The VN-Index fell by 5.67% in the week from July 20 to 24, losing 101.34 points to close at 1,686.11, while foreign investors sold a net total of 3.804 trillion VND.
The Vietnamese stock market recorded one of its worst weeks of the year. Between July 20 and 24, the VN-Index plummeted by more than 100 points, driven by massive selling pressure from foreign investors and panic among local investors.
The main index of the Ho Chi Minh Stock Exchange closed the week at 1,686.11 points, a decrease of 5.67% compared to the previous week. In the first three sessions, it had already lost nearly 120 points, and on July 22, a panic day was experienced with a drop of more than 62 points, breaking the psychological support of 1,700 points.
The HNX-Index, which includes stocks from the Hanoi Stock Exchange, also suffered a significant setback, falling by 6.41% to 272.99 points.
The main cause of the collapse was the net selling by foreign investors, which reached 3.804 trillion VND (about 162 million dollars) across the market. Of that amount, 3.746 trillion corresponded to the Ho Chi Minh Stock Exchange (HoSE), while the HNX recorded net sales of 66 billion VND. Only on July 22 did foreign sales concentrate around 2.000 trillion VND, more than half of the weekly total.
The sales focused on large-cap stocks, especially in the banking, real estate, and retail sectors. The jewellery company PNJ was the hardest hit, with a net selling pressure of 714 billion VND, causing a drop of 28.49% over five consecutive sessions, marking 52-week lows.
In the banking sector, notable exits included VCB (452 billion VND), VPB (403 billion), TCB (352 billion), and ACB (331 billion). Significant sales were also recorded in SSI, STB, and MBB. In the real estate sector, shares of Vingroup (VIC and VHM) contributed more than 18 points to the VN-Index's decline. Other major companies like GAS, BID, TCB, and CTG each deducted more than 4 points.
Amid the widespread collapse, energy stocks offered a respite, with average gains close to 2%. BSR rose by 2.78%, PLX by 1.2%, PVD by 2.7%, and PVP by 3.26%. The stock VVS stood out with a rise of 12.16% and good liquidity.
From a technical perspective, the VN-Index remains close to the lower band of the Bollinger Bands, indicating a high risk of volatility. Momentum indicators, such as the stochastic oscillator and MACD, show weakened demand. Liquidity has been moderate compared to previous declines, reflecting a defensive attitude among investors.
Analysts point out that the continued net selling by foreign investors will continue to weigh on any short-term recovery. Large capital flows remain on the sidelines, waiting for more attractive discounts or macroeconomic signals that support reinvestment.
For local investors, the week has been a reminder of the high dependence of the Vietnamese market on foreign capital. The decline has erased accumulated gains from previous months and generated uncertainty about the immediate direction of the index. Experts recommend caution and avoiding impulsive decisions while the market seeks a new equilibrium.
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