After less than 3 days of trading due to shocking counterpart taxes by the US government, the market capitalization of stocks in the Vietnamese market has decreased to 1.04 million billion VND, equivalent to nearly 40 billion USD. This reflects the worried mentality that has engulfed the market as the counterpart tax deadline on April 9 has arrived and there has been no information about the deal announced.
According to VietstockFinance data as of April 8, 2025, total capitalization at the three exchanges HOSE, HNX, UPCoM has decreased sharply. The total capitalization of VN-Index decreased from VND 5.53 trillion to VND 4.76 trillion. The capitalization of HNX-Index decreased from VND 387.6 trillion to VND 340.4 trillion. UPCoM-Index reduced its capitalization from VND 1.43 trillion to VND 1.21 trillion.
Entering this morning's trading session (September 9), right at the opening of the session, selling pressure was still very strong, in which many sales orders were sold due to the pressure of disbursement after a series of consecutive sharp declines in the market, causing the VN-Index to decrease by nearly 60 points, breaking through the threshold of 1,100 points.
However, immediately after that, bottom-fishing demand took a strong turn in bluechips, especially the VN30 basket, such as Vingroup, some banking stocks, helping the market recover quickly. As of 10am this morning, there was a time when the market regained its green color and turned to increase points. However, selling pressure is still high, causing the VN-Index to continuously change color. As of 10:10, the VN-Index had only decreased by 10 points to 1,121.76 points. Liquidity also increased rapidly to over VND14,500 billion after less than 1 hour of trading.
According to the strategic report of Mirae Asset Securities Company, the results of Vietnam's negotiations to reduce counterpart tariffs or achieve exemption regulations for key items will play a key role in minimizing adverse impacts. The government has established a rapid response working group and initiated high-level discussions with the US side, focusing on long-term trade cooperation along with appropriate concession moves.
In the coming time, the Vietnamese stock market is expected to continue to be under pressure until the results of the tariff negotiations have more clear signals. If Vietnam succeeds in negotiations, Mirae Asset expects the market to recover quickly in terms of both psychology and liquidity. On the other hand, not achieving positive conditions could cause the VN-Index to retreat to support zones of 1,125 - 1,150 points.
Therefore, Mirae Asset recommends that investors maintain a cautious trading view in the short term, while closely monitoring trade negotiations and macroeconomic indicators.
