Vietnam Stock Market Upgrades Status: New Investment Opportunities for Investors in 2025

Vietnam’s stock market is undergoing a significant transition. After a major adjustment in early April 2025, this is seen as a crucial time for forward-looking investors. Vietnam’s economy is expected to continue growing at a rate of 6.7% in 2025. Despite short-term volatility, strong economic fundamentals and government policy support suggest a clear recovery trend.

Factors Driving Vietnam’s Stock Market: Why Are Investors So Enthusiastic?

The New Asian Dragon with the Highest Growth Rate

Vietnam has emerged as one of Asia’s fastest-growing investment destinations. In terms of figures, Vietnam’s economic growth rate has been three times higher than Thailand’s in recent years. In 2025, the GDP expanded by 7.09%, and international financial institutions forecast growth to remain at 6.7% annually. These numbers reflect profound structural economic changes.

Companies listed on Vietnam’s stock market benefit from this economic growth, with profits increasing by 15-20% annually, outpacing the global market average in many countries.

Upgrading to a Frontier Market: Opening the Capital Floodgates

The most significant event for Vietnam’s stock market is its upgrade from a (Frontier Market) to an (Emerging Market) by 2025. This is not just a classification change but a gateway for massive global capital inflows.

Numbers speak for themselves: currently, frontier markets receive less than $100 billion USD in investment, while emerging markets attract approximately $6.8 trillion USD. This difference is hugely significant.

According to MSCI indices, Vietnam ranks first among frontier markets with a weight of 28.8%. Once the upgrade is complete, global funds tracking emerging market indices will need to adjust their portfolios to include Vietnamese stocks, leading to substantial capital inflows.

High-Quality Vietnamese Stocks to Watch in 2025

ACV ( Airports Corporation of Vietnam ) - Key to Tourism Growth

ACV manages all major airports in Vietnam, including the prominent Tan Son Nhat near Ho Chi Minh City and Noi Bai near Hanoi. The short-term risks from reduced air travel have passed, and the aviation industry is now recovering strongly.

The growth driver for ACV is the large Long Thanh International Airport project under construction near Ho Chi Minh City. Once completed, it will handle 100 million passengers annually, making it the most modern airport in the region. This expansion will support Vietnam’s tourism growth and international connectivity.

VCB ( Vietcombank ) - Financial System Leader

Vietcombank is the largest financial institution in Vietnam and one of the top market cap companies on the stock exchange. As the economy grows rapidly, demand for loans and financial services has increased significantly.

VCB’s strengths include its market leadership, access to government resources, and support from national policies. Currently, banking service penetration in Vietnam remains below developed countries, offering huge growth potential. Especially as digital technology transforms the financial sector, VCB should be a primary choice for investors seeking core banking stocks.

VHM ( Vinhomes ) - Real Estate Development Leader

Vinhomes is Vietnam’s largest real estate company, developing comprehensive residential projects from condominiums to premium villas.

Vinhomes is part of Vingroup, Vietnam’s leading conglomerate, which accounts for about 2.2% of the country’s GDP. Its strengths lie in project quality, modern design, and professional management.

Growth factors include the expanding middle class and rapid urban population growth. The demand for quality urban housing continues to rise, supported by infrastructure development such as roads, metro systems, and utilities, which add value to real estate assets.

GAS ( Petrovietnam Gas ) - Basic Energy

Petrovietnam Gas is a major energy company in Vietnam, operating in oil and natural gas exploration, production, transportation, and distribution.

As a state-supported organization, GAS benefits from privileged access to resources and concessions. As Vietnam develops its economy, energy demand increases, especially for natural gas, which is cleaner and helps reduce greenhouse gas emissions. Despite global energy price fluctuations, long-term demand in Vietnam remains strong.

VNM ( Vinamilk ) - Dairy Market Leader

Vietnam Dairy Products, or Vinamilk, is Vietnam’s leading dairy producer, with a market value exceeding $6.48 billion USD. It holds a dominant share in the country’s milk and dairy products market.

VNM’s growth is driven by expanding dairy consumption, which remains much lower than in many developed countries. The average milk consumption per capita per year in Vietnam is lower than in many regional countries, indicating huge growth opportunities as income levels rise and health consciousness increases.

VNM has a consistent dividend payout history, strong financials, and a trusted brand, making it an attractive choice for investors seeking both growth and income.

FPT ### - Technology and IT Services Leader

FPT is a renowned international technology company specializing in custom software development for high-tech firms worldwide.

Analysts believe FPT has the potential to become Vietnam’s largest market cap company within the next year, as Vietnam advances its global technology competitiveness.

FPT’s strengths include high-quality IT personnel at lower labor costs compared to developed countries, enabling global competitiveness. Especially in the digital transformation era, demand for AI, Cloud Computing, and Big Data is surging. FPT invests heavily in these technologies, offering significant growth opportunities.

( MSN ) Masan Group ### - Food and Retail Business Leader

Masan Group operates across various sectors, especially food and beverages, producing instant noodles, condiments, and meat products well known in Vietnam.

MSN’s strength lies in its strong brands that are part of daily life for Vietnamese consumers. In late 2019, MSN acquired VinCommerce, which includes over 3,000 VinMart and VinMart+ retail stores nationwide.

This expansion into retail aligns with changing consumer behaviors, with new product lines such as health foods, ready-to-eat meals, and premium products, matching the growth of the middle class.

( VRE ) Vincom Retail - Shopping Mall Leader

Vincom Retail leads Vietnam’s shopping mall industry. It is part of Vingroup, the same group as VHM. Its strengths include prime land holdings, high-quality project development, and support from Vingroup.

VRE’s growth drivers include expanding middle class, rising purchasing power, and changing consumption culture. Younger Vietnamese consumers prefer shopping malls for shopping, dining, and leisure.

The arrival of international retail brands like Zara, H&M, and Uniqlo enhances mall attractiveness and offers opportunities to increase rental income. Despite e-commerce growth, shopping malls remain vital in urban lifestyles.

Market Cycles and Opportunities: Buying After Adjustments

The major correction in early April 2025, when the VN Index dropped over 75 points, presents an interesting opportunity for visionary investors. This was driven by trade measures amid global economic pressures. Experts see this as a “buying opportunity.”

Dispersed stock sales across the market indicate investors need time to assess the true impact. Market reactions often overreact to short-term bad news. Major corrections typically offer chances to buy quality stocks at attractive prices, especially in economies with strong fundamentals like Vietnam.

Vietnam Funds: Accessible Investment Channels

For investors wanting exposure to Vietnam’s stock market without individual stock selection, mutual funds focused on Vietnam are a good option. Investors can invest through domestic mutual funds that have policies targeting Vietnam.

Advantages of investing via mutual funds:

• No need for individual stock analysis; managed by professional fund managers
• Better diversification across multiple companies
• Ease of buying and selling through accessible channels

Conclusion

Vietnam’s stock market is at a pivotal point in 2025, supported by strong economic growth, its upgrade to an emerging market, and increasing global investor interest. The top 8 stocks—ACV, VCB, VHM, GAS, VNM, FPT, MSN, and VRE—each have growth potential aligned with long-term economic trends.

For investors, both direct stock investments and mutual funds are accessible options. Investing in Vietnam could be a strategic move to diversify portfolios in this era.