The Vietnamese stock market has witnessed significant fluctuations and changes over the past decade, and so has the ranking of the top 10 companies with the largest market capitalization.
Banks continue to hold multiple spots in the top 10. In the past decade, there has never been a time when the top 10 companies with the largest market capitalization did not include at least 3 banks. Notably, Vietcombank has held the top position for nearly 4 consecutive years with a significant capitalization gap compared to the second position. As of August 9, 2024, Vietcombank’s capitalization was over VND 490 trillion, followed by BIDV with VND 266 trillion and ACV with VND 239 trillion.
Interestingly, as of the trading session on August 9, 2024, the top 5 companies with the largest market capitalization were all state-owned enterprises, including Vietcombank, BIDV, ACV, Viettel Global, and PV Gas. This is the first time in 10 years that the top 5 ranking has been devoid of private enterprises.
Among the largest private enterprises in the country, Vinamilk and Vingroup have consistently been among those with high market capitalization. In the 6-year period from 2015 to 2022, Vinamilk and Vingroup took turns holding the number 1 position. However, since 2017, Vinamilk’s ranking has dropped significantly with the emergence of new enterprises, and as of August this year, it has fallen out of the top 10.
On the other hand, Vingroup or Vinhomes frequently ranked within the top 5 until 2023 before experiencing a sharp drop this year.
Top 10 companies with the largest market capitalization from 2015 to 2024
This shift can be attributed to the outstanding growth of ACV and Viettel Global in the first half of the year, as they consistently broke historical records, propelling their market capitalization to new heights. Viettel Global climbed from the 9th position at the end of 2023 to 3rd place, with a market capitalization of over VND 239 trillion, an increase of more than VND 95 trillion compared to the previous year. Meanwhile, PV Gas, which first entered the top 10 in 2015, now stands at 4th place with a capitalization of nearly VND 193 trillion, an increase of over VND 114 trillion in just over 8 months.
With the world trending towards AI, semiconductors, and chips, coupled with favorable financial results, technology stocks, particularly those related to “FPT” and “Viettel,” have made a strong impression on the stock market in the first half of 2024. Joining Viettel Global in the top 10 for the first time in a decade is FPT, with a market capitalization of over VND 185 trillion as of August 9.
Amid the rise of these enterprises, two Vin-affiliated companies, Vingroup and Vinhomes, have dropped out of the top 5 companies with the largest market capitalization after consistently ranking within the top 5 from 2018 to 2023. With their stock prices declining since the beginning of the year, Vinhomes’ market capitalization decreased by VND 26 trillion, while Vingroup’s dropped by nearly VND 13 trillion, placing them in 9th and 10th positions, respectively.
Some companies that have consistently maintained their presence in the top 10 market capitalization over the past 10 years include Vietcombank, Vingroup, BIDV, and PV Gas.
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Once a formidable competitor in the stock market, the total market capitalization of the entire real estate industry is now less than the combined market capitalization of three banks.
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