Vietnam’s stock market wrapped up a spectacular year in 2025, with the VN-Index gaining over 40% to close near 1,800 points, ranking among the top performers globally. This surge was powered by strong rallies in key blue-chip stocks, significantly boosting the wealth of the country’s leading billionaires.

On December 31, the last trading day of the year, the market continued its upward momentum. The VN-Index climbed 17.59 points, or about 1%, to reach 1,784.49.

This performance placed Vietnam’s main stock index second in Asia - behind only South Korea - and well ahead of major U.S. indices, despite America’s markets benefiting significantly from the AI technology boom, including big gains in companies like Nvidia.

One of the biggest drivers behind Vietnam’s rally was the “Vin family” of stocks.

Vingroup (VIC) shares jumped by 6,600 VND to 169,600 VND per share, or around USD 6.90 (not yet adjusted for splits). That’s more than an 8.5-fold increase from approximately 40,000 VND at the start of the year.

Vinhomes (VHM) gained 6,500 VND to reach 124,000 VND per share (USD 5.04), more than tripling since January. Vincom Retail (VRE) also added 850 VND to reach 33,650 VND (USD 1.37).

The year-end surge added USD 1.6 billion to Pham Nhat Vuong’s net worth, taking it to USD 30 billion, according to Forbes. That ranks him 72nd globally, a massive leap from about USD 4 billion at the start of the year. Vuong is now the second-richest individual in Southeast Asia, trailing only Indonesian tycoon Prajogo Pangestu, who had USD 38.8 billion as of December 31 and ranked 54th worldwide.

Stocks linked to billionaire Pham Thi Phuong Thao also performed strongly. HDBank (HDB) rose by 1,750 VND to 29,700 VND (USD 1.21), and VietJet (VJC) gained 3,600 VND to reach 209,000 VND (USD 8.49). Thao’s wealth rose by USD 85 million to USD 4.9 billion, placing her 826th on the global rich list.

Techcombank (TCB) and Masan (MSN) posted smaller gains of 550 VND and 100 VND respectively, closing at 34,900 VND (USD 1.42) and 77,000 VND (USD 3.13). These helped lift Ho Hung Anh’s net worth to USD 2.3 billion (ranked 1,691) and Nguyen Dang Quang’s to USD 1.1 billion (ranked 2,985).

Shares of Hoa Phat Group (HPG) edged down slightly, placing Tran Dinh Long’s net worth at USD 2.7 billion, ranked 1,511 globally.

Billionaires Tran Ba Duong and Bui Thanh Nhon remain outside the Forbes billionaire list.

That leaves Vietnam with five officially recognized billionaires in U.S. dollars as of the end of 2025, according to Forbes.

The rally in “Vin family” stocks not only boosted Pham Nhat Vuong’s wealth but also significantly enhanced the fortunes of his associates and family members.

This remarkable rise of the Vietnamese stock market was fueled by several key factors: robust economic growth, accommodative fiscal and monetary policies, improved legal frameworks, upgraded infrastructure, and strong investor sentiment surrounding Vietnam’s potential market reclassification.

Vietnam also benefited from global and regional stock market momentum.

Still, a closer look shows that the gains in the VN-Index were largely concentrated in a few sectors - real estate, banking, and industries tied to public investment. Within these, the “Vin family” was the single largest contributor to the index’s rise.

With a 40% jump, the total market capitalization of the Vietnamese stock market reached an estimated 9.7 quadrillion VND (approximately USD 396 billion), equivalent to around 84% of projected 2024 GDP. The number of retail and institutional investors also surged.

In the medium to long term, both domestic and international institutions remain optimistic about the prospects of Vietnam’s capital market, citing stable macroeconomic fundamentals, low interest rates, accelerated public investment, and progress toward market upgrade classification.

However, risks remain.

Liquidity is still uneven, foreign capital flows are volatile, and investor sentiment remains cautious due to ongoing global economic uncertainties.

Manh Ha