VN-Index Decline: 39 Points Lost in a Remarkable Vingroup Selloff

TL;DR:

• The VN-Index decline in the week of August 10-14, 2026 took Vietnam's benchmark index down nearly 39 points (about 2.2%) to close at 1,729.08 points, after it failed to clear resistance at the 1,800-point level.
• The Vingroup group of stocks, led by VIC (Vingroup JSC, Vietnam's largest private conglomerate, listed on the Ho Chi Minh Stock Exchange, HOSE), was the single biggest contributor to the VN-Index decline, erasing more than 23 points on its own.
• On Friday, August 14, 2026 alone, the VN-Index fell 36.55 points (-2.07%) to close at 1,729.08 points, with 542 stocks declining against just 214 advancing.
• Foreign investors continued net selling through the week, adding further pressure behind the VN-Index decline.
• TCB (Techcombank, Vietnam Technological and Commercial Joint Stock Bank, HOSE-listed) was the week's biggest positive contributor, adding back about 3.7 points.
• Because the VN-Index is a market-capitalization-weighted benchmark, this VN-Index decline says more about three or four very large companies than about the several hundred other listings on HOSE.

What happened in this VN-Index decline?

The VN-Index, Vietnam's benchmark stock index tracking companies listed on the Ho Chi Minh Stock Exchange (HOSE), spent the first three sessions of the week of August 10-14, 2026 grinding higher toward the psychologically important 1,800-point mark. Once the index approached that resistance level, heavy selling hit the market's largest stocks and the VN-Index reversed hard, and the VN-Index decline began. By the close on Friday, August 14, 2026, the VN-Index had lost nearly 39 points for the week, ending at 1,729.08 points, a fall of just over 2% (Vietstock, 2026-08-15). The HNX-Index, which tracks companies on the Hanoi Stock Exchange, also had a difficult week, weighed down mainly by THD.

The shape of the week matters as much as the closing number. A VN-Index decline that arrives after three sessions of gains is a different event from one that grinds lower every day. Here, the market built up a short-lived uptrend, ran into a well-watched resistance level, and gave back more than it had gained. That pattern is what technical analysts call a failed breakout, and it is a common trigger for profit-taking and for a VN-Index decline of this kind in Vietnam's equity market.

This VN-Index decline is therefore best read as a rejection at 1,800 points rather than as a response to a single piece of news. Nothing in the week's verified data points to one macroeconomic release or policy announcement as the cause of the VN-Index decline. What the data does show clearly is where the selling landed: on the heaviest-weighted names in the index, which is what turned a rejection at resistance into a VN-Index decline of nearly 39 points.

Why did Vingroup stocks drive the VN-Index decline?

The single biggest driver of this VN-Index decline was the Vingroup group of stocks. VIC (Vingroup JSC), Vietnam's largest private conglomerate, with interests spanning real estate, automotive and retail, alone erased more than 23.3 points from the index. Its affiliates added to the pressure: VHM (Vinhomes JSC, real estate development) took away roughly 4.1 points, and VPL (Vinpearl JSC, hospitality and leisure) subtracted about 1.8 points (Vietstock, 2026-08-15). Together, the three Vingroup-linked tickers accounted for the large majority of the week's VN-Index decline.

Other large-cap names across different sectors also added to the VN-Index decline. HPG (Hoa Phat Group, Vietnam's largest steelmaker) subtracted about 1.4 points, FPT (FPT Corporation, a leading Vietnamese technology conglomerate) took away roughly 0.9 points, and BSR (Binh Son Refining and Petrochemical) shaved off about 0.5 points (Vietstock, 2026-08-15).

Put those figures side by side and the concentration is striking. VIC, VHM and VPL together account for close to 29 of the roughly 39 points lost. HPG, FPT and BSR add about 2.8 points more. In other words, six tickers explain roughly 31 of the 39 points. The remaining several hundred listings on HOSE, taken together, contributed the balance. Any description of this VN-Index decline that does not name Vingroup is describing a different market than the one the data shows.

How bad was Friday's session on August 14, 2026?

Friday, August 14, 2026 was the sharpest single session of the VN-Index decline. The index dropped 36.55 points, or 2.07%, to close at 1,729.08 points. The HNX-Index fell 3.35 points (-1.18%) to 279.99 points. Market breadth was firmly negative: across the market, 542 stocks declined versus only 214 that advanced. Within the VN30 basket of the 30 largest HOSE-listed stocks, 28 names fell, just 1 rose and 1 was unchanged (Vietstock, 2026-08-14). Foreign investors were net sellers on the session, continuing a trend seen across the week.

