The VN-Index (VNI) extended its gains in December despite strong foreign outflows. Following a strong increase of 6.4% in November, the VNI continued its rallies in December as it rose 3.1% during December 1 – 12. However, the VNI then retreated due to selling pressure from foreign investors (foreign investors net sold a total of around USD470mn in 20 consecutive trading sessions from November 29 to December 26). Nevertheless, the VNI managed to rebound and ended the month at 1,129.9 (+3.3% in December). In 2023, the VNI increased 12.2% (vs -32.8% in 2022), in line with the performance of the MSCI Frontier Market (+12%) and outperforming MSCI Emerging Markets (-10%), Thailand’s SET (-15.2%), the Philippines’ PCOMP (-1.8%), and Indonesia’s JCI (+6.2%).

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