On September 8, 2025, Vietnam’s stock market experienced one of its most turbulent trading sessions of the month. The VN-Index plunged 42.44 points to close at 1,624.53, marking its sharpest single-day decline in weeks. The market was engulfed in red, with 285 decliners, 21 of which hit their floor prices, while only 56 stocks advanced by the closing bell.

This dramatic sell-off not only reflected heavy domestic selling pressure but also underscored heightened investor caution amid rising macroeconomic uncertainties and fragile market sentiment.

Throughout the session, large-cap stocks exerted persistent downward pressure on the VN-Index. The index opened lower and continued to slide throughout the day, erasing over 42 points and wiping out most of the prior week’s gains.

Liquidity remained robust, with over VND 53.1 trillion in matched orders on HoSE. However, instead of signaling optimism, the elevated trading value highlighted aggressive selling. This shows that investors were more concerned with capital preservation and risk aversion than with bargain-hunting opportunities.

The most alarming feature of the session was that 21 stocks simultaneously hit their floor prices, spanning multiple sectors. This signaled a widespread correction rather than sector-specific weakness:

• Banking: VPB, EIB – a heavy blow, as banks are typically the VN-Index’s backbone.

• Securities: VIX, VDS, ORS – reflecting concerns over earnings outlooks in a bearish market.

• Real Estate: CII, NBB, HAR – still under immense pressure from liquidity and credit constraints.

• Agriculture: HAG – once a retail favorite, also fell victim to the sell-off.

Within the VN30 basket, nearly all constituents ended lower, except HPG, which edged up 0.35%. Notably, HPG led liquidity with over 141.7 million shares traded, becoming the session’s focal point for market participants.

In contrast to the domestic sell-off, foreign investors net bought nearly VND 1,000 billion, snapping a six-session streak of net selling.

Key net-buy positions included:

• HPG: ~VND 307 billion

• SSI: ~VND 287 billion

• CTG: ~VND 146 billion

• SHB: ~VND 132 billion

• VPB: ~VND 94 billion

• MBB: ~VND 92 billion

This suggests that foreign investors are capitalizing on discounted valuations to accumulate fundamentally strong stocks. In the long term, such inflows could provide an important stabilizing force, given the typically long-horizon strategies of foreign institutions.

The VN-Index has now retreated to the 1,600-point support zone. If bargain-hunting demand emerges, this could mark a short-term bottom. However, continued negative sentiment could push the index below this threshold.

In a more constructive scenario, sustained foreign inflows could underpin market stability and a recovery. Conversely, if foreign demand falters, maintaining balance will be far more challenging.

The September 8 session, with 21 stocks hitting floor prices and the VN-Index tumbling over 42 points, served as a stark reminder of the market’s fragility. While it poses significant short-term risks, it also opens opportunities for disciplined investors with patience and a clear strategy.

Despite prevailing domestic pessimism, the return of foreign capital provides a glimmer of hope. Still, for a sustainable recovery, the market will require stronger macroeconomic fundamentals and supportive policy measures.

For investors, this is not a time for haste but rather a period to strengthen risk controls and prepare for the next upward cycle once the market finds equilibrium.