Vietnam’s stock market has grown rapidly in recent years, attracting global attention from retail and institutional investors alike.
The Vietnam stock market index most commonly used is the VN-Index.
This is made up of a basket of stocks listed on the Ho Chi Minh City Stock Exchange – or HoSE for short – and is published and analysed in most major news publications in Vietnam daily by a range of Vietnam’s securities industry analysts.
That said, there are several other stock market indexes in Vietnam, both domestic and foreign, that track different aspects of Vietnam’s key stock exchanges.
This article breaks down several key stock market indexes, including the VN-Index, the VN30, the HNX, the HNX30, the MSCI Vietnam Small Cap Index, the MSCI Vietnam Index (USD),the FTSE Vietnam All-Share Index, and the FTSE Vietnam Index.
HoSE Indexes
The HoSE is Vietnam’s biggest stock exchange with about 400 companies.
The HoSE is currently considered a frontier market with several reforms to the Law on Securities needed before it can be upgraded to an emerging market.
This, however, has not deterred foreign investors with a number of international securities firms buying into the market both directly and through exchange-traded funds.
The HoSE itself tracks the market through several indexes. The two most well-known are the VN-Index and the VN30.
VN-Index
The VN-Index contains all of the stocks listed on the HoSE.
These are weighted based on their market capitalisation and provide a broad overview of the stock market.
This index is the most well-known and the most widely reported in the media.
VN30
Aside from the VN-Index, the other major Vietnam stock market index is the VN30.
The VN30 is an index of 30 stocks listed on the Ho Chi Minh Stock Exchange based on their market capitalisation, free float, and liquidity. Essentially, key decision makers at the HoSE:
- Take the top 50 stocks by market capitalisation on the stock exchange;
- Remove any stocks with a free-float ratio of less than five percent; and then
- Sort them by their average daily transaction value over the preceding six months.
The top 30 on this list then form the VN30 for the next six months.
This is adjusted on the fourth Monday in January and July each year.
MSCI
Global index provider MSCI maintains a range of Vietnam-focused and frontier market indexes that are widely tracked by international investors.
These help benchmark performance and guide fund allocation.
MSCI Vietnam Index
The MSCI Vietnam Index is heavily concentrated, with the top 10 constituents accounting for 61.41 per cent of total weight and a combined float-adjusted market capitalisation of US$35.13 billion.
Real estate and financials dominate the list, led by Vingroup and Vinhomes, while materials, information technology and consumer staples provide secondary exposure.
Top 10 stocks, January 2026
| Company | Float Adj Mkt Cap (USD Billions) | Index Wt. (%) | Sector |
|---|---|---|---|
| VINGROUP JSC | 12.43 | 21.72 | Real Estate |
| VINHOMES JSC | 4.20 | 7.34 | Real Estate |
| HOA PHAT GROUP JSC | 3.89 | 6.79 | Materials |
| FPT CORP | 3.36 | 5.88 | Info Tech |
| MASAN GROUP CORP | 2.34 | 4.09 | Cons Staples |
| VIETCOMBANK | 2.27 | 3.97 | Financials |
| VIETNAM DAIRY PRODUCT | 1.99 | 3.48 | Cons Staples |
| SSI SECURITIES CORP | 1.95 | 3.40 | Financials |
| SAIGON THUONG TIN COMM | 1.37 | 2.40 | Financials |
| VIX SECURITIES | 1.33 | 2.33 | Financials |
| Total | 35.13 | 61.41 |
MSCI Vietnam Small Cap Index
The top 10 constituents in the MSCI Vietnam Small Cap Index have a combined float-adjusted market capitalisation of US$1.27 billion and account for 21.43 per cent of the index weight.
The list is dominated by industrials, with consumer staples and healthcare making up the remainder, reflecting a tilt toward mid-cap domestic-facing firms.
Top 10 stocks, January 2026
| Company | Float Adj Mkt Cap (USD Billions) | Index Wt. (%) | Sector |
|---|---|---|---|
| BAF VIET NAM AGRICULTURE | 0.19 | 3.18 | Cons Staples |
| VIETNAM CONTAINER | 0.15 | 2.45 | Industrials |
| BINH DINH PHARMA | 0.14 | 2.44 | Health Care |
| DEO CA TRAFFIC INFRA | 0.13 | 2.12 | Industrials |
| BECAMEX INFRA DEV | 0.13 | 2.12 | Industrials |
| PAN GROUP (THE) | 0.12 | 2.05 | Cons Staples |
| HAI AN TRANSPORT & ST | 0.11 | 1.86 | Industrials |
| TIEN PHONG PLASTIC JSC | 0.10 | 1.75 | Industrials |
| SCG CONSTRUCTION GROUP | 0.10 | 1.74 | Industrials |
| NAM VIET | 0.10 | 1.73 | Cons Staples |
| Total | 1.27 | 21.43 |
MSCI Frontier Markets Index
Vietnam accounts for 28.81 per cent of the MSCI Frontier Markets Index, making it the largest named country allocation in the portfolio.
