The stocks that have disappointed investors the most.

Cash flow in the market remains highly fragmented. Photo: Duc Thanh

Overall, the VN-Index increase reflects the significant contribution of only a few large-cap stocks. In April 2026 alone, the VN-Index rose 10.7%, with the main driving force coming from Vingroup 's group of stocks.

According to SSI experts, by the end of April 2026, the VN-Index will trade at a projected P/E ratio of 13.2x. If Vingroup's stocks are excluded, the valuation would be only 10.3x.

This means that the current index reflects the role of "weights" more than market "breadth," and across the entire exchange, sessions where the index rises while most stocks fall are still occurring.

Statistics show that in the first four months of 2026, VIC and VHM were the two stocks that contributed the most to the VN-Index, alongside other large-cap stocks such as BSR , GVR, VCB, GAS, BID… Conversely, the accounts of most investors remained in a gloomy state, especially for those holding some of the top-performing stocks.

Among them, at the forefront, we cannot fail to mentionFPT, the "star" technology stock that is currently falling from its peak. At the beginning of the year, FPT still had a market price above 95,000 VND/share, at times reaching 108,000 VND/share. But from February 2026, this stock continuously dropped in price with heavy selling pressure in some trading sessions. By the end of April, FPT had fallen to around 75,000 VND/share, even dropping to 70,000 VND/share on May 11th. Thus, FPT's market price has decreased by more than 20% since the beginning of the year.

Not only individual investors, but also long-term institutional investors have had to swallow the bitter pill of losses because of this stock. According to Bao Viet Group's Q1 2026 financial report, the original value of its investment portfolio in FPT shares as of March 31, 2026, was VND 442 billion, a sharp increase from VND 125.1 billion at the beginning of the year. However, the fair value of these shares at that time was only VND 437.7 billion, meaning Bao Viet incurred a loss of nearly VND 5 billion.

Proprietary trading firms like Vietcap Securities Joint Stock Company (VCI) also recorded losses on their investment in FPT technology shares. As of the end of Q1/2026, Vietcap had a temporary loss of 193 billion VND on a total original purchase price of over 658 billion VND for FPT.

The PYN Elite Fund also struggled because of FPT. At the beginning of 2025, this Finnish investment fund assessed that the momentum in technology stocks was weakening and took profits from FPT. By January 2026, FPT reappeared in the Fund's TOP 10 largest investments with a weighting of 13.6%. However, not long after, the Fund quickly restructured its portfolio as performance was severely dragged down by FPT's decline. By the end of April, FPT's weighting in the Fund's portfolio had dropped to 7.8%.

State-owned bank stocks like VCB, BID, and CTG experienced strong gains at the beginning of 2026, followed by sharp corrections, ending April without a significant difference from their early-year values. However, HDB and SHB disappointed as their downward trend did not improve.

At the beginning of 2026, HDB shares were trading around 29,000 - 30,000 VND/share, but by the end of April, they were hovering around just over 26,000 VND/share, a decrease of over 10%. Meanwhile, SHB shares continued their disappointing run for investors, reaching only 14,000 VND/share by May 12th, down 12-14% compared to the beginning of the year.

The list of stocks that weighed down the VN-Index the most in the first four months of the year also includes other stocks from the securities and real estate sectors such as KDH (-21%), SSI (-7%), BCM (-12%), VND (-17%), etc.

Source: https://baodautu.vn/nhung-co-phieu-khien-nha-dau-tu-that-vong-nhat-d595013.html