25-Year Capitalization Race: A Hydropower Company that Once Ruled Before Giants Like FPT, Vinamilk, and Vietcombank Flooded the Market

July 2025 marks the 25th anniversary of the Vietnam stock market, starting from July 28, 2000, with only 2 stocks. In 2005, Vinh Son Song Hinh (VSH) became the largest company on the floor with a capitalization of 16 trillion VND. Vinamilk (VNM) entered the market in January 2006, doubling the HOSE capitalization following Vietnam’s WTO accession. Subsequently, major companies like FPT, Vietcombank, and Vingroup joined the market. As of 2025, Vietcombank leads with a capitalization of 476 trillion VND. Over 50 companies now exceed 1 billion USD in capitalization on the market. A significant IPO event from Techcom Securities is expected to attract attention soon.