After a quiet spell, the Hochiminh Stock Exchange (HOSE) is buzzing with new listings, reaffirming its role as the powerhouse behind 90% of Vietnam’s market value.

Billions of dollars into HOSE In late December 2025, more than 1.07 billion shares of Masan Consumer Holdings (MCH), a subsidiary of Masan Group, officially began trading on the Hochiminh Stock Exchange (HOSE). In preparation for this milestone, Masan had gradually reduced its ownership stake from over 92% to 65% since early 2024, opening the door for broader shareholder participation. Yet the true highlight of 2025 was the trio of landmark deals that combined initial public offerings (IPOs) with listings on HOSE—an exchange known for its stringent requirements compared with HNX and UPCoM. These included two bank‑affiliated securities firms, TCBS and VPBankS (owned by Techcombank and VPBank, respectively), as well as VPS Securities, a market leader in individual brokerage. Thanks to streamlined procedures—where IPO and listing applications were reviewed simultaneously—it took these companies only two to three months to bring their shares to market. In total, nearly 5.7 billion shares were listed on HOSE, with a combined market capitalization of around US$10 billion at the time of debut. This is a striking figure, given that annual transaction values during 2019–2024 ranged from just US$15–70 million, compared with US$2.6 billion in 2018, according to a VinaCapital report. Statistics from HOSE show that approximately VND102.81 trillion in charter capital was newly listed in 2025. Fourteen stocks received listing approvals, accounting for 5.14% of the total charter capital of already listed companies. The exchange was markedly more vibrant last year, with newly listed stock volume rising 2.3 times and charter capital increasing 2.5 times compared with previous years. The wave of listings is only just beginning. In the final two months of 2025, several listed corporations introduced their “subsidiary stocks” to investors while outlining plans for early 2026 debuts. Notable examples include Hoa Phat Agricultural Development JSC (HPA), part of leading steelmaker Hoa Phat Group (HPG); Dien May Xanh Investment JSC, under Mobile World Group (MWG) and known for its retail brand Dien May Xanh; and HAGL International Investment JSC, specializing in agricultural services as a subsidiary of Hoang Anh Gia Lai Group (HAG). Overall, most business owners seized the opportunity to raise capital in 2025, as the market consistently hit new highs in both points and liquidity. Domestic cash flows—from institutional and individual investors alike—maintained strong momentum, providing a solid foundation for enterprises to expand their capital‑market activities. According to FiinRatings, listed companies planned to mobilize VND198.7 trillion in 2025. Seeking big chances in a booming market Vietnam’s stock market made significant progress in 2025, with regulatory improvements deepening market structure and expanding product offerings. IPOs and listings on HOSE, along with the migration of companies from other exchanges, are widely expected to boost liquidity and rekindle foreign investor interest—particularly as FTSE Russell has confirmed Vietnam’s market will be reclassified in September 2026. Vu Huu Dien, chairman of VPBankS, described the current timing as “relatively perfect” for listing. He anticipates that once the market is officially upgraded in 2026 and enriched with new products, international capital will flow back into Vietnam’s exchanges. Foreign capital remains a challenge for Masan Group, particularly after South Korea’s SK Group exited amid a restructuring of its global investments, which also included its withdrawal from Vingroup. At the launch of Masan Consumer Holdings (MCH), Danny Le, chairman of the Board of Directors of MCH and CEO of Masan Group, emphasized that the listing transfer would enhance liquidity and broaden access to investors. He further expressed expectations of “revaluing” the group’s shares and left open the possibility of raising international capital. It is also worth noting that Masan High‑Tech Materials JSC, another subsidiary engaged in mining, is currently listed on UPCoM. Another noteworthy development is the re‑listing of Vinpearl JSC under Vingroup with the ticker VPL, operating in the tourism sector. VPL was delisted in 2011 following the merger of Vinpearl and Vincom to form Vingroup, but in 2023 Vinpearl re‑emerged as an independent subsidiary. It would not be surprising if Vingroup’s upcoming capital‑mobilization plans feature a stronger role for Vinpearl. Overall, the current race for capital mobilization can be described as “riding the wave of growth” alongside the stock market. Encouragingly, industry groups beyond banking and real estate are beginning to assert themselves more prominently, offering investors a fresh perspective. These range from financial services—including pawnshops now listed on UPCoM—to consumer goods manufacturing, agriculture, and services. Nevertheless, several potential “headwinds” loom over the market. Fund managers frequently cite Vietnam’s excessive volume of shares in circulation as a concern, often without factoring in business efficiency. While the long‑term development of capital markets—and the gradual shift away from bank‑based financing—is widely supported, it carries the risk of asset price bubbles. For the business community, resource management remains the most pressing challenge. History offers a cautionary tale: in 2017–2018, the surge of large‑scale IPOs and listings was followed by a sharp downturn. Whether 2026 will unfold differently is the key question. The macroeconomic backdrop, however, is not the same. In 2019, global markets were shaken by the first U.S.–China trade war. Today, Vietnam’s stock market is undergoing reforms and preparing for the boost expected from its official upgrade, which investors hope will deliver a fresh wave of confidence and stability. However, the three aforementioned stocks have struggled post‑listing, as the market undergoes a correction. This has prompted many investors to question the true value of newly listed shares, raising concerns about potential revaluations at debut and their implications for future listings. While long‑term capital mobilization remains essential, excessive dilution can easily create confusion among retail investors. Ultimately, it is not stock prices but stronger business performance that provides the most solid foundation for a sustainable market.