Top ecosystems on Vietnam stock exchange

From banking, real estate, retail to energy, these "empires" create important links, having a significant influence on the VN-Index as well as investor sentiment.

Vingroup - leading private enterprise ecosystem

Statistics on the assets of billionaires around the world from Forbes show that Vietnam currently has 5 businessmen on this list, including Mr. Pham Nhat Vuong, Ms. Nguyen Thi Phuong Thao, Mr. Tran Dinh Long, Mr. Ho Hung Anh and Mr. Nguyen Dang Quang.

Except for Mr. Tran Dinh Long, the billionaires on the above list all own a large business ecosystem, listed stocks with continuously increasing values during the period when the stock market surpassed its historical peak, pushing up asset values.

Topping the list of rich people on the Vietnamese stock market, Mr. Pham Nhat Vuong, Chairman of Vingroup, is currently the only Vietnamese businessman named in the list of the 500 richest people in the world (according to both Bloomberg and Forbes). This billionaire's ecosystem is also a group of enterprises with the largest capitalization on the stock market.

According to Forbes data as of August 19, 2025, Mr. Pham Nhat Vuong's assets increased to 12.4 billion USD and ranked 219th in the list of the richest people in the world. This asset increased sharply compared to 4.4 billion USD at the end of 2024.

The strong increase in the price of "Vin family" stocks on the stock exchange is the main driving force that has pushed this businessman's position up continuously on the rankings. Currently, typical representatives in the Vingroup ecosystem on the stock exchange "roll call" the major stocks, including VIC (Vingroup), VHM (Vinhomes), VRE (Vincom Retail) and VPL (Vinpearl).

Of which, only VPL (just listed in May 2025) is in a downward trend, the rest of the stocks in this leading ecosystem are all increasing strongly. Compared to the beginning of 2025, VIC increased sharply in price, with an increase of up to 195%; VHM increased by more than 133% and VRE increased by 72%.

In terms of market capitalization, Vingroup and Vinhomes are the two typical representatives in the list of listed companies with the largest market capitalization. The entire stock market currently has only 23 companies with capitalization of over 100,000 billion VND. While the banking group dominates in quantity, the Vin ecosystem still contributes two representatives in high positions, ranking 2nd and 3rd in the list, respectively.

Vingroup's capitalization is currently only behind Vietcombank , reaching nearly 478,000 billion VND; next is Vinhomes, with 418,000 billion VND.

Demonstrating the leadership of the largest multi-industry private corporation in Vietnam, representatives in the Vingroup ecosystem all have important roles in certain industries.

Vinhomes is considered one of the leading influential companies in the residential real estate sector in Vietnam, with a market share of 26% across all segments. By the end of 2024, Vinhomes has a total land fund of approximately 18,800 hectares, the largest among listed real estate developers in Vietnam.

In the retail real estate development and operation segment, Vincom Retail has a network of 88 shopping malls nationwide, a diverse project portfolio with 4 shopping mall models, including Vincom Mega Mall, Vincom Center, Vincom Plaza and Vincom+.

Leading in the hotel and entertainment services industry, Vinpearl has a network of hotels, resorts, and entertainment complexes spanning 48 locations nationwide, as of March 2025.

In 2025, Vingroup aims to achieve VND300,000 billion in revenue and VND10,000 billion in after-tax profit, respectively growing by 58% and 89% compared to the level achieved in 2024. Vingroup identifies three core pillars, including the technology - industry pillar (represented by VinFast), the trade - service pillar (Vinhomes - Vinpearl - Vincom Retail) and the social charity pillar (Vinschool, VinUni, Vinmec).

Recently, Vingroup and other businesses in the ecosystem have continuously announced a series of large plans with many new projects, participating in infrastructure, green energy, etc. The potential of this multi-industry corporation creates a solid foundation for businesses in the ecosystem to continue to increase profits and is reflected in the growth of stock prices on the stock exchange.

Sovico - closed ecosystem associated with Vietjet, HDBank

In the “map” of large private corporations on the stock market, Sovico stands out with its multi-industry ecosystem model, developed based on three main pillars: aviation - banking - real estate and energy. Although it rarely appears under the name of its parent corporation on the stock exchange, the corporation of the only female USD billionaire - Ms. Nguyen Thi Phuong Thao - is present through large-scale listed enterprises, having a significant influence on the VN-Index.

Vietjet Aviation Joint Stock Company (code VJC) is the most prominent piece in the Sovico ecosystem. VJC shares have grown dramatically since the end of July, bringing VJC's market price from 94,000 VND/share to 150,000 VND/share, equivalent to an increase of nearly 60% within 1 month.

