As of August 22, 2025, only a handful of provinces in Vietnam boast a significant number of listed companies with a market capitalization exceeding 10 trillion VND. Hanoi, the capital city, leads the pack with 52 such enterprises, 11 of which are part of the exclusive “100 trillion VND club.”
At the top of this prestigious list is Vietcombank (VCB), with a market capitalization of nearly 520 trillion VND, solidifying its position as the leader in Vietnam’s stock market. Thaiholdings (THD), with a market cap of 10.126 trillion VND, brings up the rear among Hanoi-based companies.
Ho Chi Minh City, the economic powerhouse of Vietnam, is not far behind, with 50 companies surpassing the 10 trillion VND mark, including 10 in the 100 trillion VND club. The Vietnam Airports Corporation (ACV) takes the lead in this group with a market capitalization of almost 219 trillion VND, while the smallest company, Bank for Investment and Development of Vietnam (BVB), still boasts an impressive 10.317 trillion VND.
It comes as no surprise that these two metropolitan areas dominate the list, given their status as financial hubs and homes to numerous leading corporations, banks, and financial institutions.
In third place, we find the port city of Hai Phong, home to four companies with market capitalizations above 10 trillion VND: Hoang Huy Investment Financial Services JSC (TCH), Viconship JSC (VSC), Hai Phong Port JSC (PHP), and Tien Phong Plastic JSC (NTP). All four of these businesses are headquartered in the old city of Hai Phong, with no representation from Hai Duong.
Since the beginning of 2025, TCH, VSC, and NTP have seen impressive gains in their stock prices, with TCH rising by 57%, VSC by a remarkable 155.69%, and NTP by 14.79%. However, PHP has been on a downward trend since its strong performance in the fourth quarter of 2024, experiencing a 16.8% decline year-to-date.
Viconship and Hai Phong Port JSC are key players in the logistics and port operation sectors, reflecting Hai Phong’s competitive advantage in these industries. Additionally, Tien Phong Plastic JSC represents the city’s strong industrial and manufacturing base, while Hoang Huy Investment Financial Services JSC showcases the dynamic growth of the real estate sector in Hai Phong.
However, despite Hai Phong’s impressive showing, the city has yet to produce a company with a market capitalization of over 100 trillion VND.
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