During an online seminar on 15/5, an investor questioned why Dragon Capital increased its holdings in Vingroup group stocks, notably VIC and VHM, when most of these codes were reportedly "peaking". By the end of yesterday's session, Vingroup's VIC stock reached 228,000 VND, and Vinhomes' VHM stock reached 158,000 VND, both near historical highs.

Responding to the question, Vo Nguyen Khoa Tuan, Senior Operations Director for Securities, emphasized that Dragon Capital approached these stocks with an unbiased and timely mindset. Although avoiding investment in Vinhomes and Vingroup for many years prior, their DCDS fund reinvested in 2025. According to Tuan, this was a sound decision and contributed significantly to DCDS's more than 30% growth last year.

Investors trading at a securities company in Ho Chi Minh City, April 2026. Photo: Quynh Tran

Addressing concerns that Vin group stock prices had risen sharply and might have peaked, Tuan stated that such assessments are often subjective. Many draw conclusions without analyzing a company's financial statements, prospectuses, or annual reports. "How do you know if Vingroup or Vinhomes stocks are at their peak?", Tuan countered.

Dragon Capital presented statistics showing that many stocks in Korea have grown 25-55 times over the past three years. Specifically, Hyosung Heavy Industries' stock increased by 5,459% by the end of April; Hyundai Electric and SK Square stocks also rose by more than 2,500%. In contrast, Vingroup's stock has only increased about 7-8 times from its bottom. Compared to its adjusted price from 2018-2019, Vingroup's current price has increased less than 5 times over 7-8 years. "That is not at all unreasonable for a company that consistently works tirelessly", the expert remarked.

Since last year, the Vin group, with VIC and VHM at its core, has been the main factor driving strong VN-Index growth and setting a record above 1,900 points. Late last year, Petri Deryng, Portfolio Manager at PYN Elite Fund (Finland), recounted that in his field, many joked that in 2025, the VN-Index should be called the "VIN-Index". This was because just one group of companies dominated almost the entire movement of the index. Vingroup's VIC stock accounts for more than 20% of the VN-Index's capitalization. Therefore, fluctuations in this single stock can strongly impact the overall index. Many investment funds have recorded underperformance compared to the VN-Index this year due to not holding Vin group stocks.

Responding to VnExpress earlier this week, Tyler Nguyen Manh Dung, Senior Director of Market Strategy Research at HSC Securities Company, mentioned that many developed markets like the US, Korea, and Taiwan have experienced similar dominance to the Vingroup group's impact on the current VN-Index. Specifically, in Taiwan, TSMC once accounted for over 40% of the total market capitalization. In Korea, Samsung Electronics historically made up about 15-20% of the KOSPI during normal periods. If Samsung Group and SK Group are included, the figure reached 60%.

"A market led by a few large enterprises should not be automatically deemed positive or negative; instead, one needs to look deeper into the quality of growth and the spillover effect these businesses create for the economy", the HSC expert stated. According to him, the emergence of these companies reflects an economy that has formed sufficiently large, competitive corporations capable of acting as growth engines. However, a downside would emerge if market growth is purely financial or short-term speculation, while the rest of the economy and listed businesses do not truly benefit.

From Dragon Capital's perspective, Vingroup is a leading multi-industry conglomerate representing Vietnam's economic growth, driven by a dynamic and decisive team. Regarding Vinhomes, the expert highlighted it as a rare real estate company achieving profits over 2 billion USD. He argued that VHM's current price has only increased by more than 100% compared to its highest point five years ago, thus it cannot be considered overly rapid growth.

Tat Dat