Vietnam’s equity market spent 2025 navigating unprecedented uncertainty, from April’s
tariff shock to persistent foreign outflows, yet emerged with one of Asia’s strongest
equity performances. The VN-Index has risen 31.1%, powered not by foreign enthusiasm
but by domestic conviction. While foreign investors net sold over $5bn amid tariff
headlines, FX caution, and global opportunity costs, local capital absorbed all selling and
pushed the market higher, anticipating that Vietnam’s reform momentum, infrastructure
buildout, and corporate earnings growth would ultimately prevail.
This divergence sets the stage for 2026: whether Vietnam’s domestic-led rally can
translate into sustained global capital re-engagement, or whether the equity market has
entered a more structurally self-funded phase.
2025 at a Glance
- VN-Index: +31.1% YTD (1,270 → 1,690), among the strongest returns in Asia
- Macro backdrop: GDP growth ~8.2%, inflation ~3.5%, credit growth ~16.6% YTD
- Foreign flows: Net outflow of $5.3bn
- Domestic investors: Fully absorbed foreign selling and added incremental capital
- Earnings: 9M25 NPATMI +22% YoY, broad-based across sectors
- Key 2026 watchpoints: Global liquidity, FX stability, financial system depth,
execution of the infrastructure pipeline
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