This places Vietnam well ahead of Romania at 12.29 per cent and Morocco at 11.79 per cent, with Kazakhstan and Slovenia each below 7 per cent.
In practical terms, more than a quarter of the index’s country exposure is tied to Vietnam, meaning overall performance will be significantly influenced by developments in its equity market.
Of note, Vietnam has been actively courting an upgrade from MSCI from frontier to emerging; however, the HoSE still lags on a number of fronts.
🔎GUIDE: Getting started trading on Vietnam’s stock exchanges
As of January 31, 2026, there were 45,792 registered trading accounts belonging to individual foreign investors and a further 6,359 accounts belonging to foreign institutions.
That said, opening a trading account to buy and sell shares in Vietnam has a number of steps and can be somewhat tedious.
See: How to Open a Trading Account in Vietnam: Technical Guide
FTSE Russell
FTSE Russell also tracks Vietnam’s markets through multiple indexes, including those used by international ETFs and funds.
Vietnam currently ranks highly among frontier markets by capitalisation.
FTSE Vietnam All-Share Index
The top 10 constituents account for 56.24 per cent of the FTSE Vietnam All-Share Index, with a combined net market capitalisation of VND 954,098,887 billion (approximately US$36.21 billion).
Real estate is the largest sector exposure within the top holdings, led by Vingroup and Vinhomes, while banks collectively represent a significant share through VPBank, Vietcombank and Techcombank.
Industrial and technology exposure comes primarily from Hoa Phat Group and FPT, alongside consumer-facing names such as Mobile World and Masan.
The concentration indicates that index performance is heavily influenced by a relatively small group of large-cap property, banking and industrial stocks.
Top 10 stocks, January 2026
| Constituent | ICB Sector | Net MCap (VNDm) | Wgt % |
|---|---|---|---|
| Vingroup JSC | Real Estate Investment and Services Development | 288,747,807 | 17.02 |
| Vinhomes | Real Estate Investment and Services Development | 115,347,597 | 6.80 |
| Hoa Phat Group JSC | General Industrials | 100,794,669 | 5.94 |
| FPT | Software and Computer Services | 86,625,012 | 5.11 |
| Mobile World Investment | Retailers | 67,322,519 | 3.97 |
| Vietnam Prosperity Joint Stock Commercial Bank | Banks | 66,644,958 | 3.93 |
| Joint Stock Commercial Bank for Foreign Trade of Vietnam | Banks | 59,715,720 | 3.52 |
| Vietnam Technological and Commercial Joint Stock Bank | Banks | 57,345,331 | 3.38 |
| Masan Group Corp. | Food Producers | 57,258,304 | 3.37 |
| SSI Securities | Investment Banking and Brokerage Services | 54,296,970 | 3.20 |
| Totals | 954,098,887 | 56.24 |
FTSE Vietnam Index
The top five constituents account for 49.92 per cent of the FTSE Vietnam Index, with a combined net market capitalisation of VND 513,928,208 billion (approximately US$19.50 billion).
The group is led by Vingroup and Vinhomes in real estate, alongside Hoa Phat in industrials, FPT in technology, and Vietcombank in banking, indicating strong concentration in property and large-cap cyclicals.
Top 5 stocks, January 2026
| Constituent | ICB Sector | Net MCap (VNDm) | Wgt % |
|---|---|---|---|
| Vingroup JSC | Real Estate Investment and Services Development | 151,445,209 | 14.71 |
| Vinhomes | Real Estate Investment and Services Development | 115,347,597 | 11.20 |
| Hoa Phat Group JSC | General Industrials | 100,794,669 | 9.79 |
| FPT | Software and Computer Services | 86,625,012 | 8.41 |
| Joint Stock Commercial Bank for Foreign Trade of Vietnam | Banks | 59,715,720 | 5.80 |
| Totals | 513,928,208 | 49.92 |
Source: FTSE Vietnam Index Series
FTSE Frontier Index
Vietnam is the largest country allocation in the index, accounting for 128 constituents with a combined net market capitalisation of US$58,287 million and a weight of 33.52 per cent.
