Vin-trio surge lifts VN-Index above 1,830 despite broad market weakness

Vietnam’s benchmark VN-Index closed above the 1,830-point level on Thursday, propelled by a powerful rally in Vingroup-affiliated stocks that masked underlying market weakness.

The index on the Ho Chi Minh Stock Exchange (HoSE) gained over 24 points, or 1.34%, to finish the session at 1,830.47. However, market breadth was negative, with declining stocks outnumbering gainers by more than two to one. Overall liquidity on the exchange fell from the prior session to VNĐ17.4 trillion (US$662 million).

On the smaller Hanoi Stock Exchange (HNX), the HNX-Index also advanced, rising 1.8% to close at 336.16 points.

The session's gains were driven almost entirely by a surge in the so-called 'Vin trio'. Shares of Vingroup (VIC), its residential property arm Vinhomes (VHM), and retail unit Vincom Retail (VRE) all hit their 7% daily trading ceiling. Vingroup alone accounted for a 23.37-point lift to the index, with VHM adding 8.7 points and VRE contributing approximately 1 point. Combined, the three stocks added over 33 points to the benchmark, significantly outweighing the index’s net gain and indicating weakness across the rest of the market.

The rally appeared to be spurred by news of significant dividend distributions. Vinhomes previously announced a plan for its 2025 dividend, which includes a cash payout at a rate of 60%. The company has set June 30 as the final registration date for the cash dividend, valued at over VNĐ24.6 trillion, which is scheduled for payment in the third quarter.

Elsewhere, shares of PC1 Group (PC1) also hit their daily ceiling limit, a standout performance in the industrial sector. The move followed disclosures that entities related to Ho Chi Minh City Infrastructure Investment (CII) have been increasing their stake in the company. According to exchange filings, CII Trading Investment, an affiliate of CII, acquired an additional 500,000 PC1 shares on June 4. This purchase, which followed its acquisition of nearly 3.9 million shares on June 2, lifted the entity's holdings to over 7.37 million shares, equivalent to a 1.79% stake.

Broader market sentiment remained cautious, as foreign investors continued their selling streak on the HoSE, offloading a net value of nearly VNĐ1.9 trillion.