State capital-linked stocks rally pushes Vietnam’s VN-Index up 45 points to record high

A broad rally in state capital-linked stocks powered Vietnam’s benchmark VN-Index sharply higher on Wednesday, lifting the market by more than 45 points to a fresh record of 1,861.58 points as buying momentum spread across sectors.

Stocks of several state-owned groups and corporations hit their daily limits, including PV Power (POW), PVTrans (PVT), Binh Son Refining and Petrochemical (BSR), Bao Viet Holdings (BVH), PV Gas (GAS), Becamex (BCM), Vietnam Rubber Group (GVR), Petrolimex (PLX), and TKV Minerals (KSV).

The surge spilled over to the wider market, with 256 stocks rising on the Ho Chi Minh City Exchange (HoSE), far outnumbering 79 decliners. Energy, insurance, banking, securities and materials stocks posted gains of between 3% and 7%.

Vingroup-related stocks also strengthened in afternoon trade, contributing significantly to the index’s advance. Vingroup (VIC) rose 3.41% to VND179,000 ($6.8), Vinhomes (VHM) climbed 5.43% to VND149,500, while Vincom Retail (VRE) added 1.31% to VND38,550.

As a result, the VN-Index closed up 45.31 points, or 2.49%, at a new all-time high of 1,861.58.

Market liquidity also surged, with trading value on the HoSE reaching VND32.41 trillion ($1.23 billion), up 18.2% from the previous session and among the highest levels seen over the past two months.

Foreign investors were net buyers of VND502 billion ($19.11 million) across all three exchanges. Excluding heavy net selling in Sacombank (STB), which amounted to about VND1.14 trillion ($43.39 million), foreign net buying was even stronger.

Foreign investors bought shares in FPT, Hoa Phat Group (HPG), VIC, MBBank (MBB), VPBank (VPB), Vietcombank (VCB) and BIDV (BID), while selling STB, VHM, Kido Group (KDC), Airports Corporation of Vietnam (ACV), BCM, and Masan Consumer (MCH).

State capital stocks in focus

Analysts say Vietnam’s stock market has turned more attractive following a prolonged correction from August through late 2025, with valuations across many sectors now seen as appealing. Expectations surrounding economic growth in 2026, a potential market upgrade as early as March, and a renewed wave of state divestments are also underpinning investor sentiment.

According to Yuanta Securities Vietnam, the fact that many state-owned enterprises listed on the market fail to meet public company requirements due to highly concentrated ownership – with the state holding dominant stakes in firms such as GAS, BSR, ACV and Vietnam Airlines (HVN) – has revived expectations of a divestment wave similar to that seen in 2016-2018.

Since late 2025, as the stock market has rebounded, several successful share auctions have taken place, including those involving Thuong Dinh Shoes, Vietnam Water and Environment Investment Corporation, and Vietnam Electronics and Informatics Corporation, generating trillions of dong (VND1 trillion = $38.06 million) for the state budget.

Regulators have also eased mechanisms allowing state groups to raise capital, enabling companies such as Binh Son Refining and Petrochemical, Phu My Fertilizer and ACV to issue bonus shares. PV Power has combined bonus issues with additional share sales to existing shareholders.

Such things help state-owned groups expand their scale and capacity to undertake major national projects.

The market is also pricing in expectations that a dedicated government resolution on the state-owned economy could be issued this year, providing more flexible mechanisms for restructuring and expanding investment cooperation, thereby improving operational efficiency and corporate governance.

State-owned enterprises currently contribute about 29% of Vietnam’s GDP and hold leading positions in terms of assets, revenue and market share, with monopoly advantages in several sectors. However, analysts note their performance has yet to fully reflect their potential. If constraints on capital and governance are eased, state firms could accelerate growth in the period ahead.

Chuyên gia MBS đánh giá tầm ảnh hưởng của nghị quyết này sẽ tương tự như cú hích từ Nghị quyết 68 về kinh tế tư nhân. Theo đó, các doanh nghiệp niêm yết vốn nhà nước được đánh giá cao là doanh nghiệp đầu ngành, có năng lực tài chính vững vàng (tiền mặt dồi dào), có hiệu quả hoạt động tốt (ROE% trên 10%) và định giá đang ở mức hấp dẫn.

Analysts at MBS Securities said the impact of such a resolution could mirror the boost provided by Resolution 68 on the private economy, favoring listed state-linked companies that are industry leaders with strong balance sheets, solid profitability – return on equity above 10% – and attractive valuations.