Stock market gets 10 more billion-dollar companies

By Trong Hieu August 11, 2025 | 08:47 pm PT

Ten new companies have entered the list of those with a market cap of at least US$1 billion as the stock market soars to record highs.

Leading the list is Vinpearl, the hospitality arm of conglomerate Vingroup, which has a market cap of VND150.64 trillion (US$5.7 billion). It only listed in May this year.

Electric equipment firm Gelex and its energy subsidiary Gelex Electric joined the billion-dollar club and have risen to be worth VND54.4 trillion and VND45.6 trillion now.

Gelex Electric has been the biggest gainer on the Ho Chi Minh Stock Exchange (HoSE) this year with a 345% rise.

VIX became the second largest listed stock brokerage with a 200% jump in value in 2025. Its market cap of VND43.6 trillion means it trails only SSI Securities Corporation now.

Vinacomin - Minerals Holding Corp joined the list thanks to a 58% price increase. It owns the Dong Pao rare earth mine in the northern province of Lao Cai.

The list is rounded off by securities firms VNDirect and Vietcap Securities, property developers Novaland and Kinh Bac City and construction firm Construction No. 1.

Techcom Securities, a subsidiary of private lender Techcombank, is planning an initial public offering this year that will give it a market cap of over $4 billion.

Vietnam has 59 companies with a market cap of $1 billion or more.

State-owned lender Vietcombank remains the most valuable company at VND517 trillion.

Vingroup and its property arm Vinhomes are in second and third spots at VND446 trillion and VND382 trillion.

The benchmark VN-Index topped 1,600 points for the first time ever Monday morning, but closed the day at nearly 1,597 points.

SSI Securities has forecast it will climb to 1,750-1,800 by 2026, driven by excellent fundamentals including economic growth of above 8%, a low-interest-rate environment and reduced tariff risks.

The market’s price-to-earnings ratio stands at 12.6, lower than the five-year average and well down from the peaks of 15-17 during previous booms, which offers room for growth as capital flows improve, it has said.

SSI expects Vietnam to be upgraded to emerging market status by FTSE Russell next month, potentially attracting around $1 billion from index-tracking exchange-traded funds.

But it also warns of possible short-term volatility due to profit-taking by investors and risks from the high level of margin lending.