After 8 consecutive weeks of increase, the Vietnamese stock market has been under pressure to adjust in the last 2 trading sessions. As of the end of March 19, the VN-Index had decreased by nearly 12 points to 1,324.63 points, although it had not broken the uptrend, the investor's sentiment was quite shaky.
In the short term, the VN-Index is in an unattractive price range for further disbursement. The market is still Differentiating quite positively, rotating in the short term. Strong selling pressure is concentrated in the technology, telecommunications, mineral stocks... which are groups that have had a strong price increase period in 2024.
Regarding foreign transactions, the group of foreign investors continues to sell strongly. Even in yesterday's trading session, March 19, foreign investors had a sudden net selling session of VND 1,516 billion in the whole market, marking the strongest "room-lating" session since the beginning of the year.
Notably, FPT shares continued to be the code that foreign investors net "disbursed" the most in the whole market with a sudden value of VND 1,072 billion yesterday. It can be seen that not only receiving selling pressure from domestic investors, foreign investors also took strong measures to sell these technology stocks. After less than 3 months of 2025, the net selling value is approximately 6,000 billion.
Recently, experts have still viewed FPT's domestic information technology sector relatively positively, thanks to the recovery from the public sector and domestic enterprises, and especially the operation of FPT AI Factory. However, the appearance of DeepSeek as a cold shower of water pouring into this prospect when it raises concerns will reduce the value of the AI industry and create fierce competition.
Expressing a personal assessment of FPT shares, in the program "Vietnam and indicators: Prosperity Finance", Mr. Tran Hoang Son, Director of Market Strategy, VPBank Securities Joint Stock Company (VPBankS) said that in recent years, the price increase of FPT shares in particular and Vietnamese technology stocks in general has been closely linked to the trend of technology stocks in the US.
In the past 2 years, FPT shares have increased sharply, since the beginning of 2023, they have increased by about 50%. However, by the end of 2024 and early 2025, the story of DeepSeek and especially the valuation of technology stocks in the US and Vietnam at very high levels has created strong profit-taking pressure.
Even compared to the peak at the end of last year, FPT has lost more than 19,9% of market prices. FPT's market capitalization also "evaporated" nearly VND44,000 billion, to about VND183,000 billion and is no longer the largest private enterprise on the stock exchange.
VPBankS experts commented that this trend is due to two factors, stock valuations have increased very high after two years of hot growth (P/E increased nearly 30 times while P/B increased by 7.5 times) and foreign investors have decreased their proportion after a period of hot increase. With the net selling trend of foreign investors, Mr. Son predicted that the decline of FPT shares could continue in the short term and investors need to monitor additional support points, such as VND 120,000/share.
Regarding market trends, some experts believe that the VN-Index will continue to adjust but the index will still maintain a short-term uptrend when trading on important average lines. However, the upward momentum is showing signs of weakening.
According to the classy of BETA Securities Company, pillar stocks have not shown any signs of recovery, causing the VN-Index to lack growth momentum. If selling pressure continues, the index may face deeper corrections in the coming sessions. In particular, the derivatives expiration date on March 20 may cause strong fluctuations in the market, requiring investors to be more cautious in trading decisions. During this period, investors can consider gradually taking profits from short-term positions in high price areas, keeping a reasonable cash ratio will help better manage risks.
