sentiment subdued.
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