The VN-Index (VNI) declined 6.2% in April and 3.2% in 4M 2025. On April 2, the US announced reciprocal tariffs, with Vietnam facing one of the highest rates at 46%, triggering a sharp sell-off across the stock market. The VNI plunged 6.7% on April 3 and dropped a total of 17% between April 3 and 9, reaching 1,094.3 points - the lowest level in 16 months since December 2023. However, sentiment quickly rebounded after the US announced a 90-day pause on reciprocal tariffs for nearly all trading partners. The VNI rallied 6.8% on April 10 and continued its recovery over the next few sessions, gaining a total of 13.4% from April 10 to 14. However, investors remained cautious in the second half of the month, with the VNI closing April at 1,226.3, down 6.2% MoM.
Despite the volatility, the VNI’s 3.2% decline in 4M 2025 continued outperforming Thailand’s SET (-14.5%) and Indonesia’s JCI (-4.4%), though it slightly underperformed the Philippines’ PCOMP (-2.7%).
The real estate and consumer services sectors were the only two sectors to post modest gains in April. The real estate sector remained resilient, rising 1.1%, primarily driven by strong performances from VHM (+13.8%), VIC (+17.2%), VRE (+23.5%), and NVL (+10.7%). Meanwhile, the consumer services sector edged up 0.4%, supported by gains in HVN (+9.3%), MWG (+3.1%), and FRT (+1.7%). In contrast, oil & gas (-15.6%), basic materials (-11.4%), and insurance (-11.1%) were the month’s top underperformers.
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