Vietnam Daily Market Recap April 16 2025 – VCB Update, FPT AGM

Stocks extend losses, led by FPT

The VN-Index opened in the green on Wednesday, but could not hold those gains, closing down 1.4% at 1,210.3 for a second straight day of losses of more than 1%. Total trading value declined 19.7% to VND19.4tn (USD746.1mn). The HNX-Index also declined today, closing down 0.4% at 209.4

Most sectors declined today, led by Technology (-6.3%), Chemicals (-2.6%), Industrial Goods & Services (-2.2%) and Real Estate (-2.1%). In contrast, Media (+0.9%) and Insurance (+0.4%) gained.

FPT (-7.0%) fell to its floor price as the market reacted to an unconfirmed Ministry of Public Security (MPS) document proposing the transfer of SCIC’s 50.17% stake in FPT Telecom to the MPS, pending the Prime Minister’s approval. FPT currently owns 45.66% of FPT Telecom and fully consolidates it in its financial statements, as SCIC holds a passive stake. FPT Telecom contributed 28% to revenue and 33% to PBT in FY24.

While FPT has not commented, market concerns center around the possibility that MPS might become involved in FPT Telecom’s operations, which could trigger deconsolidation from FPT’s financial statements. This would reduce reported revenue and PBT, though net profit after tax and minority interest (NPAT-MI) may remain unchanged. A more disruptive scenario involving broader shareholder changes is viewed as unlikely but could impact FPT’s bottom line.

Foreign investors net sold today, with total net selling value of VND312bn (USD12.0mn), with selling momentum focused on FPT (VND499bn, USD19.2mn), HAH (VND98.4bn, USD3.8mn), and HCM (VND72.2bn, USD2.8mn). On the other hand, they net bought VHM (VND208bn, USD8.0mn), ACB (VND121bn, USD4.7mn) and VCI (VND111bn, USD4.3mn).

Today’s top laggards included FPT (-7.0%), VIC (-3.7%) and VCB (-1.2%), while top performers today included VJC (+2.5%), ACB (+0.8%) and BHN (+7.0%).

Read the full report: HERE