July 2025 marks 25 years since the Vietnamese stock market began its operations. Starting with only 2 shares, the market has rapidly developed with major companies like Vinh Son Song Hinh (VSH), Vinamilk (VNM), and FPT joining. VSH was the largest company in terms of market capitalization in 2005 with 16 trillion VND, but later Vinamilk and FPT took the lead. A significant milestone was Vietnam’s WTO accession in 2006, attracting more companies to list. Currently, Vietcombank is the most capitalized bank at over 476 trillion VND. Vingroup and associated companies are also among the market’s top firms. It is expected that in 2025-2026, the market will welcome a large securities company IPO, continuing its growth trajectory.
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