Breadth figures like 542 down against 214 up are worth pausing on. They say that Friday was not only a large-cap event. When 28 of the 30 VN30 constituents fall on the same day, the selling has spread beyond the two or three names doing the most damage to the index arithmetic. That is broader participation in the VN-Index decline than the point-attribution table alone would suggest.

It is also useful to separate the point figure from the percentage figure. A 36.55-point move at an index level near 1,765 points is about 2.07%. The same 36.55 points at an index level of 900 would have been roughly 4%. Point moves grow in absolute terms as an index rises, which is why a headline that leads with points can make a routine percentage move sound dramatic, and why comparing this VN-Index decline to point moves from earlier years needs care.

Were there any bright spots in a difficult week?

Despite the broad VN-Index decline, a handful of stocks bucked the trend. TCB (Techcombank, Vietnam Technological and Commercial Joint Stock Bank, a HOSE-listed commercial bank) was the week's leading positive contributor, adding back approximately 3.7 points on its own. NTP (Tien Phong Plastic JSC, industrial plastics) rose almost 7.4% over the week, contributing about 0.5 points, continuing a run of interest in state-linked industrial names. DMX, in only its second week of trading on the exchange, added roughly 1.6 points (Vietstock, 2026-08-15).

Trading activity also picked up even as prices fell. On August 14, 2026 alone, matched volume on HOSE topped 635 million shares, worth more than 16.1 trillion Vietnamese dong (VND), an increase from the prior session (Vietstock, 2026-08-14). Higher turnover during a pullback often signals active repositioning rather than a simple loss of interest in the market, although volume alone cannot tell you who was buying and who was selling during a VN-Index decline.

Netting the positives against the negatives is instructive. TCB, DMX and NTP together added back roughly 5.8 points. Without those three contributions the VN-Index decline for the week would have looked materially worse. That is a reminder that an index number is a net figure, and that a single benchmark move always hides offsetting flows underneath it.

What should investors and analysts watch next?

The key level to watch is whether the VN-Index can retest and clear 1,800 points, or whether this VN-Index decline extends into a deeper correction. Continued foreign net selling, and whether Vingroup-linked stocks stabilize, will likely determine which path the market takes. This kind of week, where a handful of large-cap names drive most of the index move, is exactly why company-level financial data matters as much as the headline number in any VN-Index decline.

DataCore tracks listed-company financials, ownership structures and market data for Vietnamese equities including VIC, VHM, VPL, TCB, HPG and FPT through the Company Intelligence Service, giving investors and analysts a structured way to dig beneath a single VN-Index decline headline. For related context on capital flows into Vietnamese equities, see DataCore's earlier coverage of Vietnam stock market capital inflows and the banking-sector backdrop in Vietnam bank liquidity trends.

How does this VN-Index decline fit the market's structure?

Large, index-weighted stocks moving together is a known feature of Vietnam's equity market structure, not an anomaly. Because VIC, VHM and other Vingroup-linked names carry some of the heaviest weightings in the VN-Index, a swing in just two or three tickers can move the whole benchmark more than a broad move across dozens of mid-cap names would. This is one reason analysts increasingly look past the single index number in a VN-Index decline to company-level data: understanding which specific stocks are driving a VN-Index decline, rather than only the headline percentage, tells a very different story about where risk and opportunity actually sit.

Retail investors who read only the headline percentage change on a session like August 14, 2026 would miss that the damage was concentrated in a handful of large caps, while many smaller listings moved far less dramatically. That concentration effect is exactly why DataCore's Company Intelligence Service tracks index-weighted stocks individually rather than reporting only the aggregate figure, so that a single-week move can be traced back to the specific companies, ownership structures and financials behind it.

Entity and acronym glossary for this VN-Index decline

Vietnamese market coverage is dense with tickers and acronyms. Every entity referenced above is expanded here, with sector, so that the figures can be read without prior context.

