US President Donald Trump has announced a 10% basic tariff on imports from all countries and territories around the world and higher tariffs on dozens of countries that have a trade surplus with the US.
In addition to the basic tax rate of 10%, the US government will also apply reciprocal taxes to many other countries. Contrary to the predictions of many domestic experts, Vietnam is among the countries with high reciprocal taxes, up to 46%.
Stocks plummeted on the morning of April 3. Screenshot
This information has strongly impacted investor sentiment in the domestic market and sell orders were issued en masse this morning.
On the Ho Chi Minh City Stock Exchange, the market plummeted. At the end of the morning trading session, the VN-Index temporarily stopped at 1,235.55 points, down 82.28 points (-6.24%); the VN30-Index fell to 1,291.92 points after falling 85.02 points (-6.17%).
The huge supply caused stocks to fall in price. Red almost covered the electronic trading board when there were 505 stocks decreasing in price, of which 217 stocks hit the floor; only 10 stocks increased in price. In the VN30 group, the number of stocks increasing and decreasing was 1 and 29 respectively, of which 17 stocks decreased by the full range.
Industry groups are racing to decrease with a very wide decrease amplitude, most of them decreasing by more than 4%. Semiconductor is the only industry currently in green.
The selling pressure was large and widespread, so liquidity skyrocketed, reaching more than 31,000 billion VND. Foreign investors sold strongly. This group bought nearly 1,110 billion VND and sold approximately 4,274 billion VND.
On the Hanoi Stock Exchange, the HNX-Index closed at 221.37 points, down 16.76 points (-7.04%); the HNX30-Index fell 41.90 points (-8.61%) to 444.91 points. The total transaction value reached over VND1,600 billion.
Mr. Nguyen Minh Hanh, Director of the Analysis Center of Saigon-Hanoi Securities Joint Stock Company (SHS), said that the biggest factor affecting the market this year is the tax policy of US President Donald Trump. This can create a rapid, strong, and drastic decline for the market, especially when the market is at a high price range (like the recent period up to 1,342.9 points). This further promotes the situation when bad news suddenly comes out, causing panic and more drastic sell-offs.
Another part is that the media has been reporting positively over the past period that there will be favorable conditions for Vietnam and the majority of investors are believing in that positive scenario. Therefore, when the official information was released that Vietnam was among the countries that could be subject to the highest tariffs, it caused panic in the market.
Investors in the recent period have used quite a lot of leverage and the large cross margin call pressure has forced them to proactively reduce their leverage ratio immediately, creating massive sell-offs on a large scale. Industries are also being greatly affected as investors are considering re-evaluating the investment prospects of each industry. Many industries may lose a lot of investment attractiveness if the official tax is implemented in 1 week, such as textile, footwear, wood products, seafood, and even industrial real estate.
According to this expert, in the worst case, the VN-Index could correct down 15% -20% from the recent peak of 1,342, then stabilize again. A more optimistic scenario is a correction of around 10% for the general market. However, what is quite worrying is that the current high margin situation could cause the market to correct more than 10%. However, investors should not be too worried because policies like this always change quickly.
Source: https://hanoimoi.vn/hon-200-ma-giam-kich-san-vn-index-boc-hoi-82-diem-697736.html
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