Vietnam Stock Market: 8 Leading Companies to Watch in 2025

Part of smart investing is looking for opportunities outside the country, especially in high-potential markets. The Vietnamese stock market is considered one of the attractive targets for long-term investors. Although there was a sharp correction in early April, the economic fundamentals remain strong, with an estimated growth of 6.7% this year.

The importance of the Vietnamese market for investors

A robust expanding economy

Vietnam is undergoing a significant positive transformation. In 2024, the gross domestic product recorded a 7.09% expansion, a substantial figure compared to many regional countries. The government and major financial institutions estimate that this growth will continue, with an additional forecast of 6.7% for the current year.

Vietnam’s economic growth rate is not only high by regional standards but also differs from developed countries. This phenomenon is reflected in the profits of listed companies, many of which record annual growth of 15-20%.

Upgrading the stock exchange

A key event in 2025 is the change in status of the Vietnamese stock market from “Frontier Market” (Frontier Market) to “Emerging Market” (Emerging Market). This transformation has deep implications for capital flows.

Currently, global funds tracking frontier markets are less than 100 billion USD, while funds measuring emerging markets amount to approximately 6,800 billion USD. This size difference means that post-upgrade portfolio adjustments will channel significant funds into the Vietnamese market.

8 companies investors should pay attention to

1. VCB (Vietcombank) – The core of the financial system

Vietcombank is the largest financial institution in the country and has the highest market value on the market. Its leadership in the banking sector is comparable to major financial institutions in the region.

There are several reasons to invest in this stock. First, the financial service usage rate in Vietnam is still below developed country standards. This indicates that VCB has considerable room for expansion, especially as digital transformation opens new service channels.

Second, government backing for the development of the financial system will benefit VCB, even from policies or other support measures. For investors seeking fundamental evidence for their Vietnam portfolio, this stock should be a top consideration.

2. VHM (Vinhomes) – The leader in residential real estate

Vinhomes pioneered the residential real estate sector in Vietnam, from condominiums to luxury villas. It is part of Vingroup, a conglomerate influential in the economy, accounting for 2.2% of Vietnam’s GDP.

Investment indicators for this stock come from the expanding middle class and migration to large cities. The urban population share in Vietnam is still lower than neighboring countries but is increasing rapidly. Additionally, infrastructure development such as roads, utilities, and public transportation not only improves quality of life but also increases property values.

Although this sector may be affected by economic cycles, VHM’s long-term outlook remains positive.

3. GAS (Petrovietnam Gas) – The energy signal hub

Petrovietnam Gas is a leading energy organization involved in exploration, production, transportation, and distribution of oil and natural gas. Its role in the national economy is as important as major energy institutions in other countries.

GAS’s advantages include access to resources and concessions, financial stability, and government support. As Vietnam accelerates economic development, energy demand, especially for natural gas, will continue to rise. The company is well-positioned to benefit.

Despite fluctuations in global prices, the increasing fundamental demand provides a stable support.

4. VNM (Vinamilk) – A dairy market conqueror

Vietnam Dairy Products, or Vinamilk, is the largest dairy producer with a company valuation of 6.48 billion USD. The company leads the domestic market and exports to over 40 countries worldwide.

The key point for this stock is that dairy consumption in Vietnam remains lower than in other regional countries, indicating significant expansion potential. As income per capita rises and consumers prioritize health and nutrition, VNM pays regular dividends, has a strong financial base, and a well-known brand.

5. FPT – The tech sage

FPT is a globally renowned technology company specializing in software development for international corporations.

FPT’s strength lies in its highly skilled IT personnel, with labor costs lower than developed countries. This makes the company highly competitive in the global market as organizations seek efficient software development partners.

During the digital transformation era, demand for AI, Cloud Computing, and Big Data services is skyrocketing. Many analysts believe FPT could become Vietnam’s largest market-cap stock within the next decade.

6. MSN (Masan Group) – The power of food production

Masan Group operates in various segments of the food and beverage industry, from instant noodles and sauces to meat products.

MSN’s strength comes from well-known brands in Vietnam, everyday consumer products. The Vietnamese consumer goods sector is also expanding. The company has acquired control of the VinMart retail chain, with nearly 3,000 stores, creating a powerful distribution network.

As consumer behavior shifts, MSN has adapted by developing new products, whether new flavors or health-oriented products, aligning with the growth of the middle class.

7. VRE (Vincom Retail) – The mall architect

Vincom Retail is a leader in developing and managing shopping malls, part of Vingroup like VHM.

The investment basis in this stock is owning land in prime locations, developing high-standard projects, and strong backing from the parent group.

Growth factors include the expansion of the middle class, changing consumer behaviors—especially among the younger generation who prefer shopping malls for shopping, dining, and leisure. The arrival of international retail brands also adds value and allows rent increases.

8. ACV (Airports Corporation of Vietnam) – Sky-high and ground-breaking

Airports Corporation of Vietnam manages the country’s main airports, including Tan Son Nhat and Noi Bai, which are key gateways for international travel.

ACV’s strength lies in Vietnam’s rapidly growing tourism industry. Before the health crisis, foreign tourist numbers increased year by year. After market reopening, tourism trends have regained strength.

Another interesting project is Long Thanh International Airport, under construction outside Ho Chi Minh City. This project is estimated to handle 100 million passengers per year when completed, indicating confidence in future aviation growth.

How to invest in Vietnamese stocks for domestic investors

Option 1: Services through local brokerage firms

The easiest way is to open an account with a domestic brokerage firm that offers international stock trading services. The process includes:

1. Contact the brokerage firm to inquire about terms and fees
2. Prepare necessary documents such as ID and financial proof
3. Deposit funds into the account as required
4. Place buy orders online

The advantage is convenience, and advice may be available from Thai staff. The downside is that fees might be higher.

Option 2: Direct investment through Vietnamese brokers

Investors seeking direct access can contact Vietnamese brokerage firms such as SSI Securities, VNDirect, or HSC.

Steps include contacting via email or phone, preparing key documents, and sometimes traveling to register. The benefits are lower fees and direct access to information. The drawbacks are paperwork complexity and language barriers.

Option 3: Focused mutual funds

If individual stock investing seems complicated, investing through mutual funds with a Vietnam-focused policy is an option. Advantages include professional management, diversification, and no need to select stocks yourself. Disadvantages are management fees and slightly higher costs.

Option 4: International online investment platforms

Currently, many international online platforms offer access to foreign stocks, making trading convenient via online systems. Benefits include ease of use, low fees, and free analytical tools. The downside is some platforms may lack local language support, so careful review of terms is necessary.

Summary

The Vietnamese stock market is currently experiencing a major opportunity, from rapid economic growth to its transition into an emerging market and increasing interest from global investors.

The 8 high-quality stocks (VCB, VHM, GAS, VNM, FPT, MSN, VRE, ACV) analyzed here all have growth potential aligned with economic trends, roles, and industry positions of each company.

For Lao investors interested in entering this market, options include services via local institutions, Vietnamese brokers, mutual funds, or international online platforms. Each has its advantages and limitations, so choosing the investment method depends on individual needs, capabilities, and convenience.

Investing involves risks. Please assess suitability carefully before making decisions.