Stocks post largest dip in history

The market ended the day at 1,652 points, marking the sharpest correction in the history of Vietnam’s stock market in terms of points. In percentage, the 6.5% drop is the steepest decline in nearly a year.

The Ho Chi Minh Stock Exchange recorded 366 declining stocks, including 233 that hit their floor limits.
Only 11 stocks gained, mostly small-cap shares. Trading reached about VND41 trillion, a 24% rise from last week’s close.

The decline was partly influenced by foreign investors. The foreign bloc has extended its selling streak to five consecutive sessions.

They sold nearly VND4 trillion (US$152 million) worth of shares, while purchases totaled less than VND3.6 trillion. The focus of foreign selling was leading banking stocks such as STB of HCMC-based lender Sacombank, TCB of private lender Techcombank, MBB of lender MB, VPB of private lender VPBank and VCB of state-owned lender Vietcombank.

Foreign trading ran counter to expectations from many analyst groups. Earlier this month, VNDirect Securities said there were several factors that could encourage foreign investors to return to buy.

First, new government policies aimed at removing legal bottlenecks and improving trading infrastructure are strengthening the foundation for a more transparent and professional stock market.

Second, the target of average annual GDP growth of more than 10% indicates strong growth potential for companies, thereby supporting market valuations in the coming period.

VN-Index narrowed its losses from 114 points in the morning to 100 points in the early minutes of the afternoon session, supported by capital flowing into stocks at lower price levels. But demand was not enough to lift the market, and it once again was posting a loss of 115 points at 2.13 p.m.

The number of stocks hitting floor limits was at 230, even higher than 220 before lunch break.

VN-Index at 2.13 p.m., March 9, 2026.

Oil and gas stocks have become the main focus of domestic investor inflows, particularly Binh Son Refining and Petrochemical. As a result, market liquidity increased by more than VND6 trillion (US$228 million) within 30 minutes, reaching over VND33 trillion.

Vu Minh Duc, deputy director of the Research and Analysis Department at Vietcap Securities, recommended that investors disburse capital gradually if they want to increase their holdings and monitor signals indicating the market may be forming a bottom.

"Investors currently holding a high proportion of stocks should pay attention to the safety of their portfolios to avoid margin calls and wait for a potential market recovery in the medium to long term."

After a wave of sell-offs pushed matched trading value to more than VND20 trillion (US$761 million) within the first hour of trading, the HCMC exchange showed signs of low liquidity as no capital flowed in to absorb the volume of shares waiting to be sold at floor prices.

Investors look at stock prices on the screens on March 9, 2026. Photo by VnExpress/Quynh Tran

Within 15 minutes from 10.30 a.m., matched trading value added by only VND500 billion, showing a lack of buyers. Trading was mainly concentrated in oil and gas stocks, where fewer shares had fallen to their floor limits.

HPG of steelmaker Hoa Phat Group topped the liquidity rankings with more than VND2 trillion in trading value. FPT of tech giant FPT Corporation and MBB of lender MB followed, each recording around VND1 trillion.

Vietnam was not an exception. Many Asian markets were also awash in red. Japan’s Nikkei index dropped 7%, while South Korea’s Kospi fell 7.36%. Markets in Malaysia, Thailand, and Indonesia also corrected by 2–5%.

Asian benchmarks on March 9, 2026.

Surging oil prices and the escalating U.S.-Israeli war with Iran hammered airline stocks, piling pressure on carriers already navigating tight airspace as travellers scramble to evade the Middle East conflict, Reuters reported.

The war has driven up fuel prices, with oil jumping 20% in early ‌trading on Monday, hitting its highest since July 2022, amid fears of tighter supply and prolonged disruptions to shipments.

Shares in Australia’s Qantas Airways, Air New Zealand, Hong Kong’s Cathay Pacific, Japan Airlines, Korean Air Lines, and major Chinese carriers China Southern and China Eastern fell between 4% and more than 10%.

All 30 stocks in the VN30 basket, comprising the 30 biggest listed companies, are currently trading below their reference prices, with as many as 20 hitting their floor limits.

VN-30 stocks plunge. Data as of 10.36 a.m.

