Vietnam Daily Market Recap April 9 2025 – ACB AGM

Stock market rout continues as global trade war intensifies

The VN-Index opened sharply lower on Wednesday before a quick rally pushed the index briefly into the green, only for sellers to pull the market lower again, and it closed down 3.4% at 1,094.3, its lowest close since November 2023. Market liquidity surged, increasing 42.1% DoD to VND32.4tn (USD1.3bn). The HNX Index also experienced strong selling, closing down 4.2% at 192.58.

Unlike yesterday, investors did not sell indiscriminately and sectors such as Telecommunications (+2.4%) and Industrial Goods & Services (+1.1%) managed to eke out a gain amid the market turbulence. Sectors such as Basic Resources (-6.9%), Oil & Gas (-6.4%) and Financial Services (-6.0%) continued to be hit especially hard.

Over the last four trading days since the US announced it would impose a 46% tariff on imports from Vietnam, the VN-Index has fallen 17.0%, or 223.53 points, with VND933tn (USD36.0bn) of market capitalization wiped out.

With reciprocal tariffs going into effect today, investors are seeking any sign of deescalation through negotiation. Japan is scheduled for negotiation today, and the results might set the stage for the negotiation of other countries. Vietnam has not had a clear schedule for negotiation as the number of countries seeking a meeting reportedly 70, nonetheless, Deputy Prime Minister Ho Duc Phoc is expected to have a meeting with Treasury Secretary Scott Bessent later tonight. This, along with General Secretary To Lam’s phone call with President Trump last week serve to communicate Vietnam’s resolve to cooperate on trade, which could support later negotiations.

Also weighing on investor sentiment is the tit-for-tat tariff war between China and the US. The US today implemented a tariff on Chinese-made goods of 104% after China refused to cancel its retaliatory tariffs. China today continued to reiterate its intention to not back down unless the US negotiates with fairer terms.

Foreign investors net bought today with (VND253.8bn, USD9.8mn). Selling momentum focused on VCB (VND261.1bn, USD10.0mn), MBB (VND238.3bn, USD9.2mn) and FPT (VND133.9bn, USD5.2mn) while foreigners mainly bought MWG (VND397.6bn, USD15.3mn), FPT (VND253.1bn, USD9.7mn), and TCB (VND144.9bn, USD5.6mn).

Many stocks hit their floor prices today and almost two-thirds ended in the red. Top laggards included VCB (-5.9%), CTG (-6.1%) and HPG (-7.0%) while top contributors were VIC (+3.4%), VHM (+3.2%) and SAB (+3.5%).

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