At the close of trading on October 10, the VN-Index rose by 22.61 points (+1.32%) to reach 1,739.08, marking the third consecutive session of gains. This momentum followed the October 8 announcement by FTSE Russell, which upgraded Vietnam’s stock market status to a secondary emerging market.

The official upgrade will take effect on September 21, 2026, after the interim review in March 2026. Analysts believe this reclassification will benefit Vietnam’s capital markets for decades to come, thanks to strong reforms.

The primary driver behind the sharp rise on October 10 and the VN-Index’s new all-time high was the group of large-cap "Vin" stocks, including Vingroup (VIC), Vinhomes (VHM), Vincom Retail (VRE), and Vinpearl (VPL).

Experts forecast the market still has room to climb higher as many other sectors have yet to break out.

Over the past week, the VN-Index has gained 6.18%. However, liquidity remains subdued, with trading volume down 16.1% compared to the 20-week average, suggesting momentum is not yet at full strength.

CSI Securities maintains an optimistic outlook, predicting that the VN-Index is likely to continue its upward trajectory in the coming sessions and challenge the 1,780-point resistance level.

On October 10, Vingroup (VIC) shares hit the ceiling, gaining VND12,500 to reach VND192,000 per share (approximately USD7.83). This is the highest price ever for VIC shares, far surpassing the VND40,000 (USD1.63) mark from February.

Vinhomes (VHM), a Vingroup subsidiary, also hit the ceiling, rising VND8,000 to VND123,000 (USD5.01) per share. Vincom Retail (VRE) climbed VND2,350 (+6%) to VND40,350 (USD1.65), and Vinpearl (VPL) added VND1,800 to close at VND89,000 (USD3.63).

By the end of the session, Vingroup’s market capitalization had reached nearly VND740 trillion (approximately USD28.5 billion), securing the top position on the stock exchange. Vinhomes followed as the third-largest with over VND505 trillion (USD19.4 billion) in market value.

Collectively, the four “Vin” companies surpassed a total market cap of VND1.5 quadrillion (around USD57.7 billion).

This surge in “Vin” stocks has led to a significant increase in Pham Nhat Vuong’s fortune. According to Forbes, as of October 10, Vietnam’s richest man held a net worth of USD18.1 billion, a dramatic rise from USD4 billion at the start of the year. Vuong now ranks 131st among the world’s wealthiest individuals.

The market also saw strong gains from Hoa Phat Group (HPG), chaired by Tran Dinh Long, whose shares rose VND650 to VND29,600 (USD1.21) per share. Long’s net worth currently stands at USD3 billion. Nguyen Thi Phuong Thao, Chairwoman of Vietjet Air and Vice Chairwoman of HDBank, has a net worth of USD3.5 billion.

Masan (MSN), led by Chairman Nguyen Dang Quang, saw its stock rise VND1,000 to VND84,100 (USD3.43), lifting Quang’s net worth to USD1.2 billion. Techcombank (TCB) Chairman Ho Hung Anh’s fortune stood at USD2.6 billion as of October 10.

Pham Nhat Vuong’s soaring wealth comes amid Vingroup and its affiliated companies rapidly expanding their business empire.

On October 6, Vingroup announced the establishment of VinMetal, officially entering the metallurgical industry and bolstering its modern industrial and technological pillars. With an initial capital of VND10 trillion (approximately USD385 million), VinMetal’s phase one production target is around 5 million tons per year at its facility in Vung Ang, Ha Tinh.

VinMetal aims to produce specialized steel for electric vehicles and high-speed transportation infrastructure, such as vehicle bodies, rails, and structural components for bridges, ports, and railways – supporting VinFast and Vinhomes operations.

Earlier, Vuong founded VinEnergo, which is spearheading the country’s largest LNG thermal power project in Hai Phong, with a capacity of 4,800 MW. In July, Vuong also invested in a company established to register for investment in the North-South high-speed railway project, VinSpeed.

VinFast is currently ramping up sales in Vietnam while expanding into markets such as India and the Philippines.

Manh Ha