Will the largest private enterprise on the stock exchange change hands?

On March 13, Vingroup’s stock (VIC) surged to the ceiling price of 51,400 VND per share, reaching the highest point in 18 months. Vinhomes (VHM) and Vincom Retail (VRE) also saw significant growth, though their gains narrowed by market close. Since the beginning of the year, Vingroup’s market capitalization has increased by 41 trillion VND (+26.8%), while Vinhomes rose by 32 trillion VND (+19.5%). Currently, both companies hold a market cap of around 196 trillion VND, only 5 trillion VND less than the largest private enterprise, FPT (201 trillion VND). At one point, Vinhomes surpassed FPT when VHM hit 49,550 VND per share, achieving over 203.5 trillion VND. In contrast, FPT and Masan Consumer saw significant drops, with FPT down by 24 trillion VND and Masan Consumer by 29 trillion VND. This decline is attributed to pressures from the low-cost AI model DeepSeek from China, which has caused global tech stocks, including FPT, to plummet.