The favorable context stems from FTSE Russell’s anticipated upgrade of Vietnam’s stock market to “Secondary Emerging” status, officially announced on October 8th and expected to take effect in September 2026. This upgrade opens doors to an estimated capital inflow of $3-7 billion.
Market infrastructure has been enhanced with the KRX trading system officially launching in May 2025. On the policy front, Decree 245, which reduces the listing time from 90 to 30 days, has streamlined processes, enabling companies to access capital more swiftly.
Performance of Newly Listed Companies in 2025
A review of companies listed or transferred in 2025 reveals varied business results and stock price movements.
Taseco Land (TAL) has shown the most positive performance. Since transferring to HoSE on August 1st with a reference price of approximately VND 23,000 per share, TAL’s stock has surged over 100% in just three months, reaching VND 48,200 per share (as of October 10th). This growth is fueled by a 254% increase in after-tax profit for the first six months, totaling VND 60.6 billion, alongside the company’s intensified investment in high-margin real estate projects.
Binh Son Refinery (BSR) has demonstrated recovery. Since transferring to HoSE on January 17th with a reference price of around VND 18,000 per share, the stock price has risen to VND 29,200 per share (as of October 10th). The company reported an after-tax profit of over VND 2 trillion for the first nine months. The stock’s performance is further supported by a planned 61.5% bonus share issue.
F88 (F88) also reported a 3.1-fold increase in six-month profit compared to the same period last year, reaching VND 254.7 billion. Listed on UPCoM on August 8th, F88 attracted attention with the highest market price. From the first session’s closing price of VND 888,800 per share, F88 climbed to VND 1,069,100 per share (as of October 10th). This high price is attributed to the very low free-float shares, though the stock has adjusted after its initial surge.
In contrast, Vinpearl (VPL) has experienced volatility. Listed on HoSE since May 13th with a reference price of approximately VND 95,000 per share, VPL currently trades at VND 89,000 per share (as of October 10th), reflecting a slight decline. VPL’s six-month after-tax profit dropped by 90% to VND 258.8 billion, primarily due to a one-time financial income in the previous year. However, its core business segments, hotels and entertainment, saw a 37.3% revenue growth.
Upcoming Large-Scale Listings
Upcoming IPO activities are expected to remain vibrant. Mr. Tran Hoang Son, Market Strategy Director at VPBankS, estimates that IPO and listing activities from now until 2027 will total approximately $47.5 billion.
In the financial sector, TCBS successfully IPOed in mid-September with a pre-IPO valuation of $3.7 billion, aiming to raise over VND 10.8 trillion.
VPBankS is also initiating a large-scale IPO. The company began its IPO on October 10th, planning to offer 375 million shares at VND 33,900 per share. At this price, VPBankS is valued at around $2.4 billion and expects to raise over VND 12.7 trillion.
Hoa Phat leads the Australian beef market share in Vietnam. (Photo: HPG)
In the manufacturing sector, the trend of listing subsidiary “ecosystems” is becoming prominent. Hoa Phat Group has submitted IPO documents for Hoa Phat Agricultural Development JSC (HPA), expected to list on HoSE in December 2025.
HPA is Hoa Phat’s second-largest business segment, outperforming the industry with a 15% net profit margin and 32% ROE in 2024. The company plans to offer 30 million shares at a minimum price of VND 11,887 per share, raising nearly VND 357 billion. At this price, HPA’s P/E ratio is approximately 2.1 times.
Another “ecosystem,” Gelex Infrastructure JSC, also plans to IPO, aiming to offer 100 million shares to raise around VND 3 trillion, with a potential billion-dollar valuation. The earliest listing timeline is January 2026.
This holding company manages Gelex’s core business segments, accounting for 66% of the group’s total assets, including 50.21% of Viglacera (VGC) and 62.46% of Song Da Water (VCW).
Additionally, market transfers of large UPCoM companies such as Vietnam Airlines Corporation (ACV) and Masan Consumer (MCH)—with a market capitalization of up to $5.7 billion—are attracting significant attention.
The market upgrade presents Vietnamese companies with opportunities to access international capital and revalue their enterprises. The stock market will increasingly become a crucial capital-raising channel, reducing reliance on bank credit.
However, participating in a larger playing field comes with higher standards. Listed companies, especially newly IPOed ones, must meet international transparency and corporate governance requirements to attract professional investment funds.
