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The pullback was broad across sectors, indicating a broader risk-off trend rather than sector-specific weakness. Average daily trading value remained around USD 1.3 billion, mainly supported by domestic capital, while foreign capital flows remained mixed. By month-end, the VN-Index showed signs of stabilizing from the lows, suggesting the correction was mainly driven by external factors rather than changes in domestic macro fundamentals.
Dragon Capital said Vietnam's growth momentum was reinforced in March as seasonal factors related to the Lunar New Year normalized, supporting the view that the expansion trend remained solid throughout Q1 2026. GDP grew 7.8% year-on-year in Q1. The industrial and construction sector rose 8.9%, while services increased 8.2%, indicating growth drivers were not only from exports and manufacturing but increasingly supported by services and domestic demand.
Industrial activity continued to underpin growth. The Industrial Production Index (IPI) rose 9.0% year-on-year in Q1, with processing and manufacturing up 9.7%. In March, the IPI rebounded strongly, up 18.8% month-on-month and 6.9% year-on-year. Business conditions remained in expansion, with the PMI easing to 51.2 from 54.3 in February, reflecting normalization from a higher base rather than signs of demand weakness. The expansion was broad-based across sectors, including metals (+22.9%), non-metallic minerals (+19.7%), and chemicals (+18.2%).
Domestic demand remained supportive. Total retail sales of goods and services rose 12.1% year-on-year in March and 10.9% in Q1, reaching around USD 72.3 billion. Accommodation and food services increased 13.3% year-on-year, while travel-related services rose 12.5%, supported by seasonality and a rebound in travel activity. The trend supports profitability prospects for consumer-oriented sectors and reinforces consumption as an increasingly important pillar of economic growth.
External trade and investment activity also supported the expansion. Goods exports rose 19.1% year-on-year in Q1, while imports increased 27.0%, reflecting strong demand for traded goods. Business formation remained brisk, with more than 57,000 new enterprises (+57.8% year-on-year) and total registered capital around USD 20.5 billion. Including enterprises resuming activity, the total number of firms entering the market reached about 96,000 (+31.7%), signaling sustained momentum in the private sector.
Inflation increased to 4.6% year-on-year in March, the highest March reading in five years, lifting first-quarter inflation to 3.5% year-on-year. The rise was mainly attributed to higher fuel prices amid geopolitical tensions. Despite the uptick, both measures remained within the government’s 4.5–5.0% target range, preserving policy space to respond to external shocks.
Premium gym chains are entering a “golden era” that is ending or already in decline, as rising operating costs collide with shifting consumer preferences toward more flexible, community-based ways to exercise. Long-term memberships are shrinking, margins are pressured by higher rents and facility expenses, and competition from smaller, more personalized…
