Adding the “Billion USD” Option to the Stock Market
Following its upgrade by FTSE Russell, Vietnam’s stock market has witnessed a vibrant wave of capital raising, listings, and floor transfers. In December alone, approximately 8 new stock codes are expected to begin trading or move to HoSE, with a combined market capitalization estimated in the hundreds of trillions of VND.
This momentum highlights robust growth, strong capital demand, and business expansion, while also showcasing the maturity, transparency, and positive outlook for Vietnam’s stock market.
Amid this wave, shares of VPBank Securities JSC (VPBankS, HOSE: VPX) have become a market focal point. On December 11, 1.875 billion VPX shares will officially trade on HoSE with a reference price of 33,900 VND/share and a ±20% price range on the first day. The company’s market capitalization upon listing is expected to reach nearly 64,000 billion VND (2.4 billion USD), ranking it among the top 3 in the securities sector.
Previously, VPBankS completed a record-breaking initial public offering (IPO), selling 375 million shares at 33,900 VND/share, raising nearly 12,713 billion VND. The IPO process was swift and professional, attracting major investors such as Dragon Capital and VIX Securities.
 Investors experience VPBankS products at the IPO roadshow. (Photo: VPBankS)
|
The introduction of VPX adds a high-quality, large-scale, and standardized stock to the securities group on HOSE. Despite its critical role in capital market development, the number of large-cap securities stocks has remained limited, failing to match the sector’s potential. Prior to VPX’s listing, only two securities firms on HOSE had market capitalizations exceeding 2 billion USD, and the overall securities group’s scale paled in comparison to banking or real estate.
Upon listing, VPX’s advantages in market capitalization, financial strength, and backing from the VPBank ecosystem may make it attractive to domestic and international individual and institutional investors.
Its leading scale also positions VPX for potential inclusion in key indices, attracting passive investment funds. According to Phu Hung Securities (PHS), the stock could be considered for addition to indices like VNFIN Lead, VN30, and VNFIN Select by 2026, provided it maintains liquidity and operational performance as planned.
Additionally, VPX’s listing coincides with a favorable market recovery and the anticipated “January Effect.” This period sees many investors, particularly institutions, rebalancing portfolios and strategizing for the next investment cycle.
Strong Fundamentals, Leadership Potential
VPBankS is the sole securities company within the ecosystem of Vietnam Prosperity Joint Stock Commercial Bank (VPBank; HOSE: VPB). Since its 2022 launch, VPBankS has quickly risen to the top in various segments, including margin lending and investment banking. Post-IPO, its chartered capital stands at 18,750 billion VND, with equity nearing 33,000 billion VND, ranking second in the industry (excluding Q4/2025 profits).
VPBankS’s robust financial foundation has earned positive recognition. In its inaugural credit rating report, VIS Rating assigned VPBankS an A issuer rating with a stable outlook. This reflects its “Above Average” independent capital and liquidity, along with strong support from the VPBank ecosystem.
According to VIS Rating, the stable outlook indicates expectations of consistent risk appetite, leverage, and liquidity as VPBankS executes its expansion strategy over the next 12–18 months.
In the first nine months of 2025, the company reported pre-tax profits of 3,260 billion VND, nearly double the previous year. Total assets reached over 62,100 billion VND by Q3, with margin lending exceeding 27,000 billion VND, placing it in the industry’s top 3.
With strengthened capital, ecosystem, technology, and workforce post-IPO, VPBankS aims to become a leading securities and investment bank, pioneering personalized financial solutions for all customer segments. Its 2026–2030 plan targets 32% annual compound growth, aiming to lead the securities industry in total assets and pre-tax profits by 2030.
– 10:19 10/12/2025
Unlocking Vietnam’s Vast Capital Market Potential in the New Era
With new equity capital reaching 10% of GDP and KRX infrastructure significantly boosting liquidity, experts believe the capital market is poised for a breakthrough, supported by an increasingly robust policy framework.
Stock Market Outlook for the Week of December 8-12, 2025: Storm Clouds Gather
The VN-Index plummeted relentlessly in the final session of the week, marking its steepest weekly decline since the tariff shock in April 2025. Pessimism is spreading as the market loses all support from blue-chip stocks, while buying power remains insufficient to counter the mounting selling pressure.
Pinetree: Empowering the Next Generation of Self-Directed Investors
The digital age is revolutionizing how we seize financial opportunities. Amid this transformation, a new breed of investors, dubbed the “Self-Directed Investor Generation,” has emerged, increasingly defining their distinct DNA: Freedom – Automation – Confidence – Autonomy.
Chairman of the SSC: High-Quality FDI Enterprises to Rebalance Sectoral Structure on the Stock Market
The State Securities Commission (SSC) is aggressively promoting the listing of large-scale, high-performing foreign direct investment (FDI) enterprises, while streamlining the IPO and listing process to just 30 days.
Unlocking Legal Barriers: Empowering FDI Enterprises to Confidently List on Stock Exchanges
Following a comprehensive review and consultation with relevant ministries, the State Securities Commission (SSC) has received approval from the Government and the Ministry of Finance to resume accepting listing and trading registration applications from foreign-invested enterprises (FIEs). This decision significantly expands the scope for diversifying products in the market.