• VN-Index: the benchmark equity index of the Ho Chi Minh Stock Exchange, weighted by market capitalization, covering the exchange's listed common stocks.
• HOSE: Ho Chi Minh Stock Exchange, Vietnam's largest stock exchange by market capitalization and turnover.
• HNX-Index: the benchmark index of the Hanoi Stock Exchange (HNX), Vietnam's second exchange, which closed at 279.99 points on August 14, 2026.
• VN30: the basket of the 30 largest and most liquid HOSE-listed stocks, used as a large-cap proxy for the VN-Index.
• VIC: Vingroup JSC, HOSE-listed, Vietnam's largest private conglomerate, active in real estate, automotive and retail.
• VHM: Vinhomes JSC, HOSE-listed, residential real estate development, a Vingroup affiliate.
• VPL: Vinpearl JSC, HOSE-listed, hospitality and leisure, a Vingroup affiliate.
• TCB: Techcombank, formally Vietnam Technological and Commercial Joint Stock Bank, HOSE-listed commercial banking.
• HPG: Hoa Phat Group JSC, HOSE-listed, Vietnam's largest steelmaker.
• FPT: FPT Corporation, HOSE-listed, information technology services and telecommunications.
• BSR: Binh Son Refining and Petrochemical JSC, oil refining and petrochemicals.
• NTP: Tien Phong Plastic JSC, industrial plastic pipes and fittings.
• THD: a Hanoi Stock Exchange listing named as the main drag on the HNX-Index for the week of August 10-14, 2026.
• VND: Vietnamese dong, the national currency, used for the 16.1 trillion turnover figure cited above.
• Net selling: a period in which an investor group's total sales exceed its total purchases, here referring to foreign investors.

How to read VN-Index decline data correctly

A weekly VN-Index decline is one of the most widely quoted and most frequently misread numbers in Vietnamese finance. Five caveats apply to every figure in this article.

First, weighting drives everything. The VN-Index is weighted by market capitalization, so the largest companies move it most. A 5% fall in a company worth a hundred times another moves the benchmark roughly a hundred times as much. This is why VIC alone removed more than 23 points while BSR removed about 0.5 points. Neither figure tells you how the average listed company performed during the VN-Index decline.

Second, points and percentages are not interchangeable. The nearly 39-point weekly loss is about 2.2%. Always check which unit a VN-Index decline headline is using and at what index level, because the same point figure means a different percentage at every index level.

Third, one week is not a trend. The week of August 10-14, 2026 contained a failed test of 1,800 points and a sharp reversal. That is a data point, not a direction. A trend requires several weeks of confirmation, and this VN-Index decline followed three sessions of gains within the same week.

Fourth, index level and breadth are different measurements. The index level tells you the capitalization-weighted price move. Breadth, here 542 declining against 214 advancing, tells you how many stocks participated. A week can show a small index move with terrible breadth, or a large index move with mixed breadth. Read both.

Fifth, every figure needs its as-of date. All figures in this article are as of the close on August 14, 2026, for the trading week beginning August 10, 2026, and are attributed to Vietstock reports dated 2026-08-14 and 2026-08-15. Any later revision to exchange data would supersede them.

What this VN-Index decline means for each market participant

The same VN-Index decline reads differently depending on what you are responsible for. The interpretations below follow directly from the figures already cited and are labelled as interpretation, not as new data.

Retail investors

A retail investor holding a diversified basket of smaller HOSE listings may have experienced far less than the 2.2% weekly benchmark move, because the loss was concentrated in a few large caps. The practical takeaway is to compare your own portfolio move against both the index and the breadth figures, rather than assuming the headline applies to you.

Institutional investors and fund managers

For an active manager, the relevant question is exposure to VIC, VHM and VPL relative to their benchmark weight. Being underweight those three names would have produced meaningful outperformance in this week. Being overweight would have amplified the VN-Index decline well beyond 2.2%. Attribution against the point contributions cited above is the fastest way to establish which happened.

Index-tracking and passive funds

A fund replicating the VN-Index had no choice in this VN-Index decline. It absorbed the full weighted move, including the more than 23 points removed by VIC. Passive holders should expect concentration risk to remain structural rather than temporary, because it follows from how the benchmark is constructed.

Corporate treasurers and finance teams

Equity market moves of this size influence the cost and timing of raising capital. A rejected test of 1,800 points and negative breadth make the near-term window for an equity issue less attractive than the same week would have looked on Wednesday. Rising turnover, above 635 million matched shares on August 14, 2026, does at least indicate that liquidity remained available.

