At the market open, the VN-Index plunged 50 points before accelerating its decline. Intense volatility gripped the session, with heavy selling pressure across all major sectors, including banking, real estate, consumer goods, and raw materials. Numerous stocks hit the floor price, including DXG, DIG, HDC, TCH, PDR, KBC, IDC, SZC, BCM, MSB, TPB, CTG, SHB, HSG, NKG, and GVR. Export-oriented stocks such as textiles and footwear also suffered, with VGT, TCM, GIL, and TNG dropping to their lower limits.
By 10:50 a.m., the VN-Index had plunged 79.35 points, or 6.02 percent, to 1,238.01, with 493 stocks declining—181 of them hitting the floor price. Only one stock gained, while 13 remained unchanged. Hanoi Stock Exchange (HNX) also saw a sharp decline, with the HNX-Index shedding 14 points, or 5.95 percent, to 223.97. Out of 185 declining stocks, 23 hit the floor, while only nine stocks advanced and 16 remained flat.
The wave of sell-offs pushed market liquidity to new highs, with total trading volume on Ho Chi Minh Stock Exchange (HOSE) exceeding US$1 billion (nearly VND26 trillion). When combined with HNX, total turnover reached nearly VND28 trillion. Notably, foreign investors also joined the sell-off, net selling over VND1.33 trillion on HOSE.
Meanwhile, gold prices soared as global markets reacted to President Donald Trump’s announcement of reciprocal tariffs on more than 180 countries and territories, driving domestic gold to record highs.
By 9:45 a.m., SJC gold bars at Phu Nhuan Jewelry (PNJ) and Bao Tin Minh Chau surged by VND1 million per tael, reaching VND100.1 million for buying and VND102.8 million for selling. Phu Quy raised prices by VND1.1 million per tael, quoting VND99.8 million for buying and VND102.8 million for selling. Saigon Jewelry Company adjusted prices up by VND600,000, buying gold at VND99.7 million and selling it at VND102.4 million. Mi Hong Jewelry hiked prices by VND900,000 in the buying rate and VND1.3 million in the selling rate, reaching VND100 million for buying and VND101.8 million for selling.
Plain gold rings also set new records. Bao Tin Minh Chau purchased gold rings at VND100 million and sold them at VND102.9 million, up VND1.2 million in the buying rate and VND1.1 million in the selling rate. Phu Quy increased prices by VND1.1 million, while PNJ adjusted up by VND800,000 in the buying rate and VND1 million in the selling rate, with both firms quoting VND99.9 million for buying and VND102.8 million for selling. SJC obtained gold rings at VND99.5 million and sold them at VND102.2 million, an increase of VND600,000 in the buying direction and VND700,000 in the selling direction.
Gold prices have surged more than 20 percent since the beginning of the year, reflecting escalating global economic uncertainty and heightened demand for safe-haven assets amid intensifying trade tensions.
Global gold prices surged, with the New York closing price on April 2 reaching $3,133.7 an ounce, up $19.4 from the previous session, while spot gold on Kitco climbed to $3,147.36 an ounce by 10 a.m. on April 3 (Vietnam time), adding nearly $15. After conversion, this equates to VND97.9 million per tael, about VND4.9 million lower than SJC gold bars and VND5 million below 9999 gold rings.
