Following the dramatic surge on January 15th, ELCOM’s stock (ELC) continued its upward trajectory on January 16th, aligning with the broader rally in technology and telecommunications stocks like FPT, FOX, and CMG. By the close of trading on January 16th, ELC had climbed 6.36%, reaching VND 26,750 per share. This marks the highest price point for the tech stock in over 15 years since its listing on HOSE.
The recent two-day rally has propelled ELC out of its year-long trading range of VND 20,000–24,000 per share.
Three key factors are driving ELC’s price movement: robust demand, positive news surrounding ELCOM’s core products, and recent developments in Vietnam’s tech sector.
Firstly, ELC’s trading volume has seen a significant spike over the past two months. December 2025 witnessed a threefold increase in trading activity compared to the average of previous months.
On January 16th alone, over 4.6 million ELC shares changed hands, marking the highest trading volume in 20 months. This influx of liquidity, coupled with the record-high price, underscores the strong investor interest in ELC.
ELC stock breaks historical high with highest liquidity since late June 2024.
Secondly, ELCOM’s core product, the Intelligent Traffic System (ITS), has seen positive developments.
ELCOM’s ITS ecosystem encompasses various solutions, including camera systems, AI-powered surveillance cameras, automatic vehicle weight monitoring systems (eWIM), electronic toll collection (ETC), and waterway and maritime vessel monitoring systems.
Recently, ELCOM ITS was awarded the Public Sector category at the ASEAN Digital Awards (ADA), marking the first time a Vietnamese company has reached the top 3 in this category.
According to a 2024 BIDV Securities report, ELCOM holds a 60% market share in Vietnam’s ITS sector. This share has since grown to 70%, solidifying its leading position.
ELCOM’s 2024 annual report reveals that over 5 million vehicles pass through its ETC toll stations monthly.
In 2025, ELCOM and its consortium secured multiple ITS, ETC, and eWIM contracts for various highway projects, including the North-South Expressway’s Quang Ngai – Hoai Nhon (VND 269 billion), Mai Son – National Highway 45 (VND 210 billion), Phan Thiet – Dau Giay (VND 180 billion), Vinh Hao – Phan Thiet (VND 172 billion), and QL45 – Nghi Son (VND 100 billion) segments. ELCOM aims to win 7 out of 9 ITS contracts in the second phase of the expressway project, further expanding its market share.
Beyond highways, ELCOM has successfully bid for and implemented ITS projects in urban areas across Vietnam, including Ho Chi Minh City, Hai Phong, Thanh Hoa, Hue, Nghe An, Binh Duong, Phu Tho, Yen Bai, and Lao Cai. In late 2025, ELCOM secured a contract to install surveillance cameras for traffic management in Ho Chi Minh City.
ELCOM’s expertise positions it to benefit from the growing investment in smart traffic systems and surveillance cameras in major cities like Ho Chi Minh City, Hanoi, and Da Nang, with total investments reaching trillions of Vietnamese Dong nationwide.
Besides ITS, ELCOM excels in telecommunications, national defense, and digital transformation. In telecommunications, ELCOM partners with leading Vietnamese telecom companies like Viettel, Vinaphone, Mobifone, and VNPT, as well as global giants such as Ciena, IBM, and Radwin. In national defense, ELCOM provides communication, transmission, surveillance, interception, command center, control center, cybersecurity, and network monitoring solutions.
A notable 2025 contract win was the Long Thanh Airport management system project, valued at over VND 1.938 trillion, where ELCOM holds a 20% stake, outbidding major competitors like Viettel, VNPT, FPT, and Deo Ca.
The final factor influencing ELC and the broader tech sector is the promising outlook driven by recent large-scale project launches. This optimism has attracted investment into “Viettel-related” stocks (VGI, CTR, VTP) and “FPT-related” stocks (FPT, FOX, FOC) over the past week.
On January 16th, Viettel commenced construction of Vietnam’s first chip factory at Hoa Lac Hi-Tech Park, aiming to produce 32 nm chips by 2028. The 27-hectare facility is envisioned as a national hub for semiconductor research, design, testing, and production.
On the same day, Hanoi People’s Committee and FPT Corporation broke ground on the Digital and Mixed-Use Technology Park in Tay Tuu and Phu Dien wards. This nearly 200-hectare project aims to create a new growth hub centered on science, technology, and innovation, fostering a “Work – Live – Innovate” environment for the tech community from 2026 to 2031.
The expansion of domestic conglomerates presents opportunities for Vietnamese businesses through symbiotic relationships. Additionally, Vietnam is attracting attention from global tech leaders.
Eduard Stiphout, Vice President of ASML, a leading global semiconductor company, recently met with Prime Minister Pham Minh Chinh during his visit to Vietnam. Vietnam’s semiconductor ecosystem already includes major players like Samsung, Intel, NVIDIA, VDL-ETG, Tecnotion, and Coherent.
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