Daily Market Watch 22/04/2026: Vingroup Family Once Again Boosted the Index, The Broader Market Weakened Still

MARKET HIGHLIGHTS

o       It’s another volatile day in Vietnam. The equity market started slowly and traded lower in the morning as the momentum Vingroup family showed signs of fading since yesterday afternoon. VIC and VHM trended downward due to a visible profit taking after a solid rally. This put great pressure on the Index. Meanwhile, the broader market also lacked momentum as trading was quite slow. Retail investors hesitated before the long bank holiday which would start at the end of this week. Naturally, buyers are less active in the prior week. The VN-Index 0.46% at the end of the morning; most stocks fluctuated in a narrow range.

o       Vingroup family, however, ran sharply in the afternoon and triggered a sharp turnaround for the Index. VIC promptly surged to limit up from below reference price. The company carries out its AGM today. VIC mentioned that Vinfast would be running on a positive EBITDA from 2027. Most other positive news has been released in the last several days. Foreign investors bought the stock well and positively impacted its market price. VHM also followed and rose significantly despite foreign outflows. The VN-Index staged a major rally from 1.00pm thanks to the boost by VIC and VHM. It climbed up all the way and finished at 1,857pts (+1.3%)

o       It’s worth noticing that VIC (+6.97%) and VHM (+3.09%) combined contributed 1.5% to the Index today. This means that the remaining market has actually declined. In the large-cap universe, beside Vingroup family, DGC suddenly jumped 2.81% thanks to an encouraging net buy of foreign investors. Most other gainers posted less than 1% return. The small/mid-cap baskets were flat as retail investors were conservative prior to the holidays. We even saw panic sell in a number of stocks. We even saw panic sell in a number of stocks. Local investors just lost patience as those stocks have been trading poorly despite the market recovery (even though mostly contributed by Vingroup stocks). Market breadth was rather negative with 111 gainers vs 194 losers in HOSE as a result.

o       Liquidity was muted today. Total trading turnover declined to USD804.9m in HOSE. Foreign investors were sellers with a total net sell value of USD 4.2m, focusing on FPT (-USD8m), VHM (-USD3.5m), and MSB (-USD2.9m). On the buy side, the focus on grabbing MWG (+USD7.7m), VIC (+USD6.3m), and MSN (+USD2.5m)

o       Both the AGM season and Q1 earnings release are going on (Please refer to page 3-5 below for more information on Q1 earnings update and corporate news in the AGM season). Yet, we saw a limited influence on stock prices in most cases. Positive Q1 earnings and sounding corporate action bring in excitement here and there but hardly move stock prices for over 2 days. The broad market is trading quite slowly as investors were afraid that the VN-Index may adjust after a decent rally in the last 4 weeks. This rally did not really help since it was all about Vingroup stocks. Local investors are still suffering losses if they do not hold VIC or VHM