The 25-Year Capital Race: A Hydropower Company That Once Held the Crown Before the ‘Giant’ FPT, Vinamilk, Vietcombank Flooded the Market

July 2025 marks 25 years since the Vietnamese stock market began operations in 2000 with only 2 stocks. From 2001 to early 2006, major companies like Vinh Son Song Hinh (VSH) entered the market, with VSH being the largest in 2005. Vinamilk (VNM) joining in 2006 doubled the market capitalization of HOSE. The turning point came when Vietnam joined the WTO on November 7, 2006, leading to a boom in listings, including FPT becoming the market leader by year-end with 28 trillion VND. Vingroup quickly rose to the top after listing in 2007. From 2015 to 2022, Vinamilk and Vingroup alternated in the top positions. By 2025, Vietcombank leads with over 476 trillion VND in capitalization, with various banks and large corporations dominating the top echelon. Over 50 companies have a market cap above 1 billion USD, with more anticipated in the near future.