The VN-Index opened below its reference level but quickly recovered, climbing close to 1,790 points. A significant surge in VHM (Vinhomes) shares, which hit their ceiling price, lifted the benchmark index past the 1,800-point mark after 10h. The market saw a slight correction near lunchtime.

Early in the afternoon, volatility appeared as the VN-Index briefly dipped below its reference level but did not fall significantly. The market quickly rebounded into positive territory, hovering around 1,790 points. By 14h30, the index plunged almost vertically, dropping nearly 50 points compared to its level before the closing auction (ATC) session.

The VN-Index closed at nearly 1,743 points, almost 40 points below its reference level. This marks the sharpest correction in nearly two weeks.

A total of 238 stocks declined, accounting for nearly 65% of all shares on the HoSE, spanning from large-cap to mid- and small-cap groups. Only 87 codes recorded gains.

VHM and VIC (Vingroup) were the two most negative contributors to the market, causing the VN-Index to lose over 28 points. Both hit their floor prices in the final 30 minutes of trading, with the trading board showing "no buyers" for these stocks. This pair led the market in liquidity, with trading values reaching 1,353 billion VND and 1,048 billion VND respectively. Vinhomes shares closed at 114,300 VND per unit, while Vingroup shares ended at 158,000 VND.

Also from the "Vin family", VRE (Vincom Retail) hit its floor price with liquidity exceeding 612 billion VND. VPL (Vinpearl) saw a milder decline, correcting by only 3%. However, both were among the top 10 codes with the most negative impact on the market.

Investors monitor Vingroup share price movements on 25/12. *Tat Dat*

This development occurred immediately after news that Vingroup decided to withdraw its investment from the North-South high-speed railway. The company will now fully concentrate resources on key infrastructure projects recently assigned for implementation, such as: the Olympic sports urban area in Ha Noi featuring the Trong Dong stadium with a capacity of 135,000 seats; the VinMetal 2 steel production plant; two wind power plants in Ky Anh (Ha Tinh); the Hai Phong LNG thermal power plant; and the Can Gio reclaimed super urban area.

The proposal to invest in the North-South high-speed railway project was put forward by VinSpeed, a Vingroup subsidiary, in 5/2025. At that time, VinSpeed planned to arrange 20% of the capital, proposing to borrow the remaining portion from the State at a 0% interest rate. The loan term was 35 years from the disbursement date.

Despite the sharp market decline, liquidity did not increase significantly. The total trading value on the HoSE reached over 26,300 billion VND, an increase of more than 1,100 billion VND. This indicates that no panic selling occurred, and a cautious sentiment remained prevalent.

Furthermore, a positive note was the fifth consecutive net buying session by foreign investors, totaling approximately 614 billion VND. The three codes most attractive to this group were VHM (Vinhomes), STB, and MCH (Masan Consumer). Except for Masan Consumer shares, which maintained positive territory, the other two saw sharp price drops today.

Tat Dat