Vietnam’s stock market is experiencing a situation of “green skin, red heart”, with a strong rise in shares of the Vingroup group led by billionaire Pham Nhat Vuong. In the trading session on May 28, shares of VIC, VHM, VPL, and VRE contributed 4.7 points to the VN-Index, while the market only increased by 2.06 points. Since the beginning of the year, these four stocks have contributed nearly 107 points to the VN-Index, demonstrating Vingroup’s critical role in supporting the index. Nguyen Luu Hung from SSI stated that the VN-Index might have fallen sharply without this support. The growth of stocks may be driven by expectations from Resolution 68, which supports private economic growth and infrastructure projects. Moreover, Vingroup has approved a resolution to guarantee payments for bonds issued by VinFast to raise 5 trillion VND. In Q1 2024, Vingroup recorded a record revenue of 84.053 trillion VND, up 287%, and after-tax profit of 2.243 trillion VND, up 68% year-on-year.
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