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Entering the trading session on April 22, investors in Vietnam focused on the annual general meeting of Vingroup held in the morning. Positive remarks from Chairman Pham Nhat Vuong at the shareholder meeting quickly improved market sentiment.
Buying demand surged after the remarks, pushing Vingroup’s “big one” VIC to rally and close at the limit-up. VIC gained 7% to 207,200 dong per share, the highest level ever and nearly ten times higher than at the start of 2025. The strength in VIC also spread to related stocks: VHM rose 3.1% and VRE increased 2.2%.
The VIC-driven rally became the main factor behind the VN-Index’s movement through the session. At the close, the VN-Index rose 23.82 points (1.30%) to 1,857.30 points.
VIC alone contributed 22.01 points to the index’s total gain, while VHM added 3.92 points.
Indices on other exchanges also increased. The HNX-Index rose 2.09 points to close at 255.36, while the UPCoM-Index rose 0.51 points to 128.72. The VN30 basket closed up 18.33 points at 2,025.41.
The rally also translated into a wealth gain for Chairman Pham Nhat Vuong. According to Forbes, he gained an additional USD 2.7 billion, bringing his net worth to about USD 34 billion as of this afternoon, ranking 67th among the world’s wealthiest.
Despite the index’s strong performance, investor sentiment was not broadly positive. HoSE breadth statistics showed selling dominated: 194 stocks fell while 111 advanced. The pattern suggests that cash flow was concentrated in major names rather than spreading across the market.
Most sectors saw sharp divergence, with many stocks facing selling pressure and take-profit actions that pushed prices lower. The largest downward pressure on the index came from steelmaker HPG (-1.2%), followed by STB (-1.8%) and GEE (-2.1%).
Against this backdrop, only a limited number of stocks attracted capital and stayed in positive territory. Real estate NVL surged 5.9% to 18,750 dong. Other relatively rare gainers included MSB (+2.4%), PVP (+4.8%), and a slight increase in TCB (+0.9%).
Liquidity on HoSE reached 20,928.57 trillion dong, equivalent to over 695.4 million shares exchanged.
Foreign trading remained a familiar drag on sentiment. In the session, foreign investors continued to sell on HoSE, with net selling of 98.56 billion dong (buys 2,191.44 billion dong, sells 2,290.00 billion dong).
The close highlighted a key challenge for investors: the index’s performance appeared distorted by overreliance on the VIC group. With many other stocks “quietly weakening,” this makes it more difficult to track true money flow and manage portfolio risk.
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