Vietnam's VN-Index Gains as Vingroup Trio, Foreign Buying Offset LPBank Drop

Vietnam’s benchmark stock index closed the week higher on Friday, buoyed by large-cap buying, although broader market sentiment was mixed and gains were limited by selective profit-taking.

The VN-Index on the Ho Chi Minh Stock Exchange (HoSE) rose 0.47% to end the session at 1,371.91 points. However, market breadth was negative, with 389 stocks declining against 296 advancers. Liquidity remained at a lower level, with turnover reaching over VNĐ16 trillion (US$608 million). In contrast, the HNX-Index on the Hanoi Stock Exchange (HNX) fell by 1.61 points to 317.83.

The day's advance was primarily led by the influential Vingroup-affiliated stocks. Shares in parent company Vingroup (VIC) increased by 1.33%, while its real estate arm Vinhomes (VHM) jumped 3.51% and retail unit Vincom Retail (VRE) climbed 1.35%. VIC and VHM alone contributed more than 9.9 points to the benchmark's rise.

Further support came from other blue-chip names, including Vietcombank (VCB), SeABank (SSB), Sacombank (STB), Mobile World Investment Corporation (MWG), Vinpearl (VPL), and VPS Securities (VPS), which posted gains ranging from 1% to 7%. This group collectively added approximately 12.7 points to the VN-Index. Adding to the positive sentiment, foreign investors returned as net buyers on the HoSE, purchasing a net total of roughly VNĐ330 billion in shares.

The market's rally was capped, however, by selling pressure in other large-cap stocks. Notably, LPBank (LPB) experienced a significant correction, falling 5.36% and erasing 1.8 points from the index. The decline followed a nine-session winning streak that saw the stock establish a new historical peak in the previous session.

In a short-term outlook, Saigon - Hanoi Securities (SHS) said the VN-Index is in an accumulation trend under a strong resistance zone of 1,900–1,930 points, an area where the market faced heavy correction pressure in January, February, and May. SHS added that a growth driver with clear outperformance would be needed for the market to break above that resistance band.

At the moment, SHS said there is no forecast that the VN-Index can surpass it, adding that the index may instead face pressure toward the nearest support area around 1,850 points before consolidating within a narrow range of 1,850–1,900 points. The securities firm emphasised that the current environment is not considered an attractive valuation zone for the market.