After a six-week rally, Vietnam’s stock market finally experienced a notable pullback during the week of July 28 to August 1, 2025. The VN-Index fell below the psychological 1,500-point mark, closing at 1,495.21, down 2.35% from the previous week. Meanwhile, the HNX-Index maintained its upward momentum, gaining 4.07% to end at 264.93 points. The market saw record-breaking liquidity, suggesting strong profit-taking pressure as major stocks corrected.
The trading session on July 29 stood out with the total transaction value across all three exchanges surpassing VND 80 trillion — a new record in market liquidity. On the HOSE alone, the average matched volume per session reached nearly 1.9 billion shares, marking a 32% increase from the previous week. On the HNX, liquidity rose by 40% to over 218 million shares per session.
This surge in trading volume, combined with a market retreat, indicates that investors are aggressively locking in profits after a prolonged bullish run, especially in large-cap stocks.
The most significant contributors to the VN-Index’s decline were stocks in the Vingroup ecosystem. VIC was the biggest drag on the market, erasing over 8.9 points. VHM followed with a drop of 3.6 points, while newcomer VPL also pulled the index down by nearly 2.4 points.
Banking stocks also weighed heavily, with VCB ranking third in terms of negative impact, cutting more than 3.5 points from the VN-Index. BID, TCB, and MBB followed suit, each reducing the index by around 1.8–2.6 points. Other major caps such as MWG, HPG, and VNM also posted losses of more than 1.5 points.
This broad-based decline among leading stocks highlights cautious sentiment and rising selling pressure at resistance levels.
Despite support from some gainers, it wasn’t enough to offset the overall selling pressure. VPB contributed positively with a gain of nearly 3.6 points, followed by SHB with over 2.4 points. VIX, GEX, and BSR added only modest support of 0.7 to 0.9 points each.
Notably, newly listed TAL hit the ceiling price on its debut session (August 1), closing at VND 30,600/share with 2.3 million shares matched and a ceiling buy queue of nearly 1.5 million shares. TAL added over 0.4 points to the VN-Index and reached a market capitalization of more than VND 9.5 trillion on its first trading day.
Nonetheless, these individual positives were insufficient to counter the widespread profit-taking among heavyweights.
Among the VN30 basket of large-cap stocks, 24 out of 30 declined. VIC led the downtrend with a drag of more than 16.4 points on the VN30 Index, followed by MWG (over 8 points), VHM (5.6 points), and HPG (4.7 points).
On the flip side, only six stocks posted gains. VPB and SHB were the top positive contributors, adding 4.9 and 5.7 points respectively. The remaining gainers—VIB, STB, TPB, and non-bank stock BCM—had marginal impacts.
This performance reflects broad weakness in large caps and suggests selective rotation into defensive or mid-cap names.
While the VN-Index corrected, the HNX-Index continued to rise, driven by a few mid-cap stocks. HUT was the top supporter, contributing over 2.4 points, followed by SHS with nearly 2 points. MBS and NVB also supported the index, adding between 1.3–1.4 points each.
On the downside, KSV was the largest drag on the HNX-Index, subtracting nearly 1.8 points. Other losers like IDC and NTP saw slight declines of around 0.4 points, not enough to shift the overall uptrend.
This performance indicates a rotation of capital towards mid-cap stocks on smaller exchanges as large-cap names come under pressure.
After a strong upward stretch, the recent correction is a healthy adjustment and may help form a more sustainable base for future gains. The 1,500-point mark, once a strong resistance level, now acts as a psychological barrier that traders will closely watch in upcoming sessions.
Despite the decline, high liquidity levels show that capital is still actively circulating in the market. However, a reallocation of funds between sectors and stock groups is clearly underway. Investors are advised to stay selective, focus on fundamentally sound stocks, and avoid chasing prices during short-term technical rebounds.
Looking ahead, the market may enter a consolidation phase before resuming a clear directional trend. Sector rotation and stock differentiation will likely dominate, and a stock-picking strategy will be critical to investment success.
Tiếng Việt
English
