As the VN-Index neared the 1,500-point mark - close to its all-time high - profit-taking intensified. Stocks that had surged in the past three months began to reverse course, including key “Vin” group shares such as Vingroup (VIC), chaired by Pham Nhat Vuong.

Late in the session on July 21, VIC briefly hit the floor price, falling 7% to VND 110,700 per share after nearly tripling in value over the past five months. VIC closed at VND 112,000, down VND 7,000. Vinhomes (VHM) dropped VND 4,000 to VND 92,000, while Vincom Retail (VRE) slipped VND 450 to VND 29,000 per share.

Other blue-chip stocks that had rallied in recent months also fell, including Masan Group (MSN) chaired by billionaire Nguyen Dang Quang, Techcombank (TCB) led by Ho Hung Anh, Vietcombank (VCB), SSI Securities (SSI), and Mobile World (MWG).

The VN-Index dropped 12.23 points (-0.82%) to close at 1,485.05, pulling back after a three-month rally.

However, several stocks still attracted capital and posted gains, such as FPT Corporation (FPT), LPBank (LPB), SHB Bank, and VietJet (VJC).

HPG - the ticker of Hoa Phat Group - rose by VND 300 to VND 26,200 per share, defying the broader market correction. This marked the stock’s highest level in three years.

Thanks to its recent rally, Tran Dinh Long’s estimated net worth climbed from $2.2 billion to $2.6 billion, according to Forbes as of July 21.

The rise in HPG shares was fueled by a series of positive developments in production, exports, and steel industry policies.

Hoa Phat is Vietnam’s largest steel producer and one of the largest in Southeast Asia, with a total crude steel capacity of 16 million tons per year once the Hoa Phat Dung Quat 2 Integrated Steel Complex is inaugurated in September 2025. The company is also expected to benefit from newly issued policies promoting private-sector growth.

HPG has gained from Vietnam's recent imposition of anti-dumping tariffs on certain hot-rolled coil (HRC) steel products from China and India. Additionally, HPG was exempted from EU anti-dumping tariffs on hot-rolled coil steel, enjoying a 0% rate while other Vietnamese firms face a 12.1% tax.

The group is set to break ground on a railway steel rail production plant on August 19 to support major infrastructure projects, including the North-South high-speed railway and several urban rail projects in Hanoi and Ho Chi Minh City. It remains the only enterprise in Southeast Asia capable of manufacturing high-speed railway steel rails.

In a related move, the Ministry of Industry and Trade recently urged Customs to tighten supervision and inspections of large-width HRC steel imports (over 1,880 mm) amid concerns over misreporting and regulatory loopholes.

In June alone, imports of this steel type hit 215,000 tons - 26 times higher than the same period last year. In the first half of the year, Vietnam imported nearly 650,000 tons from China, 15 times more than a year earlier, leading to an estimated $90 million loss in state revenue.

These developments are seen as bullish for Hoa Phat, contributing to HPG’s strong performance on July 21.

Across the broader market, equities continue to attract capital as alternative investment channels lose appeal. Real estate, once hot at the start of the year, is showing signs of cooling.

A recent proposal by the Ministry of Finance to apply a 20% tax on the profit margin from each real estate transaction may further dampen speculative activity.

In fact, early on July 21, before news of the tax proposal spread widely, the VN-Index had surged by over 11 points to 1,512. However, profit-taking pressure mounted later in the session. Trading volume remained high, with turnover on HoSE exceeding VND 35.4 trillion (approx. $1.39 billion), up 29% from the 20-day average.

According to CSI Securities, the July 21 session marks the first sign of a potential slowdown in the VN-Index's uptrend after five consecutive weeks of gains, and a market correction may be imminent.

Manh Ha