July 2025 marks 25 years since the Vietnamese stock market began operations. Starting with two stocks in 2000, Vietnam’s stock market has undergone significant changes. Vinh Son Song Hinh (VSH) was the largest company in 2005, but giants like Vinamilk (VNM) and FPT quickly replaced it. Following Vietnam’s WTO accession in 2006, major companies like FPT and Vingroup entered the market, with FPT reaching a market capitalization of 28 trillion VND at debut. From 2015 to 2022, Vinamilk and Vingroup contested for the top capitalization. Today, Vietcombank leads with a market cap of 476 trillion VND. Currently, there are over 50 companies with market caps above 1 billion USD, with expected large IPOs coming up.
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