On the morning of April 10, Vietnam’s stock market experienced a record-breaking surge, mirroring a global financial rally.

The historic rise followed U.S. President Donald Trump’s surprise announcement of a 90-day suspension of reciprocal tariffs, which immediately lifted investor sentiment and dispelled market gloom.

Explosive gains

April 10 marked an unforgettable trading session in Vietnam, as the VN-Index soared nearly 73 points in under two hours - up more than 6.6% to 1,166 points by 9:50 a.m.

This was the strongest single-session gain in the history of Vietnam’s stock market, surpassing all previous records.

The rally came after four consecutive days of sharp declines, during which the VN-Index lost 13–14% due to fears of a deepening global trade war.

Other key indices also rallied dramatically. The VN30, which tracks the 30 largest stocks, surged 6.9%, with all listed stocks hitting their ceiling price and no sellers in sight.

The HNX-Index rose nearly 7.9%, while the HNX30 jumped 9.5% to 403.65 points.

The Upcom-Index followed suit with a 9.4% gain. Trading volume hit record highs early in the session, showing robust investor participation following days of panic selling.

The rebound was triggered by President Trump’s unexpected announcement on April 9 to delay imposing reciprocal tariffs on more than 75 countries for 90 days, maintaining only a basic 10% rate.

Posted on Trump’s Truth Social account, the announcement sent waves of optimism across global financial markets - from U.S. stocks and cryptocurrencies to gold and oil.

In Vietnam, where the market had just endured a steep sell-off, the news came as a much-needed breather, prompting investors to seize the recovery window.

Sectors previously hit hard by trade tensions - such as textiles, seafood, and wood exports - led the rally. Major stocks like VNM (Vinamilk), HPG (Hoa Phat), and VCB (Vietcombank) all hit their daily limit-up, driving the broader market higher. Both individual and institutional investors jumped in to buy, creating a demand surge unseen in recent memory.

Just minutes into the ATO session, over 310 stocks were gaining, with 250 reaching their ceiling prices. Leading financial names like Techcombank, SHS, MBB, and ACB all rose to their limit. Real estate stocks also joined the rally, hitting their respective ceilings.

However, experts cautioned that the surge appeared largely technical, fueled by short-term investor optimism following the U.S. policy shift, rather than signaling a sustained recovery.

Risks remain

Tran Thi Khanh Hien, Head of Research at MB Securities, noted on the afternoon of April 9 that after four sessions of forced selling and cross-selling, the sell-off pressure had largely cleared.

Still, the scale of the rebound on April 10 - nearly all major stocks hitting their ceiling - was unexpected, even after Trump’s decision to delay the tariffs.

Earlier that day (April 10, Vietnam time), U.S. markets also recorded a historic session. The Dow Jones Industrial Average surged 2,962.86 points (7.87%) to close at 40,608.45 - the third-largest one-day gain since World War II. The S&P 500 jumped 9.52% to 5,456.9 points, and the Nasdaq soared 12.16% to 17,124.97 - the biggest one-day rise since 2001.

Positive momentum was seen across financial and commodity markets globally.

Vietnam’s rally on April 10 aligned with this global recovery trend, fueled by investor optimism over the tariff delay.

Trump’s 90-day pause was seen as a timely “dose of relief” for markets. For Vietnam, which faced a potential 46% reciprocal tariff from the U.S., the move offers a window for the government and businesses to negotiate and reduce trade pressure.

Thanks to Vietnam’s network of free trade agreements and its key role in global supply chains, the country can demonstrate trade balance to avoid harsher tariffs once the 90-day grace period ends. Still, this period is relatively short to secure a lasting resolution.

Despite the temporary relief, significant risks remain. If the U.S. and China fail to reach an agreement and tensions escalate, global markets and supply chains could face renewed turmoil. Vietnam, as a key supply hub, would inevitably be impacted.

Additionally, the unpredictable nature of Trump’s policies continues to inject volatility and uncertainty into global financial and commodity markets.

Though the April 10 surge was impressive, it is widely seen as technical - more reflective of investor euphoria than a foundation for long-term recovery. A brokerage director noted this may be an opportunity to restructure portfolios and mitigate risk amid ongoing uncertainty.

Manh Ha