Vingroup: Vietnam’s First Trillion-Dollar Market Cap Enterprise?

Vingroup’s stock (ticker: VIC), owned by billionaire Pham Nhat Vuong, continues its robust surge, setting new highs. On November 27th, the stock climbed over 3%, pushing its market capitalization above 970 trillion VND, positioning it to potentially become Vietnam’s first trillion-dollar enterprise. Theoretically, the conglomerate could achieve this milestone as early as today.

Vingroup’s stock rally comes amid the active development of numerous projects across various sectors nationwide. Notably, VinSpeed, which has proposed participation in the $60 billion North-South High-Speed Railway project, is also researching investment in a high-speed metro line connecting downtown areas to Can Gio.

In the energy sector, VinEnergo, established by Vingroup, Pham Nhat Vuong, and his two sons, has been deemed capable by Ha Tinh’s Department of Industry and Trade to execute two wind power projects totaling nearly 40 trillion VND in investment.

In the industrial sector, VinMetal, with a capital of 10 trillion VND, is poised to develop a high-tech industrial steel complex in Vung Ang (Ha Tinh), with an initial capacity of approximately 5 million tons per year.

Additionally, Vinhomes Ha Tinh (a Vingroup subsidiary) will develop the Son Duong International Port project in Vung Ang ward. With an investment of over 8.8 trillion VND, the project includes three berths totaling 1,050 meters in length, capable of accommodating 100,000-ton container and general cargo ships.

In the services sector, the Ha Long Xanh Urban Complex project is accelerating land clearance efforts. This is Vingroup’s largest project to date, with a total investment of over 456.6 trillion VND (approximately $18 billion).

Separately, Vingroup shareholders recently approved a stock issuance to increase equity capital from retained earnings. The company will issue nearly 3.9 billion bonus shares at a 1:1 ratio, scheduled for Q4, with the exact timing determined by the Board of Directors.

Post-issuance, Vingroup’s charter capital will double to over 77 trillion VND, surpassing Hoa Phat to become Vietnam’s largest non-financial enterprise by charter capital. Only Vietcombank, MB, and VPBank will have higher charter capital.

Financially, Vingroup’s consolidated net revenue for the first nine months of 2025 reached 169.611 trillion VND, a 34% increase year-over-year. After-tax profit hit 7.565 trillion VND, 1.9 times higher than the same period in 2024, achieving 76% of the 2025 profit target. As of September 30, 2025, total assets stood at 1,087.870 trillion VND, up 30% from December 31, 2024, surpassing the 1 million trillion VND mark for the first time.