Vietnam’s stock market on July 8 saw a vibrant trading session, with the VN-Index rising over 15 points (nearly 1.1 percent), surpassing the 1,400-point mark for the first time in over three years. 

The primary driver was the breakout of pillar stocks, including HPG of Hoa Phat Group. HPG stock rose an additional 1.5 percent to VND23,600 per share, continuing an impressive streak with 8 out of 10 recent sessions gaining, reaching its highest level in three years.

According to Forbes, Long’s wealth as of July 7 had reached $2.4 billion, ranking him 1,604th globally, up $100 million from a week earlier.

HPG’s appeal is reflected in the cash flow from foreign investors. On July 7, foreign investors bought over 9 million HPG shares while selling only about 2.5 million. This coincided with the news about Vietnam securing a trade agreement with the US and the anti-dumping duties of up to 27.8 percent on hot-rolled coil (HRC) steel imports from China.

Other steel stocks also saw strong gains: Hoa Sen Group (HSG) rose nearly 2.4 percent to VND17,350 per share, TVN increased nearly 2.8 percent, and VGS gained 2.45 percent.

Other pillar stocks recorded notable gains. Banking stocks surged, with SHB, chaired by Do Quang Hien, hitting the ceiling with a VND900 (+ 6.92 percent) increase to VND13,900 per share, driven by strong business results and favorable credit growth in the first half of 2025. 

Vingroup family stocks also shone, with Vingroup (VIC) rising VND1,100 to VND93,000 per share and Vinhomes (VHM) up VND900 to VND76,900 per share. Positive news about Vingroup’s major projects boosted Pham Nhat Vuong’s wealth to $10.2 billion, ranking him 289th globally, according to Forbes.

The rise of many pillar stocks provided strong momentum, pushing the VN-Index to a new historic peak. Foreign investors bought aggressively, not only HPG but also other stocks, particularly bank shares, marking their fourth consecutive net-buying session. Last week, they net-bought over VND5 trillion.

Major corporations benefit

Many stocks of large corporations in Vietnam’s stock market have growth potential as domestic and foreign capital flow in.

Hoa Phat’s HPG is poised for growth thanks to favorable domestic and international factors. The official anti-dumping duties, effective July 6, ranging from 23.1 percent to 27.83 percent on HRC steel imports from China, is a key driver. This reduces competitive pressure from China’s 12.6 million tons of cheap steel imported in 2024.

Hoa Phat is also set to benefit from its production expansion strategy. 

Dung Quat 2 project is expected to increase HPG’s HRC capacity from 4 million to 6.8 million tons annually, strengthening its domestic market leadership and dominance in the steel industry. 

Another strategic step is the contract signed with SMS Group (Germany) on May 29, to receive technology transfer to produce rails and shaped steel with a capacity of 700,000 tons/year. 

This is a significant advantage as Vietnam accelerates major infrastructure projects like the North-South high-speed railway. 

Other major corporations such as Vingroup (VIC), Vinhomes (VHM), Masan (MSN), and Mobile World (MWG) are also likely to benefit from policies promoting the private economy. Banking stocks gain from the policies on boosting credit growth and public investment.

As such, Vietnam’s stock market is supported by multiple positive factors. Strong business results from large enterprises, particularly in steel, banking, and real estate, are key drivers. 

The real estate market recovery, coupled with low interest rates and public investment projects like highways and industrial zones, creates opportunities for domestic firms. 

Foreign capital inflows remain a highlight, with over VND5 trillion net-bought in the first week of July 2025. Expectations of Vietnam’s stock market upgrading to emerging market status, along with trade agreements like the one with the US, are set to attract more foreign capital.

In its latest report, Vietcombank Securities (VCBS) predicted the VN-Index could exceed 1,600 points in 2025 in the most optimistic scenario, driven by market upgrade expectations, robust growth policies, and positive diplomatic progress. 

The Ministry of Finance and the State Securities Commission are implementing reforms, focusing on institutional improvements, technical infrastructure upgrades, and enhancing investor experience, aiming for a market upgrade by September 2025. A successful upgrade could attract significant international capital inflows.

Manh Ha