July 2025 marks the 25th anniversary of the Vietnamese securities market, which began on July 28, 2000, with two initial stocks. The early phase saw little change, until Vĩnh Sơn – Sông Hinh (VSH) debuted in 2005, becoming the largest company at the time. Vinamilk (VNM) also listed in 2006, doubling HOSE’s market capitalization. The critical milestone came in November 2006 when Vietnam joined the WTO, prompting a surge of new listings. FPT went public that same year, quickly becoming the largest company with 28 trillion VND in market cap. From 2015 to 2022, Vinamilk and Vingroup took turns leading in capitalization, with Vingroup currently holding the second-largest market value. The banking sector has also gained significant traction, particularly Vietcombank, which now leads with over 476 trillion VND in market capitalization. Presently, there are over 50 companies with a valuation above 1 billion USD, indicating a promising future for major public offerings.
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