HCMC – The Finance Ministry has set a target for the stock market to reach a capitalization equivalent to at least 100% of GDP this year.
Speaking at the opening ceremony of the Year of the Horse trading session at the Hochiminh Stock Exchange (HOSE) on February 24, Finance Minister Nguyen Van Thang said the securities sector should expand market size while strengthening transparency, stability, and sustainability to reinforce its foundation as an emerging market.
Stock market capitalization reached nearly VND10 quadrillion last year, up 39.2% from the end of 2024 and equal to 86.7% of the estimated GDP in 2024, according to official data.
Under the stock market development strategy to 2030, capitalization was targeted to reach 100% of GDP by 2025. However, the goal has not yet been met, despite rapid growth in investor participation. The number of securities accounts rose to 11.9 million, exceeding the 2025 target of nine million and the 2030 target of 11 million.
Authorities identified 2026 as a key year to strengthen market quality and resilience against external shocks. The year also marks the 30th anniversary of Vietnam’s securities sector.
The market recorded several milestones in 2025 despite global geopolitical and economic uncertainties. Regulators launched the new KRX information technology system and FTSE Russell upgraded Vietnam’s stock market from frontier to secondary emerging market status, with effect from September 21 this year. These changes marked a shift in market infrastructure and classification, following a series of legal, regulatory, and access reforms introduced during the year.
Market performance improved sharply. The VN-Index rose more than 40% compared with the previous year. Average daily trading value exceeded VND29 trillion, up more than 39%.
The VN-Index gained 36 points in the first trading session of the lunar new year, closing at 1,860 points and extending a four-session rally.
Market outlook remains supported by expectations of earnings growth. Nguyen Hoai Thu, deputy general director of VinaCapital Fund Management JSC, projected listed companies’ profits could increase by up to 18.5%. She noted current stock valuations remain attractive, particularly among shares that did not rise significantly last year.
The market is also expected to receive support from its anticipated official upgrade in October, which could help attract foreign capital as global funds adjust their portfolios.
Maybank Securities reported that the upgrade process under FTSE Russell remains on track. FTSE Russell will collect investor feedback in March 2026 and announce an implementation roadmap starting in September.
New initial public offerings and listings by private companies and foreign-invested firms are expected to increase market activity.
