27 Vietnamese stocks officially enter FTSE Global All Cap

On August 21, FTSE Russell announced the results of its September 2026 semi-annual review of the FTSE Global Equity Index Series (GEIS) for Asia-Pacific, excluding Japan and China. The review is particularly significant for Vietnam ahead of its official reclassification from frontier to secondary emerging market status on September 21.

Under the new composition, 27 Vietnamese stocks will be added to the FTSE Global All Cap. FTSE also added 90 stocks to the Micro Cap segment, bringing the total number of Vietnamese constituents in the FTSE Global Total Cap to 117. However, the Large Cap, Mid Cap and Small Cap segments are expected to attract the most attention from capital flows associated with the market upgrade.

The three Large Cap representatives are Vietcombank (VCB), Vingroup (VIC) and Vinhomes (VHM). The Mid Cap group comprises BIDV (BID), Hoa Phat (HPG) and VPBank (VPB).

The remaining 21 Small Cap stocks span banking, securities, real estate and consumer goods: FPT, GEX, HDB, HCM, MCH, MSN, NVL, SHB, STB, SSB, SSI, TCX, VNM, VCI, VJC, MSB, VRE, VPL, VIX, VND and VCK.

Notably, VCB, VIC, VHM, BID, HPG and VPB will also be added to the FTSE All-World, an index focused on Large and Mid Cap stocks. According to FTSE Russell, Vietnam will become the 49th country represented in the FTSE All-World.

The expected capital will not enter the market all at once. Vietnamese stocks will be phased into the global indices over four stages, beginning in September 2026 and concluding in September 2027 to limit the impact on market liquidity.

The new index composition is expected to take effect after the September 18 trading session and officially apply from September 21, 2026.

According to Vietcap, around $1.4 trillion in assets is managed by passive funds tracking relevant FTSE indices. If Vietnam is ultimately included at its full weighting, passive inflows could reach approximately $1.5 billion.

VPBank surprises, while VIC and VHM stand to gain most

When measured against expectations ahead of the review, VPBank (VPB) is perhaps the biggest surprise.

In FTSE Russell documents updated in April, VPB was absent from a preliminary list of 23 Vietnamese stocks expected to qualify. By August 21, however, the stock had not only secured a place in the FTSE Global All Cap but had been classified directly as a Mid Cap.

That means VPB will join VCB, VIC, VHM, BID and HPG in the FTSE All-World.

The distinction matters because Mid Cap status gives VPB exposure to a broader range of indices than it would receive as a Small Cap constituent. In terms of improvement from initial expectations, VPBank can therefore be regarded as one of the review’s standout winners.

Several other stocks were also upgraded relative to FTSE’s April indicative list, including HDB, HCM, MCH, SSB, TCX, MSB, VPL and VCK.

According to Yuanta, once Vietnam’s full inclusion in GEIS is completed, MCH could attract around $35.1 million, HDB $32.5 million, VPL $20.4 million and VCK nearly $18 million.

Securities stocks are another group drawing particular attention.

SSI Research estimates that SSI could attract approximately $43.3 million, followed by VIX with $34.7 million, VCK with $19 million, VND with $18.3 million, VCI with $17.5 million, TCX with $14.8 million and HCM with $13.7 million.

Together, the seven securities stocks could draw around $161.3 million, equivalent to roughly $160 million.

In pure capital-flow terms, however, VIC is expected to emerge as the biggest beneficiary.

Yuanta’s model estimates that VIC could receive around $554 million, followed by VHM at approximately $174 million and HPG at more than $85 million.

VIC and VHM alone could account for nearly half of the estimated passive inflows allocated to the 27 stocks. Adding HPG would take the three stocks’ combined share to more than half of the projected $1.5 billion total.

FPT, meanwhile, is a stock investors may need to watch for a different reason.

In the April reference list, FPT was classified as a Mid Cap, but the final August 21 review placed it in the Small Cap segment. The stock could still attract around $53.7 million, but its downgrade to Small Cap means narrower exposure to major benchmark index families than initially expected.

STB, MCH and VPL also fell short of Vietcap’s projections, with all three classified as Small Caps rather than Mid Caps. Meanwhile, KBC and TPB failed to make the All Cap group despite previously being included in Vietcap’s forecasts.

More broadly, the FTSE story extends beyond stock-price gains in the few sessions surrounding the announcement.

The VN-Index jumped nearly 34 points on August 20 to 1,768.12, with VIC, VCB and VHM making significant contributions. Securities stocks also rallied sharply, with several hitting their daily ceiling prices. Still, those movements alone are not enough to confirm a new upward trend, as buying momentum has yet to spread broadly across the market.

FTSE-related capital could therefore provide an additional catalyst for Vietnamese equities, but the benefits are likely to be highly differentiated.

VIC, VHM and HPG stand out in terms of the potential scale of inflows. VPB stands out for exceeding previous expectations, while SSI, VIX, VCI, VND, HCM, TCX and VCK merit attention because of their significantly broader index exposure.

Vietnam’s market upgrade may therefore prove to be a longer-term catalyst for the stock market rather than simply a short-lived boost.

Manh Ha