Just one day after breaking historical records, Vietnam’s stock market experienced a dramatic pullback — a clear sign that profit-taking pressure has returned in full force. The VN-Index plunged over 64 points, closing below the 1,500 mark and erasing nearly a week of gains in less than 60 minutes.
Sell-Off Sweeps the Board, Wipes Out Market Momentum
On July 22, during the afternoon trading session, selling intensified across all sectors. The VN-Index at one point dropped as much as 66 points, falling to 1,490 — marking its sharpest one-day decline in four months. More than 310 stocks fell into the red, leading to a widespread market downturn.
The Ho Chi Minh City Stock Exchange (HoSE) recorded a historic surge in trading value, reaching VND 71.76 trillion (~USD 2.8 billion) — a new all-time high and well above the VND 46.7 trillion peak from the previous session. Notably, 19 stocks surpassed VND 1 trillion in individual trading volume, a record-setting figure.
Leading the charge was SSI Securities, with nearly 105 million shares traded, valued at over VND 3.6 trillion. Other heavily traded stocks included VIX, SHB, VND, HPG, and VPB.
Technical Issues Add to Afternoon Turbulence
Around 2:00 p.m., traders across several brokerage platforms reported technical disruptions. Real-time updates on stock prices and index movements were delayed or unavailable, raising concerns among retail investors.
One example was VNDirect, which temporarily displayed incorrect figures — showing the VN-Index down only 25.6 points and total market turnover at VND 54.8 trillion, far below actual numbers.
From Peak to Plunge: What Happened?
The day had started on a positive note. The market opened higher and briefly climbed near the 1,565 threshold. But by 9:30 a.m., selling pressure emerged, accelerating sharply through the afternoon.
By the close, nearly 70 stocks had hit their floor price — the maximum daily limit down. Major names like HDBank, Masan, SSI, and TPBank all ended the session locked at their lower bounds.
Foreign Investors Join the Exit
Foreign investors turned net sellers, withdrawing approximately VND 882 billion. While they bought around VND 5.6 trillion worth of shares, they offloaded over VND 6.48 trillion. Previously favored stocks such as VPB, VIX, MBB, SHB, and ACB were among the most heavily sold.
Analysts: A Correction Was Expected
Many analysts had flagged a potential correction following the VN-Index’s recent record-breaking run. Several securities firms identified 1,490 points as a key support level, and the market’s breach of this threshold aligns with previous cautionary signals.
According to Vietcombank Securities (VCBS):
“Given the speed and intensity of the recent rally, a pullback was anticipated. Profit-taking, particularly in high-flying speculative stocks, contributed to today’s volatility.”
Analysts recommend that investors consider partial profit-taking and wait for more favorable re-entry points during deeper corrections. They also advise caution against chasing stocks at inflated prices during uncertain phases like this.