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In less than a month, shares of Vingroup Joint Stock Company (VIC) have lost nearly 31 percent of their value, closing at 131,000 đồng per share in last weekend’s trading session. This rapid slide invites questions about what shifts in the conglomerate’s business performance and financial “health” are driving the sell-off.

The stock has been in continuous decline since the end of last month, with no sign of stabilizing. [1] The downward trend began on Thursday, Jan. 8, after VIC peaked at nearly 189,600 đồng per share. Within a week, the price slipped to 175,900 đồng on Jan. 9 and 151,000 đồng on Jan. 15. The drop accelerated from Jan. 30, following the release of Vingroup’s consolidated financial report for the fourth quarter of 2025. In just the five days leading up to Feb. 5, VIC fell from 140,500 đồng to 121,600 đồng per share, a decline of more than 13 percent. By the close of trading on Feb. 6, the price stood at just 131,000 đồng.

On stock investment forums, investors have repeatedly expressed shock at the ongoing decline. [2] However, the conglomerate has issued no statement regarding the recent plunge, and state media have likewise remained silent. This weakness is not isolated to the parent company. Shares of related entities within the Vingroup ecosystem, such as Vinhomes and Vincom Retail, also showed clear signs of weakening at the close of the 2025 fiscal year. [3] Listed on the Hồ Chí Minh City Stock Exchange (HOSE) since 2007, [4] VIC currently holds a market capitalization of more than 980 trillion đồng with an average annual trading volume of 5.2 million shares . [5]

A wave of red has swept across stocks within the Vingroup ecosystem. Photo: Facebook page CHỨNG KHOÁN VIỆT .

Vingroup’s 2025 Performance Amidst Share Devaluation

According to its fourth-quarter 2025 financial report, Vingroup’s financial position has shown little improvement, as the conglomerate continues to grapple with a very high debt ratio. Total liabilities now exceed 970 trillion đồng, representing more than 86 percent of total assets and more than six times the company's equity. Notably, debt has increased by more than 42 percent since the beginning of 2025.

Liquidity pressure remains intense. Most liabilities are concentrated in short-term debt—obligations due within 12 months—which total nearly 592.41 trillion đồng and account for more than 61 percent of total liabilities. Meanwhile, cash and cash equivalents stand at just over 73.526 trillion đồng, while inventory value has surged to 75.353 trillion đồng, an increase of more than 227 percent compared to the start of the year.

Regarding the debt structure, Vingroup reports borrowing obligations of nearly 335.39 trillion đồng. These are primarily long-term loans, which make up more than 66 percent of total borrowings and typically carry floating interest rates. In 2025 alone, Vingroup borrowed more than 288.407 trillion đồng while repaying over 181.396 trillion đồng in principal. Consequently, interest payments over the past year exceeded 29 trillion đồng.

Despite these challenges, business performance in the fourth quarter offered some positive signs. Quarterly revenue exceeded 163.172 trillion đồng, pushing the total annual revenue to more than 322.808 trillion đồng.

