The 25-Year Capital Race: A Hydropower Company Once Held the Crown Before Giants FPT, Vinamilk, and Vietcombank Dominated the Stock Market

July 2025 marks the 25th anniversary of the Vietnamese stock market’s operation, which began with only two stocks: SAM and REE. Since 2005, the entrance of major companies like Vĩnh Sơn – Sông Hinh (VSH), once the largest in market capitalization at 16 trillion VND, shifted the landscape. Vinamilk (VNM) listed in 2006, doubling HOSE’s capitalization. By late 2006, FPT joined, becoming the largest company with 28 trillion VND in capitalization. Vingroup entered the market in 2007 and dominated from 2015-2022. Vietcombank (VCB) and other large banks have consistently ranked in the top ten, with VCB currently valued at over 476 trillion VND. Today, over 50 companies have market caps exceeding 1 billion USD, with anticipated significant IPO events coming up.