Over the past two decades, Vietnam’s stock market has witnessed not just the rise of standout companies, but also the expansion of vast corporate ecosystems. These diversified, tightly held conglomerates are playing a pivotal role in shaping the VN-Index and investor psychology.

Vingroup: Leading Vietnam’s private enterprise ecosystem

According to Forbes’ latest global billionaire rankings, Vietnam currently has five billionaires: Pham Nhat Vuong, Nguyen Thi Phuong Thao, Tran Dinh Long, Ho Hung Anh, and Nguyen Dang Quang. Except for Tran Dinh Long, all these billionaires control extensive business ecosystems with listed stocks that have surged amid a booming market.

Pham Nhat Vuong, Chairman of Vingroup, is not only Vietnam’s richest person but also the only Vietnamese listed among the world’s top 500 wealthiest individuals, according to both Bloomberg and Forbes. His business empire includes some of the largest listed firms on Vietnam’s stock exchange.

As of August 19, 2025, Forbes estimated Vuong’s net worth at $12.4 billion, up from $4.4 billion at the end of 2024, driven largely by the sharp appreciation in "Vin stocks" such as VIC (Vingroup), VHM (Vinhomes), VRE (Vincom Retail), and VPL (Vinpearl). While newly listed VPL is in a slight downtrend since its May 2025 debut, the others have risen strongly: VIC is up 195%, VHM 133%, and VRE 72% year-to-date.

Vingroup and Vinhomes now rank among Vietnam’s top three most valuable listed firms, trailing only Vietcombank. Vingroup’s market capitalization currently sits near 478 trillion VND (about $20.1 billion), while Vinhomes follows with 418 trillion VND (around $17.6 billion).

Each Vin-branded company leads in its field: Vinhomes dominates residential real estate with a 26% market share and a 18,800-hectare land bank. Vincom Retail operates 88 shopping centers nationwide under four formats. Vinpearl leads hospitality and entertainment with 48 locations across the country.

For 2025, Vingroup is targeting revenue of 300 trillion VND (approx. $12.6 billion) and post-tax profit of 10 trillion VND (approx. $420 million), representing year-on-year growth of 58% and 89%, respectively. Its core focuses remain technology-industry (VinFast), commerce-services (Vinhomes, Vinpearl, Vincom Retail), and philanthropy (Vinschool, VinUni, Vinmec).

Vingroup and its affiliates are also expanding into green energy and infrastructure, reinforcing the group’s long-term profitability and stock appeal.

Sovico: A discreet but influential ecosystem built around Vietjet and HDBank

Sovico, led by Vietnam’s only female billionaire Nguyen Thi Phuong Thao, has developed a powerful yet low-profile ecosystem anchored in aviation, banking, real estate, and energy. While the Sovico brand itself is not listed, its influence is felt through major companies like Vietjet (VJC) and HDBank (HDB).

Vietjet stock has surged nearly 60% in a month, jumping from around 94,000 VND to 150,000 VND per share. In H1 2025, the airline carried over 14.4 million passengers across 79,000 flights, up 10% and 13% respectively year-over-year. Vietjet commands 46% of domestic and 56% of international passenger market share in Vietnam. Consolidated revenue reached 35.837 trillion VND ($1.51 billion), with post-tax profit of 1.294 trillion VND ($54.5 million), up 55% from H1 2024.

Meanwhile, HDBank reported record-breaking H1 profit of 10.068 trillion VND ($425 million), with Q2 alone contributing over 4.713 trillion VND ($199 million). Its stock has gained 45% since early July.

The bank also benefits from regulatory incentives after acquiring a struggling bank. According to Circular 23/2025/TT-NHNN issued August 12, 2025, such banks qualify for a 50% reduction in mandatory reserve ratios, effective from October 1, 2025 - providing more lending capacity.

Nguyen Thi Phuong Thao’s personal net worth, per Forbes, is now $3.7 billion, ranking her 1,068th globally.

In addition to aviation and banking, Sovico also holds interests in urban real estate and renewable energy via unlisted and affiliated firms.

Techcombank - Masan: A strategic alliance of banking and consumer power

Unlike the centralized structures of Vingroup and Sovico, the Techcombank-Masan ecosystem is a strategic partnership between two independent giants. Built by billionaires Ho Hung Anh and Nguyen Dang Quang, this model integrates banking with fast-moving consumer goods.

Key listed entities include TCB (Techcombank), MSN (Masan Group), MCH (Masan Consumer), MML (Masan MEATLife), MSR (Masan High-Tech Materials), VCF (Vinacafé Bien Hoa), VSN (Vissan), and NET (Net Detergent). Soon, the ecosystem will welcome TCBS (Techcom Securities), following its high-profile IPO.

Techcombank now ranks as Vietnam’s third-largest financial institution by market cap at 287 trillion VND ($12.1 billion), trailing only Vietcombank and VPBank. Masan Group and Masan Consumer each hold market caps exceeding 120 trillion VND ($5.1 billion).

Thanks to direct holdings in these firms, both founders maintain their USD billionaire status and consistently rank among Vietnam’s ten wealthiest stockholders.

Why ecosystems matter to investors

These corporate ecosystems leverage vertical integration across industries - from production to distribution to finance - offering synergistic advantages that standalone firms cannot match. They facilitate cash flow optimization, mutual capital support, and enhanced competitiveness.

On the stock market, ecosystems with multiple listed firms provide investors with thematic “baskets” of related stocks, boosting liquidity and attracting foreign capital.

Tien Phong