This places Vietnam well ahead of Morocco at 15.96 per cent and Pakistan at 10.01 per cent, making it the single most influential market in overall index performance.
FTSE Russell has said this will happen in September 2026, pending the outcome of a March review.
S&P Dow Jones
S&P Dow Jones provides frontier and country-specific benchmarks, offering yet another lens through which to track Vietnam’s stock market performance.
S&P Frontier Broad Market Index (BMI)
Like FTSE Russle and MSCI, S&P Global maintains an index of frontier markets–the S&P Frontier BMI.
As of January 2026, Vietnam accounted for 13.5 per cent of the index, making it the second-largest country weighting after Argentina, with 86 constituents and a total market capitalisation of 197,376.24.
The country’s representation spans multiple sectors, including real estate through Vincom and Vinhomes, alongside financial, consumer and industrial names, giving it broad-based exposure within the index.
S&P Vietnam BMI
The Vietnamese constituents are concentrated in real estate and financials, led by Vincom, Vinhomes and Vincom Retail in property and SSI, VCB and VIX in securities and banking.
Materials and consumer staples exposure comes from Hoa Phat, Masan and Vinamilk, while Vietjet provides industrial representation, indicating a tilt toward domestic cyclicals and large-cap private sector names.
Top 10 stocks, January 2026
| Constituent | Symbol | Sector |
|---|---|---|
| Vincom JSC | VIC | Real Estate |
| Vinhomes JSC | VHM | Real Estate |
| Hoa Phat Group JSC | HPG | Materials |
| Masan Group Corp | MSN | Consumer Staples |
| Saigon Securities Inc | SSI | Financials |
| Bank for Foreign Trade of Vietnam JSC | VCB | Financials |
| Viet Nam Dairy Products JSC | VNM | Consumer Staples |
| IB Securities JSC | VIX | Financials |
| Vietjet Aviation JSC | VJC | Industrials |
| Vincom Retail JSC | VRE | Real Estate |
HNX Indexes
The less well-known stock market in Vietnam is the Hanoi Stock Exchange.
This deals mostly with bonds but also functions as a stepping stone for companies looking to list on the HoSE through its Unlisted Public Companies Market–UPCom.
Trading on the HNX is much more limited than the HoSE, but it does still have a couple of key Vietnam stock market indexes of note.
HNX Index
The HNX Index tracks the value of shares trading on the Hanoi Stock Exchange. It consists of listed stocks that have a free float greater than 5 percent.
HNX 30
Stocks are selected to be included in the HNX 30 based on market capitalisation adjusted relative to the transferability of their shares. The HNX 30 has a maximum capitalisation rate of 15 percent. Stocks are selected for the HNX 30 based on:
- Average daily trading value;
- Free float market capitalisation;
- Liquidity; and
- The discretion of the Index Council.
Of the stocks that meet the criteria, the top 30 are selected, with a maximum of 20 percent of stocks from any single industry.
FAQ: The Vietnam stock market
These are some of the most commonly asked questions about the Vietnam stock market.
What is the Vietnam stock exchange?
Vietnam’s equity market operates through two main exchanges, the Ho Chi Minh Stock Exchange (HOSE) and the Hanoi Stock Exchange (HNX), which list shares, bonds and exchange-traded funds.
How can foreign investors buy Vietnamese stocks?
Foreign investors must open a securities trading account with a licensed local broker and obtain a securities trading code before placing orders, subject to foreign ownership limits in certain sectors.
Are there foreign ownership limits?
Yes, while many sectors allow up to 100 per cent foreign ownership, some industries, such as banking and specific conditional sector,s have statutory caps.
What are the main indices?
Key benchmarks include the VN-Index (HOSE), VN30 (large caps), HNX-Index, and UPCoM-Index, which track different segments of the market.
What are the trading hours?
Regular trading typically runs Monday to Friday, with morning and afternoon sessions, excluding public holidays, and includes periodic auction sessions for opening and closing prices.
What’s next?
Vietnam stock market indices are many and varied. Each gives a unique glimpse into how Vietnam’s stock markets are performing both in isolation and in the context of the wider world.
This overview of each of these key Vietnam stock market indexes should provide a broad understanding of those key indexes and how they are compiled. Changes to the index can also be followed via the Vietnam Stock Market Tracker.
Change, however, with respect to Vietnam’s status as a frontier market, may be afoot.
An upgrade to an emerging market would likely lead to a significant change to Vietnam’s stock market indexes and a surge in investment; however, this may still be some time away.
To keep track of changes in the Vietnam stock market, investors should make sure to subscribe to the-shiv.
First published February 26, 2024. Last updated February 26, 2026.