After a prolonged rally spanning several weeks, the Vietnamese stock market unexpectedly experienced a sharp downturn on May 11th, with the VN-Index falling below the 1,900-point mark. The downward pressure mainly came from Vingroup -related stocks, which had been the driving force behind the market's recent consecutive record highs.
At the close of trading, the VN-Index fell nearly 20 points to 1,895.5 points. During the session, the index briefly surpassed 1,927 points but quickly reversed course and fell sharply, fluctuating by nearly 39 points – the most significant volatility in about two weeks.
Not only the VN-Index, but the VN30 basket also fell sharply by more than 33 points, reflecting widespread selling pressure in the large-cap group.
During the session, the index briefly surpassed 1,927 points but quickly reversed course and fell sharply. (AI graphic: V.Vinh)
The market's performance during the session showed a repeat of the "green outside, red inside" pattern. Despite an initial rally, the number of declining stocks still outnumbered rising stocks, with over 210 falling, double the number of rising stocks. Notably, the inflow of money into declining stocks was nearly double that into rising stocks, indicating significant selling pressure.
Liquidity on the HOSE exchange remained high, reaching nearly 27,800 billion VND with approximately 954 million shares changing hands. This indicates that investors are actively trading rather than adopting a wait-and-see attitude.
The focus of the correction was on Vingroup's group of stocks. After a period of rapid growth and significant contribution to the VN-Index's upward trend, many stocks unexpectedly reversed course and fell sharply. VIC dropped more than 3%, VHM lost nearly 2%, while VRE fell by as much as 6%. Several other related stocks also underwent simultaneous corrections.
According to analysts, the emergence of profit-taking pressure is not surprising, given that these stocks have risen sharply for several consecutive weeks and account for a large proportion of the market capitalization.
Besides the VinGroup stocks, many steel, consumer goods, and chemical stocks also came under selling pressure. HPG, NKG, and HSG all declined, while MSN lost about 3% with a surge in trading volume.
DGC's share price fell sharply after being placed under supervision due to the late submission of its audited financial statements for 2025.
Foreign investors continued their strong net selling trend.
Conversely, a few stocks managed to stay in positive territory amidst the market correction. BSR rose nearly 7% thanks to positive first-quarter results as global oil prices remained high. VIX also increased by over 4%, leading the market in liquidity. Several infrastructure and power stocks such as CII, GEE, and PC1 also traded positively.
Foreign investors continued their strong net selling trend. During the session, foreign investors sold a net of over 1,000 billion VND on the HOSE, extending their capital withdrawal streak.
However, money has not completely withdrawn from the market but is instead tending to shift towards small and medium-sized stocks. The HNX-Index and UPCoM-Index still maintained a slight upward trend in the final trading session of the week.
According to experts, the area around 1,880 points is currently a crucial support level for the VN-Index. If this level holds, the market still has a chance to recover in the coming sessions. Conversely, if selling pressure continues to increase, the VN-Index could fall further to the 1,850 point level.
In the short term, the performance of Vingroup's stock group and the trend of world oil prices are expected to continue to be two factors strongly influencing market sentiment.
Source: https://nld.com.vn/vn-index-lai-thung-moc-1900-diem-19626051115183079.htm
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