Vingroup Joint Stock Company

Consolidated Statement of Business Results

Quarter IV, 2025 Unit: million VND

Code ITEM Notes Q4 2025 Q4 2024 This Year Last Year 1 Revenue from sales and service provision 25.1 163,172,673 62,156,465 332,808,782 189,090,599 2 Revenue deductions 25.1 13,272 4,058 38,440 22,559 10 Net revenue from sales and service provision 25.1 163,159,401 62,152,407 332,770,342 189,068,040 11 Cost of goods sold 26 126,151,720 52,964,454 280,432,143 161,767,222 20 Gross profit from sales and service provision 37,007,681 9,187,953 52,338,199 27,300,818 21 Financial income 25.2 10,604,897 10,112,054 50,498,716 47,925,492 22 Financial expenses 27 16,517,839 7,714,717 47,826,018 31,208,095 23 — Of which: Interest expense and bond issuance costs 8,221,721 6,919,631 29,001,297 22,980,044 24 Share of profit in joint ventures and associates 16 609,584 163,184 1,138,193 848,773 25 Selling expenses 12,699,153 5,937,317 28,599,338 18,053,919 26 General and administrative expenses 5,382,229 4,861,211 18,102,921 15,148,307 30 Net profit from operating activities 13,622,941 949,946 9,446,831 11,664,762 31 Other income 28 361,606 5,732,844 25,080,501 10,068,646 32 Other expenses 28 2,867,712 1,235,905 8,227,197 4,994,702 40 Other profit/(loss) 28 (2,506,106) 4,496,939 16,853,304 5,073,944 50 Total accounting profit before tax 11,116,835 5,446,885 26,300,135 16,738,706 51 Current corporate income tax expense 29 7,162,558 3,463,508 14,442,849 12,913,575 52 Deferred corporate income tax expense 29 372,955 775,862 710,824 (1,450,927) 60 Profit after corporate income tax 3,581,322 1,207,515 11,146,462 5,276,058 61 — Profit/(loss) after tax attributable to parent company shareholders 24 6,768,417 2,192,432 13,446,455 11,903,028 62 — Profit/(loss) after tax attributable to non-controlling interests 24 (3,187,095) (984,917) (2,299,993) (6,626,970) Vingroup’s business results in Quarter 4/2025.

Revenue was driven primarily by sales and service provision, with the real estate sector contributing the largest share at more than 102 trillion đồng. Manufacturing revenue followed at more than 40.871 trillion đồng, nearly doubling the figure from the previous year. Most of this growth was attributed to subsidiary VinFast; however, a significant portion—totaling 21.5 trillion đồng—came from transactions with Xanh SM and Green Future, companies within Phạm Nhật Vượng’s own ecosystem.

Chairman Phạm Nhật Vượng also bolstered the fourth-quarter 2025 revenue through direct financial support. This included a 23 trillion đồng “sponsorship” to a subsidiary and the sale of subsidiary shares worth more than 39.828 trillion đồng. The report does not disclose the specific shares transferred or the identity of the buyer. After expenses, Vingroup recorded a post-tax profit of more than 11.146 trillion đồng.

Despite these figures, the conglomerate faced a wave of foreign divestment throughout the year. South Korea’s SK Group fully divested its VIC holdings in August 2025. Earlier in the year, two other major entities—the United States’ BlackRock and Germany’s DWS Group—also withdrew their entire stakes in Vingroup.

The Previous Surge

Before entering the current downward spiral, VIC shares had risen 600 percent since the beginning of 2025. [6] By Dec. 5, 2025, the stock reached its highest price ever recorded on HOSE, [7] at which point Vingroup accounted for approximately 14 percent of the exchange’s total market capitalization. [8]

However, data on this performance varies; Yahoo! Finance lists the 52-week trading range between 20,200 and 142,800 đồng, while MarketWatch shows a significantly wider range of 39,700 to 278,900 đồng. [9] [10]

Amidst this volatility and during various share offerings, Chairman Phạm Nhật Vượng repeatedly made profit commitments and urged investors to trust the company. [11]

Vingroup's stock price increased sharply by 600% from the beginning of 2025 to December 5, 2025. Source: Stock Analytics .

“Investing in stocks is like sailing a ship—you will encounter waves and wind. But if investors hastily jump into the sea, they will regret it,” Vượng said. He noted that because shares had surged strongly since early April 2025, selling too early could leave investors regretting their “haste.”

Notably, prior to this sharp rise in stock price, Vượng established two new subsidiaries: VinEnergo (March 2025) for the electricity sector, and Vinspeed (May 2025) for railway infrastructure. Between March and November 2025, Vingroup transferred nearly 600 million VIC shares to these entities.

