Vietnam Daily Market Recap March 13 2025 – VHM & QNS updates, VinFast Analyst Note

Stocks fall, led by Vingroup companies

US stocks saw little relief on Wednesday as February core CPI signaled easing inflation but failed to alleviate concerns over upcoming import tariffs and policy uncertainty, with the full impact of tariff hikes yet to be reflected in the figures (See our macro notes). Asian markets declined, led by losses in Japan, South Korea, and China, as trade disruptions and the potential economic impact of US tariffs continued to weigh on sentiment.
The VN-Index opened lower on Thursday and saw chopping trading until late in the session, when late selling pushed the index lower to close down 0.6% to 1,326.2. Liquidity increased 11.4% to VND24.4tn (USD957mn). The HNX-Index followed a similar trend, closing down 0.5% to 241.3.

Most sectors fell today. Declining sectors included Banks (-1.3%), Industrial Goods & Services (-1.2%), Telecommunications (-0.6%), and Financial Services (-0.6%) while Real Estate (+1.3%), Technology (+0.3%), and Media (+1.7%) were the only sectors that gained.
Vingroup’s related stocks, including VIC (+6.8%), VHM (+1.8%), VRE (+2.7%), and VEF (+3.0%), were outstanding performers today. VIC reached its ceiling price today, driven by continued positive sentiments from last week’s announcement of Vinpearl’s listing filing. Additionally, VinFast’s recent announcement of a USD237mn EV factory and up to USD1.0bn of investments in Indonesia’s charging and renewable energy infrastructure (See our analyst note) also helped ease concerns over capital constraints and bolstered confidence in VIC. Meanwhile, VEF gained after obtaining approval to transfer a 75-hectare portion of the Vinhomes Global Gate (Co Loa, Dong Anh, Hanoi) project, which has a development value of VND30tn (USD1.1bn), with revenue set to be recognized within this year upon completion of all relevant document transfers and land use rights to T&T.
MSN (+2.7%) posted a solid gain ahead of Masan Consumer’s upcoming HoSE listing, which is expected to improve market visibility and liquidity. The company’s capital raise and share restructuring to meet listing requirements also reinforced growth expectations.

Foreign investors net bought today, with a net buying value of VND152.6bn (USD5.9mn). Buying momentum focused on VIC (VND266.0bn, USD10.5mn), SSI (VND133.5bn, USD5.3mn), and CTG (VND89.1bn, USD3.5mn). In contrast, they sold VCB (VND157.4bn, USD6.2mn), VNM (VND143.4bn, USD5.7mn), and HDB (VND61.3bn, USD2.4mn).
Today’s top gainers included VIC (+6.8%), VHM (+1.8%), and MSN (+2.7%), while top laggards included VCB (-1.8%), BID (-1.7%) and TCB (-1.9%).

Read the full report: HERE