The Blue-Chip Stocks

19 June, 2025

Disclaimer: This article excludes meetings of unlisted companies and those held exclusively online.

What defines a “national” stock? In reality, this is not a widely recognized term, nor is it exclusively attributed to blue-chip stocks with massive market capitalization. The phrase is used to describe stocks with a large number of public shareholders, indicating the interest, trust, and expectations of the investing community. National stocks typically exhibit high liquidity and often come with compelling stories linked to macroeconomic contexts, robust financial health, evident growth potential, and fair dividend payouts.

The notion of “national stocks” is temporal. During 2006-2007, SJC and PVX garnered significant attention but faded away in subsequent years. In 2017, ROS similarly stirred the market, propelling Mr. Trinh Van Quyet ahead of billionaire Pham Nhat Vuong as the richest person on the stock exchange at the time. However, ROS plummeted in 2018, and Mr. Quyet’s securities manipulation scandal unfolded in 2022. Following such incidents, the criteria for a “national” stock evolved to include the imperative of leadership integrity and transparent governance practices.

2025 Shareholders’ Meeting Season – Where National Stocks Take Center Stage

As enterprises tend to schedule their meetings on the same day, shareholders face the dilemma of choosing which ones to attend. This is when national stocks speak the loudest, filling venues with attendees ranging from a few hundred to a thousand people.

The most prominent name this season is the tech giant – FPT Corporation (HOSE: FPT). In previous years, FPT has consistently attracted attention due to its leadership in the tech sector and its global growth trajectory. Nonetheless, the allure of this tech behemoth is undeniable, especially with its share price surging to 160,000 VND/share, an 85% increase from the beginning of 2024. The meeting witnessed the participation of 1,734 shareholders, including both direct and online attendees. The venue was packed, with an estimated 1,500 people in attendance.

Chairman Truong Gia Binh at FPT’s 2025 Shareholders’ Meeting. Photo: FPT

For 2025, FPT aims for continued growth with a revenue target of 75,400 billion VND, a 20% increase from the previous year; and a pre-tax profit of nearly 13.4 trillion VND, a 21% increase. While acknowledging the challenging economic landscape, FPT maintains its attractive shareholder policies with a 20% dividend payout ratio in cash for 2024 (with the remaining 10% to be distributed in Q2/2025) and plans to sustain this ratio for 2025. Additionally, FPT intends to issue over 222 million bonus shares (a 15% ratio) in Q3.

FPT’s central narrative for this year’s meeting revolves around the global AI trend, with plans to integrate AI into all products and services. The corporation also strategizes to invest heavily in AI factories in Vietnam and Japan, allocating a budget of up to 6 trillion VND. Chairman Truong Gia Binh revealed that FPT is in discussions with partners about investing “a few billion USD” in data centers to democratize and popularize AI, anticipating the growing demand for AI solutions.

Next on the list is the steel industry leader – Hoa Phat (HOSE: HPG). With approximately 194,000 shareholders (as disclosed by HPG), the steel enterprise of billionaire Tran Dinh Long boasts the largest number of public shareholders on the stock exchange. HPG’s 2025 Shareholders’ Meeting reinforced its status as a national stock, recording a record-breaking attendance of over 1,000 participants, including 722 direct attendees and 324 proxies.

HPG’s packed shareholders’ meeting. Photo: The Manh

The focal point of HPG’s 2025 meeting was its ambitious business plan, despite the steel industry’s sensitivity to tariffs. HPG targets a revenue of 170 trillion VND (a 21% increase from 2024) and a post-tax profit of 15 trillion VND (a 25% increase). Notably, in Q1/2025, HPG achieved a revenue of 37 trillion VND and a profit of 3.3 trillion VND, equivalent to over 20% of its annual targets for both indicators.

