HÀ NỘI — Việt Nam’s benchmark VN-Index climbed to 1,800 points on Wednesday for the first time since March 4, buoyed by strong gains in property stocks, although analysts cautioned that external risks and liquidity trends could cloud the outlook for the rest of the year.

The VN-Index on the Hochiminh Stock Exchange rose 1.4 per cent to close at 1,800.65 points, while the HNX-Index on the Hanoi Stock Exchange edged up 0.12 per cent to 252.72 points. Market breadth, however, remained negative, with decliners outnumbering gainers, signalling underlying caution among investors.

Trading liquidity improved from the previous session, with total trading volume on the southern bourse reaching nearly 949 million shares, worth around VNĐ28.3 trillion (US$836 million), up 7 per cent in volume and 20 per cent in value.

On the Hà Nội exchange, 113 million shares worth more than VNĐ2 trillion changed hands, up over 60 per cent in both volume and value.

The rally was driven largely by heavyweight property stocks, with Vingroup-related shares leading the market. Gains in VIC (Vingroup), Vinhomes (VHM) and other large-cap names contributed more than 30 points to the index, offsetting losses in banking and technology stocks such as steelmaking giant Hòa Phát Group (HPG), Sacombank (STB) and IT corporation FPT.

Sector-wise, real estate stocks surged more than 5 per cent, outperforming other sectors, including industrials and consumer discretionary, which posted modest gains. Despite the index advance, most sectors still saw broader declines, reflecting uneven capital flows.

 

Foreign investors extended their net selling streak on the Hochiminh Stock Exchange, offloading more than VNĐ3.5 trillion, with heavy selling concentrated in large-cap stocks. In contrast, they were modest net buyers with a net value of VNĐ31.8 billion on the Hà Nội exchange.

Analysts said the divergence between index gains and market breadth suggests that the rally was driven by a narrow group of stocks rather than broad-based confidence.

Nguyễn Duy Anh, portfolio management director at Vietcombank Fund Management (VCBF), said stable interest rates could support equities in the near term, but warned that rising oil prices linked to geopolitical tensions may increase inflation risks and limit policy flexibility.

Sharing a cautious view, Phùng Minh Hoàng, investment strategy director at Phú Hưng Fund Management (PHFM), said expectations for the VN-Index to reach 2,000 points this year are facing growing challenges from external uncertainties and interest rate pressures.

Still, analysts noted that Việt Nam’s market upgrade could support medium-term capital inflows, although foreign funds may take time to return in scale.

Investors were advised to remain selective and avoid aggressive positioning, as market gains are not yet supported by broad participation. — BIZHUB/VNS