The country’s stock benchmark VN-Index closed the day 79 points higher at 1,765.55, the biggest ever rise by absolute point.

From L, back row: Tran Dinh Long, chairman of Hoa Phat Group; Pham Nhat Vuong, chairman of Vingroup; Nguyen Dang Quang, chairman of Masan Group; Ho Hung Anh, chairman of Techcombank; front row: Pham Thu Huong, vice chairwoman of Vingroup; Pham Thuy Hang, vice chairwoman of Vingroup; Nguyen Thi Phuong Thao, chairwoman of Vietjet; Ngo Chi Dung, chairman of VPBank.

Southeast Asia’s richest man Pham Nhat Vuong, Chairman of conglomerate Vingroup, was the biggest wealth gainer with a $1.3 billion pump to his net worth. He ranks 94th globally at $25.7 billion in assets.

His wife Pham Thu Huong added $135.2 million to her wealth, while her sister Pham Thuy Hang saw net worth rising $194.7. They are now worth $2.7 billion and $1.7 billion, respectively.

Other billionaires whose wealth rose by more than $100 million during the session include Vietjet chairwoman Nguyen Thi Phuong Thao, steelmaker Hoa Phat chairman Tran Dinh Long, and Techcombank chairman Ho Hung Anh.

The remaining two Vietnamese billionaires, VPBank chairman Ngo Chi Dung and Masan Group chairman Nguyen Quang Dang, also recorded gains of tens of millions of U.S. dollars.

Forbes calculates individual wealth based on the number and market value of shares held at a given point in time. It also considers other assets when compiling its rankings, including holdings in private companies, real estate, artwork, and yachts.

The rally in Vietnam’s stock market was primarily driven by the upgrade confirmation from London-based financial indexing firm FTSE Russell, boosting the country’s status to emerging market from frontier market.

In addition, easing geopolitical tensions in the Middle East supported market performance.

In the short term, brokerage firm SSI Securities Corporation expects the market to remain positive in the first half of April, supported by factors such as strong first-quarter corporate earnings, the market upgrade, and investor expectations regarding the new government term.

However, the firm cautioned that momentum is likely to weaken in the second half of the month. Historically, April tends to be a more cautious period.

This seasonal dip is often attributed to the market absorbing business plans following the annual general meeting season. At the same time, investors tend to take profits during the period when first-quarter results are announced.

In addition, SSI Securities forecasts that profit growth may slow in the second quarter due to rising fuel prices and persistently high interest rates. These factors, combined with an extended holiday at the end of the month, could reduce investor participation and liquidity, leading to increased short-term volatility in the market.

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