Vietnam’s map is now shaped by 34 provinces and cities, each with its economic powerhouse enterprises that serve as pillars of the local economy, contributing significantly to the national treasury and serving as a source of pride for their respective regions.
The impact of some of these giants can directly affect a province’s budget and employment rates. As of August 22, 2025, among the listed companies, 19 provinces and cities boast a local giant with a market capitalization of over VND 5,000 billion.
The combined market capitalization of these 19 enterprises exceeds VND 1.4 quadrillion, a colossal figure that underscores their weight and influence not only locally but also nationally.
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The northern region is home to two of the top ten companies in terms of market capitalization on the stock market: Vietcombank (VCB) and Hoa Phat Group (HPG). Vietcombank, headquartered in Hanoi, holds the distinction of being the largest bank by market capitalization in Vietnam, reflecting the city’s position as the country’s financial and political center.
While Hoa Phat Group is based in Hung Yen with executive offices in Hanoi, its steel complex, owned by billionaire Tran Dinh Long, is located in Quang Ngai province.
The rise of Hoang Huy Investment Financial Services JSC (TCH) in Hai Phong is a notable highlight, showcasing the port city’s dynamism in infrastructure and real estate development.
In central Vietnam, although Hoa Phat Dung Quat is not attributed to Quang Ngai province, the region boasts a significant giant in Binh Son Refining and Petrochemical Company Limited (BSR). Meanwhile, Vinpearl’s listing on the stock exchange has contributed a company with a market capitalization of nearly VND 145,000 billion to Khanh Hoa province.
The southern region displays a diverse and vibrant economic landscape. Ho Chi Minh City, the country’s economic hub, is home to the Vietnam Airports Corporation (ACV), which manages the nation’s vital airport system.
The Mekong Delta, Vietnam’s rice and seafood basket, is also home to prominent names such as TTC AgriS in Dong Thap, Vinh Hoan in An Giang, and Ca Mau Fertilizer, showcasing the immense potential of high-tech agriculture.
Ho Chi Minh City and Hanoi, unsurprisingly, are the localities with the highest concentration of billion-dollar enterprises in Vietnam.
This list reflects Vietnam’s economy, featuring both large-scale state-owned corporations operating in key sectors and dynamic private enterprises with impressive growth rates.
The fact that only 19 out of 34 provinces have listed companies with a market capitalization of over VND 5,000 billion also indicates diverse economic development. Many localities may have economies reliant on FDI, unlisted private enterprises, or small-scale agriculture.
This presents both a challenge and an opportunity for these provinces to continue their ascent and foster their own giants in the future.
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