July 2025 marks the 25th anniversary of Vietnam’s stock market, which began on July 28, 2000, with only 2 stocks. Following many changes, from 2001 to early 2006, Vinh Son Song Hinh (VSH) was the largest firm with a market capitalization of VND 16 trillion when listed in 2005. Vinamilk (VNM) joined in January 2006, doubling HOSE’s market capitalization. After Vietnam joined the WTO, the number of listed enterprises surged, with FPT being listed in 2006 at VND 28 trillion. From 2015 to 2022, Vinamilk and Vingroup alternated at the top in market capitalization. By 2025, Vietcombank held the top position with over VND 476 trillion, while Vingroup was second with over VND 365 trillion. Currently, there are over 50 firms with a market capitalization over 1 billion USD. TCBS is expected to launch an IPO soon, promising to create a new wave in the market.
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