Friday , September 29 2023

Vietnam stock market 7th biggest gainer globally

Vietnam’s stock market was the seventh biggest gainer last year at 35.7 percent, outperforming regional peers, as new retail investors rushed to a new asset for profit.

With the benchmark VN-Index rising 394 points to close the year at 1,498 points, Vietnam listed among the top 10 gaining stock markets in the world with Abu Dhabi, Argentina and Iceland in the top 3.

In Asia, Vietnam outperformed major markets like Taiwan (24 percent), Thailand (14 percent) and Indonesia (10 percent).

Some markets like Malaysia and Hong Kong posted a decline.

2021 was the third year in a row the VN-Index went up. Growth was 7.6 percent and 14.7 percent in the previous years.

Growth exceeded forecasts of several brokerages at around 1,300 or 1,400 points.

Several analysts said with a price-to-earnings ratio of 17.47, the Vietnam market is still “cheaper” than others in the region.

The main bourse, Ho Chi Minh Stock Exchange (HoSE), closed the year with a market cap of VND5,830 trillion ($256.21 billion).

Brokerage VNDirect has forecast the VN-Index could reach 1,700 points this year.

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