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Vietnam stock market cap plummets after years of gains

By Dat Nguyen   January 2, 2023 | 09:04 pm PT
Vietnam stock market cap plummets after years of gains
An investor looks at stock prices on a smartphone at a brokerage in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
The Ho Chi Minh Stock Exchange (HoSE), Vietnam’s main bourse, saw market capitalization decline by VND1,820 trillion (US$77 billion) in 2022 as the benchmark VN-Index fell by double digits.

The market cap fell by 31% to VND4,017 trillion after rising to VND5,838 the previous year.

At one point in early April, when the VN-Index was at around 1,500 points, it reached VND6,000 trillion.

But the decline began soon due to global geopolitical tensions and inflation, and it plunged all the way to around VND3,630 trillion in mid-November.

There were big changes in the list of 10 biggest stocks, with state-owned lender Vietcombank the only ticker to keep its place, remaining right at the top with a market cap of VND378.6 trillion.

VIC of biggest private conglomerate Vingroup fell from second place to third, swapping places with subsidiary and property giant Vinhomes.

Steelmaker Hoa Phat Group started the year in fourth place but ended in 11th.

Others to drop out of the top 10 were property developer Novaland Group and largest private lender Techcombank.

New additions to the list included state-owned lender VietinBank, private lender VPBank and brewer Sabeco.

 
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