Vietnam stocks extend rally to fresh record high

Vietnam’s benchmark VN-Index extended gains for a fourth straight session on Thursday, closing at a new all-time high of 1,915.37 points as large-cap banking and property stocks supported the market despite continued foreign selling.

The index rose 6.36 points, or 0.33%, after first breaking above the 1,900-point mark and setting a record high in the previous session.

The market opened stronger on gains in blue-chip stocks before briefly slipping into negative territory during the morning session as decliners outnumbered advancers. Selling pressure, however, remained limited.

Sentiment improved in the afternoon session as several heavyweight stocks recovered. Shares of Vingroup (VIC) reversed earlier losses to close up 0.9%, while Vinhomes (VHM) gained 1.5%. Together, the two stocks contributed more than 5.5 points to the VN-Index, alongside BIDV (BID), which added another 2.4 points.

Market breadth remained negative, with 213 stocks declining against 97 gainers on the Ho Chi Minh Stock Exchange (HoSE), highlighting continued divergence across sectors.

The VN30 large-cap index and the VNSmallcap index fell 0.24% and 0.46%, respectively, while the mid-cap index rose 0.69%.

Among mid-cap movers, shares linked to Gelex Group outperformed, with GEX rising 6.7%, VIX gaining 5.1%, and GEE advancing 4.8%. Shares of Novaland (NVL) also attracted attention, climbing 3.9% after four consecutive losing sessions.

According to data from VNDirect Securities, capital flows were concentrated in industrial goods and services (0.86%), real estate (0.76%), and banking stocks (0.74%).

State-controlled lenders led gains in the banking sector, with BIDV up 3.8%, Vietcombank (VCB) rising 0.7% and VietinBank (CTG) adding 1.1%. Other banking stocks within the VN30 basket, including LPB, TCB and MBB, also ended higher.

In real estate, gains extended beyond VIC and VHM to include NVL, KDH, VPI and TAL.

Foreign investors remained net sellers for a 12th consecutive session, offloading more than VND900 billion ($34.2 million) across Vietnam’s three exchanges. The last net buying session by foreign investors was on April 17.

In a recent report, Rong Viet Securities (VDSC) said the market had yet to fully reflect the strong earnings growth reported during the first-quarter 2026 reporting season.

The brokerage said recent gains in the VN-Index had been driven mainly by individual stocks with company-specific catalysts, while much of the broader market continued to price in risks related to slower growth caused by prolonged energy shocks and elevated interest rates.

VDSC said investors remained unconvinced about the sustainability of the current earnings cycle, keeping equity risk premiums elevated despite strong quarterly profits and limiting broader valuation expansion.

Over the next three months, the brokerage expects market sentiment to remain heavily influenced by geopolitical developments in the Middle East. It said regional tensions could gradually ease over the medium term, although it remains too early to conclude that the conflict has fully ended.