The third quarter of 2025 has concluded, revealing the top cash-rich conglomerates on the stock market (excluding financial, banking, and insurance sectors). Familiar names dominate this list.
As of September 30, 2025, data shows 13 companies holding over 20 trillion VND in cash, cash equivalents, and short-term deposits. Collectively, these 13 giants hold a staggering 484 trillion VND.
Leading the pack is Vingroup, boasting over 80 trillion VND in cash, a nearly 68% increase from the beginning of the year. While this marks a slight decrease of 2 trillion VND from Q2 2025, it remains the second-highest cash reserve in the conglomerate’s history.
Vingroup’s dominance extends beyond cash. As of September 30, 2025, its total assets surpassed 1 million trillion VND (approximately 41 billion USD), a 30% increase from the start of the year. This milestone makes Vingroup the first private enterprise and the second non-banking company in Vietnam, after the National Energy Group PVN, to achieve this asset threshold.
Following closely in second place is Vinhomes, with nearly 51 trillion VND in cash, a substantial increase of approximately 20.4 trillion VND from the beginning of the year.
Three companies boast cash reserves exceeding 40 trillion VND: PV Gas (44.1 trillion VND, up 11 trillion VND), Viettel Global (43.8 trillion VND, up 6.9 trillion VND), and Binh Son Refinery (BSR) (42.1 trillion VND, down 0.9 trillion VND).
Mobile World Investment Corporation (MWG) holds approximately 38.9 trillion VND, a decrease of 1.4 trillion VND from Q2 but still a significant increase of 29.1 trillion VND from the beginning of the year, nearly quadrupling its initial amount.
FPT Corporation (FPT) reports cash reserves of around 37 trillion VND, an increase of 5.9 trillion VND from the start of the year.
Joining PV Gas and BSR in the top 10 cash-rich companies within the energy sector is Petrolimex (PLX), with approximately 30.2 trillion VND.
Masan Group holds around 14.3 trillion VND, a decrease of 4.9 trillion VND from the beginning of the year. Similarly, Sabeco experienced a significant cash decline, dropping by approximately 3.3 trillion VND compared to the start of the year.
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