VIC of private conglomerate Vingroup dropped to its floor price, topping the list of stocks exerting the most negative impact on the VN-Index.

The ticker was one of the biggest gainers on the stock market last year, contributing largely to VN-Index’s 40% gain.

Selling pressure from forced liquidations in other sectors has shown signs of spreading to the oil and gas group, causing key pillars such as PLX of fuel distributor Petrolimex and GAS of state-owned Petrovietnam Gas to reverse course. The two stocks have fallen 5.5% and 4.5% from their reference prices, respectively.

The stock market was awash in red, with 333 stocks trading below their reference prices, including 186 that had fallen to their floor limits of 7% on the HoSE. Within the large-cap basket, as many as 23 stocks dropped to their full daily limits, including leading representatives such as HPG of steelmaker Hoa Phat Group, FPT of tech giant FPT Corporation, and MSN of conglomerate Masan Group.

On the HoSE, only 16 stocks were in positive territory after an hour of trading. Oil and gas shares accounted for most of these gainers. BSR of Binh Son Refining and Petrochemical showed the strongest momentum, rising more than 6%. Other major oil and gas stocks such as PLX of fuel distributor Petrolimex, OIL of PetroVietnam Oil, PVD of PetroVietnam Drilling & Well Services, and PVT of Petrovietnam Transportation Corporation were also 2–5% above their reference prices. Liquidity in these stocks increased rapidly, with most recording trading values of more than VND100 billion (US$3.8 million).

The rally in oil and gas stocks continued as Brent crude oil at one point this morning surged nearly 20% to $111, as escalating conflict in the Middle East raised investor concerns that supply could tighten further.

Oil and energy stocks gained Monday morning, bucking market trends. Data as of 10.26 a.m.

Speaking to VnExpress at 10 a.m., Tyler Nguyen Manh Dung, Senior Director of Market Strategy Research at HSC Securities, said a sudden surge in margin calls from securities firms was the main reason the market corrected by more than 100 points.

Dung predicted that if there is no capital to absorb the volume of shares awaiting forced liquidation at floor prices, the market could continue to fall sharply tomorrow.

Sharing the same view, Le Vu Kim Tinh, branch director at Phu Hung Securities, said margin calls were the strongest immediate trigger, but the deeper cause stemmed from a series of negative developments related to geopolitical tensions that emerged over the weekend.

"The current situation is like the last drop that made the cup overflow. Securities companies and ‘big sharks’ issuing margin calls have caused retail investors to panic, leading to a wave of mass sell-offs," Tinh said.

However, both experts noted that despite the shock correction, the market still showed some positive signals.

Tinh said oil and gas stocks continued to act as a pillar thanks to benefits from escalating conflict in the Middle East.

The group’s rally has been somewhat uneven over the past week, but overall remains on an upward path, with the positive trend likely to persist in the short term.

Meanwhile, Dung said that at floor prices, shares of some banks are starting to look attractive, while stocks of many securities companies have corrected to levels that present good buying opportunities.

The VN-Index at one point Monday morning fell 6.38% from its reference level, marking the steepest correction in nearly a year. The last time the benchmark index of the Ho Chi Minh Stock Exchange recorded a deeper decline was on April 8, when it declined by 6.43%. At that time, the market went through a prolonged correction following news about reciprocal tariffs announced by U.S. President Donald Trump.

Ahead of today’s session, many securities companies held pessimistic views about short-term market developments, but most did not anticipate a sharp drop in the VN-Index. In its market strategy report this week, the analysis team at MBS said that amid pressure from negative events both domestically and internationally, the index could retreat to around 1,700–1,750 points, equivalent to a decline of about 20–70 points compared with last week’s closing level.

Similarly, Yuanta Securities Vietnam said the index could fall to the support zone of 1,715–1,740 points, after which a technical rebound might appear.

"Before the Middle East conflict occurred, the domestic stock market had still shown fairly strong resilience to the pressure of slightly rising deposit interest rates. The VN-Index had approached the 1,900-point level. Therefore, at this time, in addition to the impact of interest-rate pressure, the market is also facing risks related to inflation, exports, financial volatility and supply chain disruptions," an MBS analyst said.