25-Year Capital Race: A Hydro Company Once Ruled Before Giants Like FPT, Vinamilk, and Vietcombank Took Over the Market

July 2025 marks 25 years since the Vietnamese stock market began operations. Starting in 2000 with just 2 stocks, the market has seen a significant increase in the number and scale of companies. In 2005, Vinh Son Song Hinh (VSH) was the largest company with a market capitalization of 16 trillion VND, but later Vinamilk (VNM) and FPT achieved other important milestones. VNM listed in 2006, boosting the market’s capitalization. Vietnam’s WTO membership in 2006 provided momentum for many new companies to list, including FPT and Vingroup, along with several major banks. Vietcombank (VCB) has risen to the lead position in capitalization in recent years, reaching over 476 trillion VND by mid-2025. Currently, over 50 companies have capitalizations over 1 billion USD, including giants like Vingroup and major banks. The market is expected to welcome more substantial IPOs in the near future.