Equity analysts and research teams

For analysts, this week is a clean case study in decomposing a VN-Index decline. Six tickers explain roughly 31 of the 39 points. The analytical work is therefore company work, not market work: what changed in the Vingroup names, and did anything change in the fundamentals, or only in the price?

A practical checklist for analyzing a VN-Index decline

• Identify the point contribution of the top five and bottom five tickers before writing a single sentence about a VN-Index decline.
• Convert the point move into a percentage at the correct index level, and state both.
• Check breadth, advancing against declining issues, and check the VN30 split separately.
• Check turnover against the prior session to see whether the move came with participation or on thin volume.
• Check the foreign investor net position for the same period.
• Note whether the move happened at a widely watched technical level, as this one did at 1,800 points.
• Attach an as-of date and a named source to every figure you publish.
• Only then form a view, and label it clearly as interpretation.

Run those eight steps and a VN-Index decline stops being a headline and becomes a set of company-level questions, which is where the answers usually are.

Frequently asked questions about this VN-Index decline

What is the VN-Index?

The VN-Index is Vietnam's benchmark stock market index, tracking the price performance of companies listed on the Ho Chi Minh Stock Exchange (HOSE), the country's largest bourse. It is weighted by market capitalization, so the largest listed companies influence it most.

How large was the VN-Index decline in the week of August 10-14, 2026?

The index lost nearly 39 points, about 2.2%, closing the week at 1,729.08 points (Vietstock, 2026-08-15). The sharpest single session was Friday, August 14, 2026, when it fell 36.55 points, or 2.07%.

Why did the VN-Index fail to break through 1,800 points?

As the index approached 1,800 points in the first half of the week of August 10-14, 2026, heavy sell orders hit the market's largest stocks, particularly the Vingroup group, triggering a sharp reversal and the nearly 39-point weekly loss (Vietstock, 2026-08-15). No single macroeconomic release is identified in the source data as the cause.

Which stocks hurt the VN-Index the most this week?

VIC (Vingroup JSC) was the largest single drag, removing more than 23.3 points, followed by VHM (Vinhomes) at roughly 4.1 points and VPL (Vinpearl) at about 1.8 points. HPG, FPT and BSR also contributed, at roughly 1.4, 0.9 and 0.5 points respectively (Vietstock, 2026-08-15).

Which stocks limited the VN-Index decline?

TCB (Techcombank) was the week's leading positive contributor at approximately 3.7 points, DMX added roughly 1.6 points in its second week of trading, and NTP (Tien Phong Plastic) contributed about 0.5 points after rising almost 7.4% over the week (Vietstock, 2026-08-15).

Was market breadth as negative as the index move suggests?

Yes, on August 14, 2026 breadth was firmly negative, with 542 stocks declining against 214 advancing, and 28 of the 30 VN30 constituents falling (Vietstock, 2026-08-14). That indicates participation in the VN-Index decline well beyond the handful of tickers that did most of the index arithmetic.

Did liquidity dry up during the VN-Index decline?

No. Matched volume on HOSE topped 635 million shares on August 14, 2026, worth more than 16.1 trillion Vietnamese dong, an increase on the prior session (Vietstock, 2026-08-14). Turnover rose while prices fell, which is generally consistent with repositioning rather than disengagement.

Is foreign investor selling likely to continue?

Foreign investors were net sellers through the week of August 10-14, 2026, including on the August 14 session (Vietstock, 2026-08-14). DataCore has not identified a verified figure projecting how long this flow will continue; investors should monitor daily foreign trading data rather than assume a fixed duration.

Does one week of losses mean the uptrend is over?

The verified data does not support that conclusion either way. A failed test of 1,800 points followed by a nearly 39-point weekly loss is a single week of evidence. Whether this VN-Index decline becomes a correction depends on subsequent sessions, particularly on whether Vingroup-linked stocks stabilize and whether foreign net selling continues.

Sources

• Vietstock, "VN-Index hut buoc truoc nguong 1,800 diem, nhom Vingroup keo chi so giam gan 39 diem" (weekly wrap, 2026-08-15): Vietstock weekly wrap.
• Vietstock, "Nhip dap Thi truong 14/08: Khoi ngoai tiep tuc ban rong, VN-Index boc hoi hon 36 diem" (daily session recap, 2026-08-14): Vietstock daily recap.

Published 2026-08-17. Last updated 2026-08-17. All index levels, point contributions, breadth and turnover figures are as of the close of trading on August 14, 2026 for the week beginning August 10, 2026.