Record highs, structural change shape Việt Nam's stock market in 2025

Record highs, structural change shape Việt Nam's stock market in 2025

In 2025, the market entered a particularly memorable phase, recording a series of landmark events and setting multiple records not seen in many years.

Việt Nam's stock market has entered a decisive stage of transformation after 25 years of development, driven by deeper institutional reform, technological modernisation and an expanding market scale. In 2025, the market reached a particularly memorable phase, recording a series of landmark events and setting multiple records not seen in many years. These developments have helped establish a more solid foundation, reinforcing expectations for a new era defined by greater professionalism, transparency and sustainability.

Officially upgraded by FTSE Russell

After more than seven years on the upgrade watchlist, Việt Nam reached a historic turning point on October 8 when FTSE Russell announced the country had met all required criteria and was upgraded from a frontier market to a secondary emerging market. This milestone marked the start of a new development phase, accompanied by deeper and broader reform requirements to achieve long-term objectives.

Delegates at the launching ceremony of the KRX system. VNA/VNS Photo

The operation of KRX information technology system

In 2025, the stock market information technology platform, the KRX system, officially entered stable, safe and uninterrupted operation from May 5.

The system represents a comprehensive upgrade of market infrastructure and is designed as a backbone covering trading, market information, registration, custody, clearing and settlement, supervision and risk management.

The operation of the KRX system enhances processing capacity and market liquidity while creating the technical foundation for future products such as same-day trading (T+0), short selling and new derivative instruments.

VN-Index sets new historical highs above 1,800 points

Following a market bottom in April, the market benchmark VN-Index entered a strong upward cycle, continuously breaking long-standing psychological thresholds.

The index surpassed 1,500, 1,600 and 1,700 points before exceeding the 1,800-point mark during the December 25 trading session, reaching a record intraday level of 1,805.93 points.

Although the index did not maintain this level, the market showed clear expansion and a sustained upward trend. Previously, the VN-Index had peaked at 1,528 points in 2022 before falling sharply to around 900 points and remaining range-bound near 1,300 points for an extended period.

Foreign investors record largest net sell-off in history

Despite the market's strong performance, 2025 witnessed a record level of net selling by foreign investors.

Over the full year, foreign investors sold a combined net value of more than VNĐ136 trillion (US$5.2 billion) in stocks and fund certificates, the largest outflow ever recorded in Việt Nam’s stock market history.

Two key factors influenced this trend. The first was heightened tariff risk in the second quarter after the US announced sharply increased reciprocal tariffs in April, including measures affecting Việt Nam.

Although these risks eased from July amid progress in Việt Nam - US trade negotiations, pressure re-emerged later in the year as the US dollar reached historical highs by late August, rising about 3.86 per cent compared with the end of 2024.

By year-end, the exchange rate remained up approximately 3.33 per cent, negatively affecting foreign portfolio values.

At the same time, global capital flows continued shifting towards developed markets, particularly the United States, where equity indices repeatedly set new records.

IPO market revives

The final months of 2025 marked a revival of IPO activity after a prolonged lull since 2018. The market saw a series of high-profile IPOs and listings, led by the combined IPO and listing of Techcom Securities (TCX) and VPBank Securities (VPX).

TCX shares debuted on the Hochiminh Stock Exchange on October 21, followed by VPX on December 11 and VPS Securities' VCK shares on December 16.

Additional large IPOs are being planned, including Gelex Infrastructure, Hòa Phát Agriculture, Điện Máy Xanh, Bách Hóa Xanh and Long Châu Pharmacy.

A major policy catalyst was Decree 245/2025/NĐ-CP, issued on September 11, which amended Decree 155/2020/NĐ-CP. The new regulation shortened the post-IPO listing timeline from 90 days to 30 days, accelerating capital mobilisation through the stock market.

Delegates at the launching ceremony of the KRX system. VNA/VNS Photo

First Vietnamese company surpasses VNĐ1 quadrillion in market capitalisation

On November 28, Vingroup became the first Vietnamese company to surpass a market capitalisation of VNĐ1 quadrillion.

The group's valuation exceeded that of Vietcombank by a wide margin and was roughly equivalent to the combined market capitalisation of Vietcombank, BIDV and VietinBank.

Pilot launch of tokenised asset market

On September 9, the Government issued Resolution No.5 approving a five-year pilot programme for a tokenised asset market in Việt Nam.

This marked the country's first official legal framework for this emerging financial sector and was described as a significant step that both opens new development opportunities and raises new risk-management challenges.

VN100 Index Futures begin trading

On October 10, the Vietnam Stock Exchange officially launched VN100 index futures, marking a major step in expanding the derivatives market.

The introduction of VN100 futures aims to diversify derivative products, enhance market depth and support the broader development of Việt Nam's stock market.

Tighter regulations for bond issuers, securities firms

Regulatory reforms continued with Decree 245/2025/NĐ-CP introducing new requirements for bond issuance, including mandatory credit ratings by independent rating agencies for most public bond offerings, with limited exceptions.

In addition, the Ministry of Finance issued Circular 102 on October 29, amending capital adequacy and financial safety regulations for securities companies.

The new rules aim to strengthen risk management, improve service capacity and enhance the market’s ability to attract investors, particularly foreign participants. 

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