The ongoing U.S.–Israeli war effort against Iran has become a major source of turbulence in global financial markets, and Vietnam’s stock market is no exception. A wave of margin calls is accelerating the decline in share prices, triggering forced selling and fueling a domino effect that makes a near-term recovery unlikely. The key question now is: what factors will shape the market outlook in the foreseeable future? An unprecedented downturn On March 9, the first trading day of the week, the VN-Index plunged by 115 points, equivalent to a 6.5% drop—the steepest decline in Vietnam’s stock market history in absolute terms. This downturn was even more severe than those in regional markets, including South Korea’s KOSPI (-5.96%), Japan’s Nikkei 225 (-5.24%), Indonesia’s IDX (-3.11%), and India’s BSE Sensex (-2.40%). A staggering 366 stocks on the HOSE closed in the red during the session, with 233 hitting their floor prices. Particularly striking was the VN30, where 24 of its 30 constituent stocks had no buyers, driving the index down by 6.8%. Only 11 stocks managed to rise, mostly small-cap names. Despite the sharp decline, market liquidity surged, with trading value reaching VND41 trillion—up from VND33 trillion in the final session of […]