After the VN-Index recorded a sharp decline of 30 points and lost the 1,660-point mark yesterday, October 27, experts assessed that widespread selling pressure showed that cautious sentiment was everywhere and the market may need more time to absorb supply.
And as the developments from technical indicators have shown, the selling pressure following the trend continued to be launched into the market right from this morning's trading session (October 28), causing the VN-Index to retreat below the reference and fluctuate around the threshold of 1,630-1,650 points.
Poor electronic board and reserved buying power have clearly weakened liquidity. While Vin stocks VRE, VIC, VHM are leading the decline in the bluechip group when losing 3-4%, investors' caution is further appreciated. The electronic board also gradually lost its green color, giving way to declines and causing the VN-Index to fall rapidly towards the end of the session, losing more than 20 points to below 1,630 points.
At the end of this morning's session, October 28, the VN-Index decreased by 22.74 points (-1.38%), down to 1,629.8 points. The total trading volume reached more than 404.5 million units, worth VND 13,222.3 billion.
The VN30 group with a rare bright spot of VJC has increased the ceiling at times, before the end of the session to +5.9% to 185,600 VND, equivalent to 2.21 million units. FPT followed well with a good increase of +3.2% to VND 101,100, matching 12.7 million units. On the other hand, the main pressure is the trio of Vingroup stocks, with VIC -5.6% down to VND202,000, VHM -5.5% down to VND100 600 and VRE -5.1% down to VND34,250. These three codes took away a total of more than 20 points from the VN-Index.
Other stocks that decreased under pressure were still mostly in the real estate group, built with PDR, CII, QCG, NTL, EVG, HHS, NLG, TAL, NVL when decreasing from 3% to 5%.
Investors believe that interbank interest rates have increased continuously in recent sessions and continue to increase today, making investors cautious. The increasing interest rate trend has put significant pressure on real estate stocks, thereby pulling the general index down. Investors are concerned that if interest rates continue to increase, borrowing costs may be adjusted, directly affecting the prospects of businesses in this field.
On the other hand, investors initially expected positively when there was a lot of supporting information from the international market and factors related to tariff policies. However, contrary to expectations, when "good news is out but the market does not increase", the widespread profit-taking mentality has triggered a widespread sell wave.
Regarding margin pressure, according to many experts, after the shocking decrease of 95 points on October 20, many investors have proactively lowered the leverage ratio. Liquidity is currently low and call margin has not appeared. However, if another similar sharp decline occurs, the risk of margin Call may occur. The current decrease is greatly affected by Vingroup stocks, while the market size is generally not too negative.
According to updated data, margin balance in the Vietnamese stock market has set a new record in the third quarter of 2025, but the outstanding growth rate has only reached 69.47% over the same period, significantly lower than the second quarter of 2021 (137%). The margin on equity ratio is currently 1.1 times, lower than the maximum threshold of 2 times and the historical peak of 1.5 times recorded in 2021. This shows that although the margin scale is high, related ratios are still in the safe zone and the market still has room for growth.
Experts recommend that investors should bring the margin ratio to a safe level, limit the use of high leverage during the volatile period. For investors who have their own capital, there is no need to sell off, instead, they should observe more stable signals of the market before taking action.
