Cash flows into Vietnam stocks with compelling stories amid flat market
Despite the sluggish market, a series of stocks with compelling stories have continued to attract capital flows and seen their prices multiply in just the past few months.

The benchmark VN-Index closed February 4, 2025 at 1,250, up 12 points. Photo by The Investor/Trong Hieu.
The Vietnamese stock market has been stagnant for several months, with capital flow dwindling. The VN-Index, representing the Ho Chi Minh Stock Exchange (HoSE), has remained almost flat, hovering around the 1,250-point range, while liquidity on the major bourse has dropped to VND11-12 trillion ($474.3 million) per session, sometimes as low as VND7.5 trillion.
The developments in the Vietnamese stock market reflect cautious sentiment amid the tax policies introduced by new U.S. President Donald Trump. On February 1, Trump decided to impose a 25% import tax on most goods from Canada and Mexico, while goods from China, which were already subject to various tariffs, would face an additional 10% tax rate. This caused stock markets, not only in Vietnam but globally, to experience sharp declines.
However, on February 4, foreign media reported that the U.S., Canada, and Mexico had reached an agreement to delay the enforcement of these tariffs by 30 days. This news prompted a more positive reaction from global stock markets.
Amid such uncertainty in the market, a series of stocks in Vietnam have still attracted capital flows and saw their prices increase significantly over the past few months. These are stocks supported by the government’s open investment policies and boasting long-term growth potential.
Port stock group makes breakthrough
A prime example of this is the group of port stocks belonging to the Vietnam Maritime Corporation (VIMC), specifically MVN of VIMC. MVN has surged from around VND32,000 to VND82,400 ($3.27) per share in just three months, continuously breaking its historical highs.
SGP of Saigon Newport Corporation, a subsidiary of VIMC, also reached new peaks, rising from VND26,500 per share to VND36,000 ($1.43) per share before experiencing a slight correction in the past two weeks.
Similarly, PHP of Port of Hai Phong JSC has skyrocketed from VND27,000 per share in early October to VND50,100 ($1.99) currently, nearly doubling in just four months.
The VIMC tickers have experienced this remarkable surge in the context of the approval of the revised Seaport System Development Master Plan for 2021-2030, with a vision for 2050. The plan focuses on strengthening the national seaport system, with a priority on continued investment in key ports such as Lach Huyen and Nam Do Son in Hai Phong, Cai Mep-Thi Vai in Ba Ria-Vung Tau, and the Can Gio International Transshipment Port in Ho Chi Minh City.
Notably, the Can Gio mega port project is spearheaded by a consortium of Saigon Newport Corporation and Terminal Investment Limited Holding S.A (a subsidiary of MSC, one of the world's largest shipping companies). On January 16, 2025, Deputy Prime Minister Tran Hong Ha signed Decision No. 148, granting an in-principle approval to the project. The port will span 571 hectares on Go Con Cho Islet in Can Gio district, with an investment of no less than VND50 trillion ($1.99 billion).
Saigon Newport estimates the project’s total investment at $5.3 billion, with an expected capacity of 16.9 million TEUs. This will meet approximately 25% of Vietnam’s seaport traffic demand by 2030.
For Port of Hai Phong, a subsidiary of VIMC with a 92.56% stake, the project to invest in the construction of container terminals No. 3 and No. 4 at the Hai Phong International Gateway Port (Lach Huyen Port area) is actively underway. The construction progress is being accelerated to ensure completion and operation by the first quarter of 2025.
The project involves the construction of two container berths with a total length of 750 meters, capable of accommodating container ships of up to 160,000 DWT, equivalent to 14,000 TEUs. Additionally, there will be a barge berth which can handle ships and barges of 3,000 DWT, or 160 TEUs, along with other infrastructure components that meet the required technical standards. The expected throughput capacity is 1.35 million TEUs per year.
Vimico and the rare earth potential
After a long period of stagnation, in late November, KSV, the stock of the Vinacomin – Minerals Holding Corporation (Vimico), surged from around VND50,000 to VND179,400 ($7.14) per share, up 3.6 times in just two months.
Vimico owns many large mineral mines, notably the Dong Pao rare earth mine, which holds significant potential in the semiconductor industry. Although the project has been stalled for more than 10 years, it is now being pushed forward in the context of unpredictable global developments, such as the U.S.-China trade war, the rupture in relations between the U.S. and the European Union with Russia over disputes and the conflict in Ukraine.
Geopolitical and geoeconomic factors are expected to change dramatically, resulting in increasing competition in science and technology among nations. Rare earths are essential for modern industries, green energy sectors and defense industries, and are especially important in the context of Industry 4.0.
In addition, KSV is also supported by the story of soaring metal prices, particularly gold, in the past year. This has helped the company report impressive business results, with record-breaking profits. Its consolidated revenue in 2024 reached VND13.25 trillion ($526.5 million), a year-on-year increase of 11.3%, while its after tax profit surged 6.2 times to VND1.17 trillion ($46.5 million).
For 2025, the company targets revenue of over VND12.6 trillion and an after tax profit exceeding VND1 trillion.
Tan Cang Offshore’s stock doubles with soaring profits
Tan Cang Offshore Services JSC (TOS) experienced a strong breakthrough in Q4/2024. Both revenue and net profit hit new record highs, with VND1.91 trillion ($75.9 million) and VND229 billion ($9.1 million), increasing fourfold and sixfold year-on-year, respectively.
The key drivers of this impressive performance were the parent company's successful deployment of offshore service equipment and vehicles both domestically and in the region. Additionally, the company increased its charter prices compared to the previous year, while its subsidiaries maintained strong profits.
As a result, for the entire 2024, the subsidiary of Saigon Newport reported a record revenue of VND3.98 trillion ($158.15 million), more than doubling from the previous year, and a net profit of VND489 billion ($19.43 million), 2.4 times higher.
Thanks to these positive financial results, its stock TOS soared from VND58,000 per share to VND114,200 ($4.54) within just over three months, with the price rise accelerating in the second half of January 2025 when the Q4/2024 financial statement was announced.
Viettel Post and cross-border logistics ambitions
Since the beginning of October, despite a sluggish overall market, VTP of Viettel Post has steadily climbed from early October, increasing from VND77,000 per share to VND163,000 ($6.48), a 2.1-fold rise within 4 months.
Viettel Post is one of the three core subsidiaries of military-run tech giant Viettel Group, specializing in postal services, parcel delivery, logistics, and trade and services. In addition to domestic operations, the company has expanded its services to Cambodia and Myanmar through its subsidiaries Mygo Cambodia and Mygo Myanmar.
Recently, Viettel Post announced the opening of a new branch in China’s Guangxi, where it plans to offer international delivery, transportation, warehousing, and customs services.
With its cross-border logistics strategy, including developing agricultural and seafood product trading hubs in China – ASEAN, and establishing logistics parks in Vietnam, Viettel Post is building a complete logistics system to support cross-border e-commerce. These developments have made VTP a highly attractive stock for investors, especially as these long-term strategies are being actively implemented.
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