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Tuesday, October 21, 2025

Catalysts behind the upswing

By Trinh Duy Viet

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Following a tumultuous journey, the VN-Index officially broke past the 1,500-point mark on July 18, returning to its historic peak seen in 2021–2022. This upward momentum reflects a strong alignment between domestic and international capital flows, underscoring elevated expectations for Vietnam’s macroeconomic trajectory and upcoming market developments. A journey full of challenges Vietnam’s stock market faced a turbulent downturn in 2022, battered by global and domestic headwinds. Internationally, the fallout from geopolitical tensions and aggressive monetary tightening—aimed at curbing inflation—added intense pressure. At home, a series of shocks including the corporate bond crisis, the SCB incident, and a pronounced wave of foreign investors’ net withdrawals sent the VN-Index tumbling to its lowest point, bottoming out at 873. Throughout 2023 and into 2024, Vietnam’s stock market began to regain its footing as the global tide shifted toward monetary easing. In tandem, the Government proactively implemented a range of measures aimed at supporting economic recovery. These efforts helped lift investor confidence, nudging the VN-Index upward. However, despite signs of stabilization, market sentiment remained cautious—sensitive to external shocks and lingering uncertainties. The temporary suspension of new U.S. tariffs for negotiation purposes sparked a gradual recovery in Vietnam’s stock market, lifting the VN-Index from […]
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