Shareholders also showed keen interest in the progress of the super project – Dung Quat 2 Integrated Steel Complex (with a total investment of 85 trillion VND and a capacity of 5.6 million tons of HRC per year). Phase 1 is expected to commence trial operations in Q1/2025, while the second blast furnace is scheduled for completion in Q4/2025. Another highlight is the decision to invest in a rail steel production plant at Dung Quat 2, with an investment of approximately 14 trillion VND, to seize opportunities from key national rail infrastructure projects.

Regarding dividend policies, HPG altered its 2024 plan from 5% in cash and 10% in shares to 20% in shares, equivalent to issuing 1.3 billion new shares. According to Chairman Tran Dinh Long, this defensive move amid tariff uncertainties commits to reverting to the traditional dividend ratio from 2026-2027 if no abnormal changes occur.

SSI Securities Corporation (HOSE: SSI) also secured its place among the national stocks this season, with over 1,120 direct and proxy attendees (as per the meeting minutes). The allure of the leading securities firm is unsurprising, given the market’s captivating narratives, including the launch of the KRX system in May 2025, potential market upgrade prospects in September, macroeconomic risks, and net selling pressure from foreign investors.

SSI is also a “national” stock in the securities sector. Photo: SSI

For 2025, SSI aims for consolidated revenue of nearly 9.7 trillion VND and consolidated pre-tax profit of over 4.25 trillion VND, representing increases of 15% and 20%, respectively, compared to 2024. Additionally, SSI plans a private placement to increase its capital to over 20 trillion VND. A 10% cash dividend was paid for 2024.

One of the highlighted discussions at SSI’s meeting revolved around technology integration to reduce costs. Chairman Nguyen Duy Hung shared that SSI has effectively leveraged technology, enabling a 20% profit growth in 2024 despite only a 10% increase in revenue. Another topic of interest was the development of a digital asset exchange – a rumor that has garnered attention recently. However, Mr. Hung emphasized the need for extensive research and surveys, and SSI has not yet decided to establish an exchange due to legal concerns.

Lastly, we have the consumer goods giant – Masan Group (HOSE: MSN). Despite holding its meeting during the peak season (April 21-25), MSN’s 2025 event lived up to its “national” status, attracting 412 shareholders and proxies.

MSN’s 2025 Shareholders’ Meeting. Photo: Huy Khai

For 2025, MSN targets a post-tax profit of 4,875 – 6,500 billion VND, reflecting a 14% – 52% increase from 2024. Additionally, the consumer giant opted not to pay dividends for 2024 and approved the issuance of ESOP shares totaling approximately 7.2 million to employees. However, the spotlight of the meeting was on Masan’s strategies to navigate global trade tensions. CEO Danny Le affirmed that Masan is confident in defending its market share for essential products but acknowledged the potential competition from imported goods if import tariffs from the US are lowered.

Other points of interest included the Go Global strategy of Masan Consumer (MCH), focusing on key markets such as the US, South Korea, Japan, and the EU, with a 20% growth target and a portfolio comprising seasoning products, convenience foods, and instant coffee. Additionally, the discussion on electric vehicle battery materials was noteworthy, with Masan High-Tech Materials (UPCoM: MSR) acquiring a 50% stake in Nyobolt for 50 million USD. Masan clarified that the acquisition is linked to tungsten consumption, as the company has been supplying products to Nyobolt as a strategic shareholder and exclusive partner. Thus, Nyobolt’s growth will drive higher revenue for MSR from tungsten sales.

Analyzing the four national stocks this season, we observe a positive trend. Today’s investors attend shareholders’ meetings with heightened expectations for transparency and candor from leadership, and these enterprises are delivering on that front. Beyond clear and sustainable growth strategies, shareholders demand commitments from management in executing plans and safeguarding shareholders’ interests. As the theoretical owners of these businesses, investors are increasingly knowledgeable and assertive, posing challenging questions and expecting satisfactory responses, signaling a shift towards greater transparency and accountability.

Chau An

– 19:00 19/06/2025