After a steep morning plunge, Vietnam’s benchmark index staged a “breathtaking” afternoon comeback led by blue-chip stocks like Vietjet and the return of significant foreign capital.
HANOI – Vietnam’s benchmark VN-Index staged a stunning intraday reversal on October 28, showcasing the extreme volatility and opportunistic sentiment currently gripping the market.
After plunging 23 points in a broad morning sell-off, a dramatic buying spree ignited at 2:00 PM, sending the index soaring. By the closing bell, the VN-Index had not only erased all losses but had rocketed 27.96 points into the green, closing at 1,680.5.
The “breathtaking” 50-point swing from trough to peak was powered by two key forces: a massive rally in blue-chip stocks and the significant return of foreign investors.
Foreign capital, which has been closely watched, reversed course and became a strong net buyer, pouring in over 1,548 billion VND (approx. $61.9 million). This renewed confidence targeted major Vietnamese companies, including tech giant FPT, Vincom Retail (VRE), VPBank (VPB), and Techcombank (TCB).
The rally was concentrated in the VN30-Index, which tracks Vietnam’s 30 largest listed companies and surged by over 48 points.
Stocks tied to the nation’s wealthiest billionaires led the charge. VJC (Vietjet Air) was a standout performer, hitting its “ceiling price”—the maximum allowed daily increase—at 187,500 VND with virtually no sellers remaining. The surge added an estimated $108 million to the net worth of Vietjet Chairwoman Nguyen Thi Phuong Thao, bringing her Forbes-estimated fortune to $4.4 billion.
Similarly, the “Vingroup” trio of stocks linked to Vietnam’s richest man, Pham Nhat Vuong—Vingroup (VIC), Vinhomes (VHM), and Vincom Retail (VRE)—all reversed early losses to finish firmly in positive territory.
While the financial and securities sectors broadly joined the rally, the critical real estate industry remained fractured. While some developers (DXG, TCH) rose with the market, Novaland (NVL) shares fell 2.9% after the company released a business report announcing significant new losses, highlighting that investor caution remains high in specific pockets of the property market.
