Vietnam's Billionaire Heirs Go Bottom-Fishing After Historic Market Crash
After VN-Index's record single-day crash, billionaire heirs and company founders registered to buy over VND 2 trillion worth of their own stocks within two days.
On March 9, the VN-Index plunged more than 110 points — a drop of over 6% and the largest single-day point loss in Vietnam's stock market history.
Before the panic even subsided, the owners of Vietnam's biggest conglomerates — and their children — started moving. Within 48 hours, at least six large buy orders surfaced, totaling more than VND 2 trillion (about $80 million).
The Heirs Move First
The biggest move came from Trần Vũ Minh, son of Hòa Phát Group chairman Trần Đình Long. With HPG shares at a six-month low, he registered to buy 50 million shares — roughly VND 1.33 trillion at the time. The purchase would bump his stake in Vietnam's largest steelmaker from 2.3% to nearly 3%.
Meanwhile, Victor, the son of Vietjet chairman Nguyễn Thị Phương Thảo, registered to buy 2 million VJC shares. VJC had fallen nearly 30% from its late-2025 highs. The purchase, worth about VND 310 billion, was timed before the March 30 shareholders' meeting.
The Founders Aren't Sitting Still Either
It wasn't just the next generation.
Masan Group CEO Danny Le registered to buy 5 million MSN shares, worth an estimated VND 365 billion.
Hoàng Anh Gia Lai (HAGL) chairman Đoàn Nguyên Đức had already registered in early March to buy 5 million HAG shares for about VND 76 billion.
Phát Đạt Real Estate chairman Nguyễn Văn Đạt registered to buy 3 million PDR shares, worth roughly VND 44 billion. The interesting part: he sold 88 million shares at nearly VND 24,000 each last September, cashing out over VND 2.1 trillion. Now, with the stock at VND 14,750, he's buying back in.
Nam Việt, a leading seafood company, saw its deputy general manager Đoàn Chí Tiên register to buy 1 million ANV shares for about VND 23 billion.
Why Now
The backdrop is clear.
In early March, Middle East tensions spiked sharply. Military conflict between Iran and Israel intensified, pushing crude oil prices toward $100 per barrel. Rising oil prices fueled inflation fears, markets priced in rate hikes, and capital fled equities fast.
On March 9, the VN-Index went from 1,768 to 1,653. Hundreds of stocks hit their daily limit-down. Retail investors couldn't exit even if they wanted to.
For insiders, that's an opportunity. They know their companies' operations better than anyone. Share prices got dragged down by geopolitics, but fundamentals didn't change. Buying at a discount both reflects their conviction and sends a confidence signal to the market.
What Retail Investors Should Know
Insider buying is traditionally seen as bullish. But there are a few caveats this time.
First, these are all "registered purchases" — not completed trades. Vietnamese securities law requires insiders to disclose their intent before buying, but they're not obligated to buy the full amount.
Second, relative to these families' net worth, the amounts aren't that large. Trần Vũ Minh's VND 1.33 trillion sounds like a lot, but his father Trần Đình Long is worth over $2.5 billion.
Third, the Middle East situation remains unresolved. Oil prices are still elevated. If the conflict escalates further, markets could take another leg down.
As of March 12, the VN-Index had bounced to around 1,736 — up about 5% from the low, but still below pre-crash levels.
Still, when this many company owners register to buy at the same time, the market tends to take notice.
