Vietnam stock market VN-Index drops 64 points amid heavy selling

The Vietnamese stock market experienced a significant downturn, with the VN-Index losing approximately 64 points over two sessions to close at 1,729.08 points. This sell-off resulted in a market capitalization reduction of over VNĐ175 trillion on the Ho Chi Minh City Stock Exchange.

Selling pressure was particularly intense in the real estate sector, specifically affecting Vingroup-linked stocks such as Vinhomes (VHM), Vinpearl (VPL), and Vincom Retail (VRE). Large-cap stocks and the VN30 basket were largely impacted, with Techcombank (TCB) being a notable exception among major constituents.

Foreign investors have been heavily selling, with cumulative net sales reaching approximately 80,000 billion VND since the start of the year. However, experts from Dragon Capital note that the pace of these outflows may be slowing and that foreign holdings have dropped from 23% to 12%. Analysts suggest the market may face further adjustments toward the 1,740 support level, though some see potential for recovery as the market eyes future upgrades by FTSE and MSCI.