MSCI has released its August 2025 review for its flagship frontier markets index, the MSCI Frontier Markets Index. Notably, two Vietnamese stocks, FPT and HCM, have been added to the MSCI Frontier Market Index, while SJS was removed.

FPT’s inclusion in the index could be attributed to its large foreign ownership limit, or “room,” which is the highest it has been in years. As of the close of the market on August 14, 3035, FPT had nearly 154 million units (over 10%) available for foreign investors.
Following the August review, the MSCI Frontier Market Index now includes five Vietnamese stocks, totaling 238 stocks. As of July 31, Vietnam maintained its position as the country with the highest weight in the MSCI Frontier Market Index, with a representation of 26.11%. Morocco followed closely with over 15%.

Country Allocation of the MSCI Frontier Market Index as of July 31, 2025
Three Vietnamese stocks, VIC, HPG, and VHM, made it to the top 10 stocks by weight in the index, ranking 4th, 6th, and 7th, respectively.
Turning to the MSCI Frontier Markets Small Cap Index, 28 stocks were added, and 11 stocks were removed in the August review. Vietnam saw the addition of four stocks (EVG, HPX, HLD, and IMP) and the removal of two (NBB and VDP).
These changes will take effect after the market closes on August 26. The next review is scheduled for November 5, 2025, in the early morning of November 6, 2025, Vietnam time.
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