Large cash flow supports Vietnam’s stock market grow explosively and set new peaks

, Large cash flow supports Vietnam’s stock market grow explosively and set new peaks

The flow of money from several hundred thousand newly-opened accounts into the stock market has expanded the pockets of Vietnamese billionaires by hundreds of millions of US dollars in a short time.

After reaching an unprecedented high level of more than VND28 trillion last week, in the last trading session of May, all three stock exchanges (HOSE, HNX, UPCOM) hit a new record: more than VND32 trillion of shares were transferred, including over VND30 trillion traded through order matching.

This is an unprecedented number, and it relates to hundreds of thousands of individual and institutional accounts opened in the first few months of 2021.

The transaction value could have been higher if the Ho Chi Minh Stock Exchange (HOSE) had not been stuck in the early afternoon.

Shares of Hoa Phat Group (HPG) of billionaire Tran Dinh Long hit a new high: VND52,700 per share, with a total of more than 60.3 million HPG shares transferred on May 31.

As a result, Tran Dinh Long’s assets from 864 million HPG shares doubled to nearly VND58 trillion (about $2.5 billion) within six months. According to Forbes, Long’s fortune was estimated at $2.6 billion as of May 31.

Billionaire Ho Hung Anh also witnessed a sharp increase in his assets thanks to the recent spike in Masan and Techcombank stocks. Techcombank shares increased by 1.3% in the last session of May to a new height of VND53,700 per share, doubling in six months. According to Forbes, Ho Hung Anh’s assets reached $2 billion by May 31.

Large cash flow has helped Vietnam’s stock market continue to grow explosively and set new peaks. The VN-Index increased highly in May thanks to banking and securities shares, according to Vietnamnet.

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