In recent years, the trend of creating multi-industry ecosystems has become increasingly evident in the development strategies of large private corporations in Vietnam. Enterprises, instead of focusing on a core business, have extended their arms to expand into many fields to take advantage of the synergy in the ecosystem and increase profits.

Besides large ecosystems such as Vingroup, Sovico, Techcombank - Masan, many other names also appeared and attracted attention in the market, such as the ecosystem related to T&T Group, FPT's technology ecosystem, or some business groups related to Gelex, DNP, Hoang Huy...

This airline recorded positive business results in the first half of 2025. In the first 6 months of the year, Vietjet said that the airline transported more than 14.4 million passengers on 79,000 flights, up 10% and 13% respectively over the same period. Vietjet currently holds 46% of the domestic passenger transport market share and 56% of the international passenger transport market share. In the first half of the year, Vietjet's consolidated revenue reached VND35,837 billion, up 5%; after-tax profit reached VND1,294 billion, up more than 55% over the same period in 2024.

Ho Chi Minh City Development Joint Stock Commercial Bank (HDBank) is the second pillar, playing the role of financial center in the Sovico ecosystem. Recently, this bank reported positive results, when the profit in the second quarter of 2025 reached over 4,713 billion VND, the accumulated profit in the first 6 months of the year reached 10,068 billion VND - the semi-annual profit exceeded 10,000 billion VND and was the highest ever.

HDBank is one of the banks that benefit from the new regulations on compulsory reserve ratios thanks to the transfer of weak banks. On August 12, 2025, the State Bank issued Circular No. 23/2025/TT-NHNN amending and supplementing a number of articles of Circular No. 30/2019/TT-NHNN regulating the implementation of compulsory reserves of credit institutions and foreign bank branches, officially effective from October 1, 2025. The Circular stipulates that credit institutions receiving compulsory transfer of specially controlled banks will have their compulsory reserve ratio reduced by 50% according to the approved compulsory transfer plan. With this regulation, banks will have more room to expand credit room, increasing the ability to pump capital into the economy.

HDBank's HDB shares have been on a tear for the past two months. Compared to the price at the beginning of July, HDB's current price has increased by 45%. In terms of market capitalization, HDBank is on the list of companies with a capitalization of over VND100,000 billion.

The strong price increase of VJC and HDB has increased the assets of investors. Billionaire Nguyen Thi Phuong Thao, Chairwoman of Vietjet Air and Permanent Vice Chairwoman of HDBank, recorded assets of 3.7 billion USD, according to Forbes, ranking 1,068th in the list of the world's richest people.

In addition to Vietjet and HDBank, Sovico also owns a portfolio of resort, urban and renewable energy real estate through unlisted or associated companies.

Techcombank - Masan financial - consumer ecosystem

Unlike the Vingroup and Sovico ecosystems, the combination of Techcombank and Masan does not revolve around a central core, but is a successful cooperation model between a large bank and a leading retail-consumer group. This ecosystem was formed thanks to the billionaire duo Ho Hung Anh and Nguyen Dang Quang.

The prominent listed enterprises of this ecosystem on the stock exchange are all big names, besides TCB shares of Techcombank and MSN of Masan Group, there are also MCH of Masan Consumer, MML of Masan MEATLife, MSR of Masan High-Tech Materials, VCF of Vinacafé Bien Hoa, VSN of Vissan, NET of NET Detergent Joint Stock Company.

In particular, this ecosystem will soon welcome the appearance of Techcom Securities Joint Stock Company (TCBS), after this market-leading securities company with high profits completed its IPO.

Techcombank currently has a capitalization of over VND287,000 billion, the 5th highest in the general market and the 3rd in the financial industry (only behind Vietcombank and VPBank). The Masan Group - Masan Consumer duo also hold positions in the group of large-capitalized enterprises with capitalizations of over VND120,000 billion.

Thanks to direct ownership of shares in these large enterprises, Mr. Ho Hung Anh and Mr. Nguyen Dang Quang are both in the group of USD billionaires and have maintained their position in the top 10 richest people on the Vietnamese stock market for many consecutive years.

Recently, investors have begun to pay more attention to the fluctuations of ecosystem stocks. First of all, multi-industry connections help to effectively utilize the closed value chain, from production to distribution, services, finance, creating a synergy that is difficult for a single company to achieve. Thanks to that, businesses can optimize cash flow, support each other in capital mobilization, expand market share and strengthen competitive position. In the stock market, ecosystems with many listed companies also help investors easily access a "basket of stocks" of the same system, thereby increasing liquidity and attracting foreign capital.

Source: https://baodautu.vn/nhung-he-sinh-thai-hang-dau-tren-san-chung-khoan-viet-nam-d366623.html