Vietnam’s stock market witnessed a vibrant and record-setting year in 2025, with the VN-Index surging nearly 41% from 1,269 points at the start of the year to almost 1,800 points by mid-October  -  a historic peak. The rally, fueled by robust economic growth, legal reforms, and infrastructure improvements, brought gains to the majority of investors.

In particular, “Vin” stocks posted explosive growth, with Vingroup (VIC) multiplying eightfold from around VND 40,000 per share (USD 1.60) in February to over VND 320,000 (USD 12.80) by early December  -  before any stock split adjustments.

By mid-December, the VN-Index was up 38% year-over-year, with average daily trading value hitting a record VND 29.5 trillion (USD 1.2 billion). Market capitalization exceeded VND 9.68 quadrillion (USD 387 billion), equivalent to 84.1% of Vietnam’s estimated 2024 GDP. The number of investor accounts soared past 11 million, a 24.7% increase from 2024.

Vietnam’s bond market also expanded steadily, with over 473 listed bond codes totaling more than VND 2.6 quadrillion (USD 104 billion), or 22.8% of 2024 GDP. Daily trading value grew nearly 27% year-over-year, averaging close to VND 15 trillion (USD 600 million) per session.

Capital raised via the stock market surged, especially through equity and corporate bond issuance, reaching more than VND 142.33 trillion (USD 5.7 billion)  -  nearly double the figure from 2024. Meanwhile, state budget funding through the market was estimated at VND 313 trillion (USD 12.5 billion).

Deputy Finance Minister Nguyen Duc Chi highlighted the market’s strong momentum: “Vietnam’s stock market continued a positive trajectory, with clear growth in indexes, liquidity, capitalization, and investor numbers  -  all reflecting increased market scale, depth, and appeal.”

Legal framework and tech upgrades support market growth

Vietnam’s Securities Law and associated legal instruments were revised and streamlined in 2025, forming a more transparent and synchronized legal foundation for healthy market operations.

A new IT system officially launched in 2025 laid the groundwork for future innovations, enabling the rollout of new products and services to meet the market’s increasing scale.

In a landmark achievement, Vietnam was upgraded by FTSE Russell from a frontier market to secondary emerging market status  -  enhancing the stock exchange’s global standing.

Regulatory discipline was also strengthened, with market violations investigated and penalized rigorously, ensuring transparency and the protection of legal rights for all stakeholders.

Opportunities and risks ahead

The market now enters a sensitive but promising period, with short-term risks balanced by strong medium- and long-term potential.

Supportive factors include looser monetary policy, falling interest rates, and increased government investment in infrastructure. These developments are channeling capital into stocks  -  particularly in banking, securities, and real estate.

Legal reforms and transparency efforts continue to bolster confidence and provide a strong base for long-term growth and further upgrades.

However, risks persist. Market corrections in late 2025 led to steep losses for some investors  -  with declines of up to 20–50% in certain stock groups amid high volatility and weak liquidity.

Investor caution remains, fueled by global economic uncertainties and foreign capital fluctuations. Stricter regulations on information disclosure, bond issuance, and market violations may delay recovery in some sectors but aim to stabilize the system.

Outlook for 2026: focus on reforms and sustainability

In 2026, Vietnam’s State Securities Commission (SSC) will focus on key objectives: enhancing the legal framework, maintaining upgraded market classification, ensuring safe and effective IT system operation, and applying science and technology to market oversight.

Other priorities include developing new products, improving investor quality with a focus on institutional investors, advancing investor education, and expanding international cooperation in the securities sector.

According to top brokerages, the outlook for 2026 remains optimistic. SSI Research forecasts the VN-Index could reach 1,920 points, supported by attractive valuations, strong corporate earnings, and returning foreign capital. The firm also dismissed concerns about a market bubble despite 2025’s sharp rally.

Some analysts even predict the VN-Index may exceed 2,000 points if macroeconomic conditions and foreign inflows remain favorable  -  especially after Vietnam’s reclassification as a “secondary emerging market,” which could trigger further ETF and global fund investment.

Manh Ha