Stock market capitalization down 22%

The market benchmark VN-Index and market capitalization have fluctuated at the same time. The values of a series of stocks, especially those in the VN30 basket, have changed sharply, causing market capitalization on the HOSE to reach less than VND5 quadrillion in the last fortnight.

Vietnam’s benchmark VN-Index dropped 1.96% in its fourth losing session to 1143.62 points Wednesday, lowest since February 9 last year. It reached its historic peak of 1,530 points on April 4, 2022.

The HOSE currently has 402 listed companies, down two compared to the end of 2021. Vietnamese largest lender Vietcombank (VCB), the largest business in terms of market capitalization at VND349 trillion, has gone down by about VND100 trillion compared to the first trading sessions of this year.

Property developer Vinhomes (VHM) and private conglomerate Vingroup (VIC) ranked second and third with market capitalization of VND228 trillion and VND224 trillion, respectively.

It may be the first time in a decade that market capitalization goes backwards if the VN-Index cannot recover strongly in the next three months because there are no large listings pending.

Last year, market capitalization on the HOSE reached VND5.83 quadrillion, up 43%. It led the ASEAN region in terms of market capitalization growth. As many as 46 HOSE-listed companies had market capitalizations of over $1 billion and three of them had topped $10 billion.