The Precendents

The current volatility is not without precedent. VIC shares have a history of sharp, short-term fluctuations, most notably in late July 2023, when the stock rallied from 25,500 đồng to a peak of 38,200 đồng in under a month. [12]

This surge coincided with a period of aggressive expansion. Chairman Phạm Nhật Vượng declared his ambition to capture Western EV markets, leading to the successful Nasdaq listing of subsidiary VinFast (ticker: VFS) in August with a valuation of 23 billion USD. [13] Concurrently, the first shipment of 999 VinFast electric vehicles arrived in the U.S., [14] accompanied by announcements regarding a new U.S. manufacturing plant and showroom network.

The optimism, however, was short-lived. By the end of August 2023, VFS shares crashed, wiping out more than 80 billion USD in market capitalization in a single day. [15] The subsidiary’s performance struggled to match expectations, reporting a loss of approximately 623 million USD in the third quarter of 2023 alone. [16]

By late September 2023, VIC shares had slid to 19,500 đồng, a nearly 49 percent decline from their peak. Following this correction, VIC traded in a narrow range of 19,500 to 22,850 đồng from April 2024 until the surge in early 2025. Yet, even those turbulent periods appear modest compared to the crisis unfolding now.

The first shipment of VinFast electric vehicles arrived in the U.S. market in May 2023. Photo: VinFast .

Thiên Lương wrote this article in Vietnamese and published it in Luật Khoa Magazine on Feb. 11, 2026. Đàm Vĩnh Hằng translated it into English for The Vietnamese Magazine.

References: +

1. See: https://banggia.dnse.com.vn/v2?symbol=VIC

2. See: https://www.facebook.com/groups/chungkhoans/posts/3272055036306291/

3. See: https://stockanalysis.com/quote/hose/VHM/market-cap/

4. See: https://stockanalysis.com/quote/hose/VIC/market-cap/

5. See: https://finance.vietstock.vn/VIC/transaction-statistics.htm?grid=market&tab=table&languageid=2

6. See: https://stockanalysis.com/quote/hose/VIC/history/

7. Cổ phiếu Vingroup vượt đỉnh lịch sử, tỷ phú Phạm Nhật Vượng lập kỷ lục chưa từng có . (2025, August 25). Báo Markettimes. https://markettimes.vn/co-phieu-vingroup-vuot-dinh-lich-su-ty-phu-pham-nhat-vuong-lap-ky-luc-chua-tung-co-89287.html

8. See: https://www.hsx.vn/en/du-lieu-giao-dich/market-cap

9. See: https://finance.yahoo.com/quote/VIC.VN/history

10. See: https://www.marketwatch.com/investing/stock/vic?countrycode=vn

11. Chiêm, K. (2025, September 17). “Chọn cổ phiếu VIC hay vàng”, tỷ phú Phạm Nhật Vượng trả lời bằng thực tế. Báo Điện Tử Dân Trí . https://dantri.com.vn/kinh-doanh/chon-co-phieu-vic-hay-vang-ty-phu-pham-nhat-vuong-tra-loi-bang-thuc-te-20250917152918017.htm

12. See: https://banggia.dnse.com.vn/v2?symbol=VIC

13. VinFast debuts on Nasdaq Global Select Market following successful business combination with Black Spade Acquisition Co . (2026, February 10). VinFast. https://vinfastauto.us/investor-relations/news/vinfast-debuts-on-nasdaq-global-select-market-following-successful-business

14. Lô xe đầu tiên cập cảng California – VinFast nhận giấy phép bán hàng tại Mỹ – Cộng đồng VinFast Toàn cầu . (n.d.). Cộng Đồng VinFast Toàn Cầu. https://vinfast.vn/lo-xe-dau-tien-cap-cang-california-vinfast-nhan-giay-phep-ban-hang-tai-my/

15. Thiên Lương. (2026, January 8). Đưa Xanh SM niêm yết sàn quốc tế: Ông Phạm Nhật Vượng tham vọng gì sau thất bại của VinFast? Luật Khoa tạp chí. https://luatkhoa.com/2026/01/dua-xanh-sm-niem-yet-san-quoc-te-vingroup-tham-vong-gi-sau-that-bai-cua-vinfast/