The Capital Race of 25 Years: A Hydro Power Company Once Held the Throne Before Giants Like FPT, Vinamilk, and Vietcombank Took Over the Floor

July 2025 marks 25 years since the Vietnamese stock market officially began operations, starting in 2000 with just two stocks. From the beginning, Vinh Son – Song Hinh Hydro Power Company (VSH) was the largest in market capitalization, but this position changed with the entry of giants like Vinamilk (VNM) and FPT. The introduction of new exchanges like HNX and UPCoM expanded the market significantly. Notably, Vietnam’s accession to the WTO in 2006 marked a turning point, attracting major companies such as ACB and SSI. From 2015 to 2022, Vinamilk and Vingroup alternated in the top spot for market capitalization, with Vingroup currently ranking second at over 365 trillion VND. Vietcombank has held the top position since 2021 with a market capitalization of 476 trillion VND. Currently, there are over 50 companies on the floor with a market cap over 1 billion USD.