Investors Cashing Out on Vingroup Stocks

The Vietnamese stock market faces significant profit-taking pressure, particularly on Vingroup stocks owned by billionaire Pham Nhat Vuong. Stocks such as VIC and VHM hit floor prices, while VRE dropped 3.6%. This profit-taking is understandable, as VIC, VHM, and VRE experienced substantial price increases earlier, with gains of 120%, 80%, and 50% respectively since the beginning of the year. In a single trading session on June 9, Vuong’s net worth dropped by approximately 15 trillion VND, yet he remains Vietnam’s richest stock market investor with assets of around 200 trillion VND, equivalent to $10.1 billion. Besides his stock holdings, he also has substantial investments in VinFast, the leading electric vehicle manufacturer in Vietnam. Vuong has leveraged VIC stocks to establish new companies and raised funds by issuing bonds totaling 15 trillion VND recently, with interest rates between 12-12.5%.