Vietnam Daily Market Recap March 19 2025 – Economic update, HSG’s AGM

Stocks dip, led by FPT

The VN-Index fell at the open on Wednesday and continued to trade in the red for the remainder of the trading day. Although a small surge in buying momentum was present in the afternoon session, a weak ATC had the VN-Index closing down 0.5% at 1,324.63. Market liquidity increased, with total trading value up 19.1% compared to Tuesday to VND23.4 (USD919.8mn). The HNX-Index also faced selling pressure and closed down 0.7% at 245.3.

With the exception of Chemicals (+2.3%) and Healthcare (+1.0%), most sectors traded flat or dropped today. Technology (-3.6%) and Telecommunication (-2.9%) were hit the hardest, followed by Retail (-2.0%) and Basic Resources (-1.7%).

GVR (+4.2%) and PHR (+3.2%) performed relatively well amid a weak trading day, likely driven by the Government’s issuance of Resolution No. 52/NQ-CP, which approved a plan to adjust the national land use plan for 2021–2030. Both companies had plans to convert their rubber land bank into industrial park land. This development, along with the approval of provincial plans, has strengthened the legal basis for their strategy.

On the other hand, FPT (-4.2%) experienced yet another sell-off today. After a meteoric rise from 2023 to late January 2025 where the stock went up by around 180%, FPT has been in a slump, falling near 20% in the span of two months. The sell-off has accelerated this week, with FPT losing more than 9% in the last three days. The weak performance of FPT follows a global technology stock sell-off due to high valuations and the emergence of DeepSeek, which put a wrench in the story of technology stocks.

Foreign investors set sold today with VND1.4tn (USD55.1mn), with the majority of selling coming from FPT (VND1.07tn, USD42.0mn), which was the stock’s largest foreign sell-off in the last year. Other net selling included MWG (VND174.9bn, USD6.8mn) and VPB (VND157.7bn, USD6.2mn). In contrast, VHM (VND124.0bn, USD5.5mn), VIC (VND99.0bn, USD3.9mn) and HPG (VND90.9bn, USD4.0mn) experienced net buying.

Top performers today included GVR (+4.2%), VIC (+1.2%) and LPB (+1.6%). Top laggards included FPT (-4.2%), MWG (-3.7%) and VPB (-1.8%).

Read the full report: HERE