Vietnam Stock Market 2025: Investment Opportunities After the Correction and the Path to Emerging Markets

The Vietnamese stock market is entering a challenging yet opportunity-filled period. The country’s economy is expected to expand by 6.7% in 2025, while currently undergoing a recovery after a correction in early April. This article will help you understand market trends and identify which Vietnamese stocks are worth investing in.

Key Highlights: Why is the Vietnamese stock market interesting this year?

Asian dragons with resilient hearts The economy is full of potential

Vietnam has moved beyond the image of a poor country and is in recovery. It is one of the “Asian dragons” with the highest growth rates. In 2024, GDP grew by 7.09%, faster than many regional countries.

Important data driving the market’s renewed vigor include:

• Growth in per capita income, leading to a rapid expansion of the middle class
• Listed companies posting profit growth of 15-20% annually, above the global average
• Increasing demand for credit, financial services, housing, and consumer goods

Major doors opening: Upgrading to an emerging market

This year marks a significant transformation as Vietnam’s stock market has been upgraded from frontier to emerging market status, which means:

• Vietnam now accounts for 28.8% of the MSCI Frontier Market Index
• Capital in global frontier markets is less than $100 billion, whereas emerging markets hold $6.8 trillion
• This change will attract substantial foreign fund inflows

8 high-potential Vietnamese stocks: Read before trading

1. VCB (Vietcombank) - The pillar of the financial system

Vietnam’s largest bank by market cap, comparable to Thailand’s major banks in size and role. As the economy grows rapidly, demand for loans, digital banking services, and financial integration will increase.

Strengths: Financial service demand remains below developed countries, leaving room for growth. Benefiting from government policies supporting financial system development.

If you’re looking for a core stock (Core Stock) for your Vietnam portfolio, this should be at the top of your list.

2. VHM (Vinhomes) - Leader in the residential real estate market

Leading real estate company in Vietnam, operating a full range from condos and detached houses to luxury villas. Part of Vingroup, which accounts for about 2.2% of the country’s GDP.

Strengths: Notable projects with high quality and professional management. Growing demand for quality housing driven by rising middle class. Urban population expanding, though still below Thailand’s levels. Urbanization rate expected to continue increasing.

Although the real estate sector is cyclical and volatile, VHM has long-term growth prospects aligned with the country’s development.

3. GAS (Petrovietnam Gas) - Major energy industry player

Leading energy company specializing in oil and natural gas, with integrated operations from exploration, production, transportation, to distribution. Supported by government backing.

Strengths: Extensive energy infrastructure nationwide. High financial stability. Benefits from government policies. As Vietnam develops economically, energy demand will rise, especially for cleaner natural gas.

Despite global energy price fluctuations, Vietnam’s steady demand growth makes GAS an attractive long-term investment.

4. VNM (Vinamilk) - Dominator in dairy products

Vietnam’s largest dairy producer, valued at over $6.48 billion. Operates large farms, modern factories, nationwide distribution, and exports to over 40 countries.

Strengths: Dairy consumption per capita remains much lower than in developed countries, offering huge growth potential as incomes rise. Consumers increasingly prioritize health and nutrition.

VNM pays consistent dividends, has strong financials, and trusted brand recognition, making it suitable for investors seeking growth and dividend income.

5. FPT - Leader in technology and digital transformation

Internationally renowned tech company specializing in IT outsourcing and custom software development. Many analysts expect FPT to become Vietnam’s largest market cap company within 10 years.

Strengths: High-quality IT personnel with wages lower than in developed countries, enabling global competitiveness. In the digital transformation era, demand for AI, Cloud Computing, and Big Data services is surging. FPT invests heavily in these technologies.

6. MSN (Masan Group) - Food industry pioneer

Diverse leading business in processed foods, including instant noodles, sauces, meat products, and has acquired retail chain VinMart with over 3,000 stores nationwide.

Strengths: Strong, well-known brands in Vietnam. Adapts to consumer behavior by developing new products like health foods and ready-to-eat meals, aligning with growing middle class.

7. VRE (Vincom Retail) - Retail hub

Market leader in developing and managing quality shopping centers, part of Vingroup group supported by multiple subsidiaries.

Strengths: High-potential land locations. Growing middle class increases demand for retail spaces. International retail brands entering Vietnam. Shopping centers play a key role as lifestyle hubs for shopping, dining, and leisure.

8. ACV (Airports Corporation of Vietnam) - Aviation industry

Manages most major airports in Vietnam, including large international airports like Tan Son Nhat (Ho Chi Minh City) and Noi Bai (Hanoi).

Strengths: Vietnam’s tourism industry is rapidly expanding post-pandemic. Tourism recovery is strong. Long Thanh International Airport project near Ho Chi Minh City is under construction, designed to handle 100 million passengers annually.

Although ACV was affected by the pandemic, the aviation industry is expected to recover and grow steadily long-term, especially in emerging markets.

Buying opportunities after correction: A strategic entry for major investors

In early April 2025, the market experienced a sharp correction, with the VN index dropping over 75 points due to tariffs and US stock market impacts.

However, many experts see this as a buying opportunity because:

• Markets tend to overreact to short-term bad news
• Major corrections often present good entry points for quality stocks at attractive prices
• Vietnam’s economic fundamentals remain strong

Long-term investors with discipline will see this as a good window.

How to access the Vietnamese stock market: 4 methods for Thai investors

Method 1: Through Thai financial institutions

The easiest and most convenient way is to open an account with Thai financial institutions offering international stock trading services. Advantages: No language barrier, simple process. Disadvantages: Fees may be higher.

Method 2: Vietnamese brokers

Open an account directly with Vietnamese trading firms. Advantages: Lower fees, direct market data access. Disadvantages: More paperwork, possibly requiring travel to offices.

Method 3: Vietnam-focused mutual funds

Invest via mutual funds that target the Vietnamese stock market. Advantages: No need to analyze stocks yourself, diversified risk, managed by professionals. Disadvantages: Management fees apply.

Method 4: International online platforms

Use online trading platforms offering international stock trading. Advantages: User-friendly, low fees, free analysis tools. Disadvantages: May not support Thai language fully.

Caution: Risks of investing in Vietnamese stocks

• Currency exchange risk: Investing in foreign currencies exposes you to exchange rate fluctuations.
• Macroeconomic risk: Trade policies, tariffs, geopolitical factors can impact the market.
• Liquidity risk: Some stocks may have low trading volume, making it hard to sell or liquidate.
• Information risk: Disclosure standards of Vietnamese companies may be lower than in developed markets.

Investors should thoroughly understand these risks, invest only what they can tolerate losing, and diversify their portfolio accordingly.

Summary: A good time for investment is approaching

Vietnam’s stock market is at a pivotal point. With rapid economic growth, upgrade to emerging market status, and increasing foreign investment, these 8 stocks—VCB, VHM, GAS, VNM, FPT, MSN, VRE, and ACV—have growth potential aligned with economic trends.

For Thai investors seeking opportunities outside the domestic market, Vietnam’s stock market could be an ideal gateway, offering accessible entry and high growth potential.

Investment success depends on stock selection, risk management, and patience for long-term results. The investment plan should start with further research and consulting professionals before making decisions.