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| The fact that many businesses are listing on the HoSE shows that confidence in the Vietnamese stock market is gradually being restored. |
Businesses seek a path to listing on HoSE.
The Board of Directors of Dak Lak Rubber Investment Joint Stock Company (DRI code) in early March 2025 approved several items and the expected date for the 2025 Annual General Meeting of Shareholders (April 24th). Accordingly, in addition to some regular items such as the 2024 production and business report, the 2025 plan, the profit distribution plan, etc., a notable item is the plan to transfer the stock exchange from UPCoM to HoSE.
Dak Lak Rubber Investment (DRI) was established in 2011 and became a public company in 2016. DRI shares began trading on UPCoM in May 2017. In nearly seven years of trading on UPCoM, the company has not experienced a single year of losses. Most recently, in 2024, the company recorded positive business results with strong growth in the third and fourth quarters thanks to increased rubber latex prices, achieving a net profit of VND 110 billion for the whole year, a 49% increase compared to 2023.
For many years, Dak Lak Rubber Investment has consistently paid dividends in cash. The projected dividend for 2024 is 6% of charter capital, and the rubber company has already paid an interim dividend of 4% in December 2024.
Recently, Dak Lak Rubber Investment's parent company, Dak Lak Rubber Joint Stock Company (DRG), sold 11.6 million DRI shares, reducing its ownership stake in the company from 60.84% to 45%. This means Dak Lak Rubber Investment has transformed from a subsidiary to an associate company of DRG. Previously, DRG had repeatedly attempted to sell off its DRI shares, but unfavorable market conditions prevented it from doing so.
Meanwhile, at the "giant" Vietnam Oil Corporation (PVOIL, ticker OIL), the resolution on finalizing the list of shareholders for the 2025 Annual General Meeting on April 25th also revealed the main contents of the proposals, including a proposal to approve the provision for impairment of investment in Petrochemical and Biofuel Joint Stock Company (PVB).
As of the end of 2024, the value of PVOIL's investment in PVB was estimated at nearly VND 272 billion. However, the Phu Tho Biofuel Plant Project, owned by PVB, has been halted, and PVOIL is working with PVB shareholders and relevant parties on implementing a bankruptcy plan for PVB in accordance with the law.
PVOIL's issues at PVB are also the reason why auditors have issued qualified opinions on PVOIL's consolidated financial statements from 2019 to the present. Due to the auditor's qualified opinion, OIL shares on UPCoM are still under warning status. Removing the auditor's qualified opinion is a prerequisite for OIL to be eligible for listing on HoSE.
Therefore, requesting approval for the provision for this investment is considered appropriate, contributing to the definitive resolution of the audit issue. If PVOIL receives a full unqualified opinion from the auditors in its upcoming 2025 semi-annual financial report, the transition from UPCoM to HoSE will soon be completed.
Waiting for a series of "monster rookies" to make their debut.
At the beginning of 2025, the HoSE stock exchange welcomed a special "newcomer": BSR - Binh Son Refining and Petrochemical Joint Stock Company, which officially listed 3.1 billion shares after 6 years of trading on UPCoM. BSR's leadership stated that listing on HoSE will help the company access many important sources of investment capital. This allows BSR to have more effective tools and channels for raising capital, especially in the context of the company's plans to expand its investment capital.
It can be said that, as a gathering place for leading businesses in the market, the HoSE exchange remains the destination for businesses with real capital needs. Recently, on March 6, 2025, HoSE announced that it had received the listing application for over 1.79 billion shares of Vinpearl Joint Stock Company (code VPL).
Vinpearl operates a chain of resorts and entertainment facilities within the Vingroup ecosystem. Currently, Vingroup (stock code VIC, HoSE) is the largest shareholder, owning 85.51% of Vinpearl's charter capital. Vinpearl's headquarters are located on Hon Tre Island, Vinh Nguyen Ward, Nha Trang City, Khanh Hoa Province.
Vinpearl was previously listed on the HoSE in 2008, then merged with Vincom. At the end of 2024, Vinpearl was approved to become a public company and is preparing to relist.
As one of the leading listed companies on the market, Masan Consumer Corporation (Masan Consumer, ticker MCH) recently consulted with shareholders in writing and approved a plan to delist its shares from the UPCoM exchange and list them on the HoSE.
Currently, MCH is traded on UPCoM at a price of VND 150,000 per share. In early March, MCH's parent company, Masan Consumer Holdings Co., Ltd., completed the purchase of over 69.2 million MCH shares, increasing its stake to 70.4% of the total outstanding MCH shares after the new issuance.
In a recent update report on MCH, Phu Hung Securities Company assessed that the listing transfer could help MCH increase its liquidity, as well as potentially be included in ETF indices.
Haxaco (Hang Xanh Automobile Services Joint Stock Company, ticker HAX), a leading luxury car manufacturer, has also revealed plans to accelerate the listing of its subsidiary, PTM Automobile Manufacturing, Trading and Services Joint Stock Company, on the HoSE in its upcoming General Shareholders' Meeting documents. It is known that in the first month of 2025, PTM opened Premium MG dealerships in Da Nang, Ninh Binh, and Vung Tau.
The fact that many businesses are heading to HoSE shows that confidence in the Vietnamese stock market is gradually being restored, and reflects the efforts of companies to take advantage of opportunities for development. Despite facing numerous challenges, from costs to pressure for transparency, the benefits of capital raising, reputation, and liquidity remain major drivers for listed companies. With the entry of big names like BSR and many other promising businesses in 2025, HoSE promises to continue to be the focal point of the stock market.
As of that time, there were 41 companies on the HoSE with a market capitalization of over $1 billion, including two companies with a market capitalization of over $10 billion: Vietcombank and BIDV.
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