July 2025 marks the 25th anniversary of the Vietnam stock market. The market started with 2 stocks back in 2000 and has undergone many changes, seeing major companies like Vinh Son – Song Hinh (VSH) and Vinamilk (VNM) listed. VSH was the largest company by market capitalization in 2005 with 16 trillion VND. Vinamilk listed in 2006, doubling the market capitalization. After Vietnam’s WTO accession, many large companies like FPT and major banks were listed. From 2015-2022, Vinamilk and Vingroup alternated holding the top spot in capitalization. As of June 2025, Vietcombank leads with 476 trillion VND in capitalization, followed by Vin companies and other banks. Currently, there are over 50 companies with a market cap over 1 billion USD. Additional companies are expected to launch IPOs in the near future.
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