Bourse shifts to heat up Vietnam's banking stocks

By Ngoc Diem, Minh Hue
Thu, May 29, 2025 | 2:48 pm GMT+7

Several Vietnamese banks are planning to move their shares from the Unlisted Public Companies Market (UPCoM) to the Ho Chi Minh Stock Exchange (HoSE) this year, creating new momentum for banking stocks, long dubbed the “king” group.

The Ho Chi Minh Stock Exchange. Photo by The Investor/Ngoc Diem.

The Ho Chi Minh Stock Exchange. Photo by The Investor/Ngoc Diem.

On May 14, the HoSE confirmed it had received VietABank’s (VAB) listing application. Following the announcement, VAB shares surged from VND11,500 to VND14,200 ($0.55) over nine trading sessions before slightly retreating to VND13,800.

The listing aligns with a strategy approved at VietABank’s 2025 AGM, aimed at elevating the bank’s reputation, visibility, and brand equity, while facilitating share trading and attracting foreign strategic investors and international financial institutions.

BVBank (BVB) is also in the early stages of preparing its HoSE listing, having hired an advisory firm. Although the proposal has been discussed in the past three AGMs (2023-2025), it was delayed due to unfavorable market conditions.

BVBank’s board of directors now sees signs of economic recovery, which could improve its performance and support the bank’s listing efforts. Moving to the HoSE is expected to boost brand reputation and share liquidity.

Currently, seven banks are trading on the UPCoM, namely Vietbank, KienlongBank, Saigonbank, BVBank, ABBank, PGBank, and VietABank. Most have expressed intentions to list on the HoSE or the Hanoi Stock Exchange (HNX).

At Saigonbank’s (SGB) 2025 AGM, chairman Vu Quang Lam announced the bank had met the financial requirements for HoSE listing and had signed a consulting agreement for the transition.

KienlongBank (KLB) also reaffirmed its commitment to going public, emphasizing that the listing would demonstrate its transparency and growth as a large-scale public company.

The bank previously submitted a HoSE listing application but withdrew it in early 2023 due to unfavorable market conditions. At this year’s AGM, the board resubmitted the proposal, leaving the final exchange - HoSE or HNX - at the board’s discretion.

Chairman Tran Ngoc Minh noted that KienlongBank aims to complete the listing process by Q4/2025, pending regulatory approval.

Vietbank (VBB) received shareholder approval in 2024 to list on the HoSE but has yet to proceed. The bank's board said it will consider an appropriate time in 2025 or 2026 to ensure optimal valuation.

Though not listed as a 2025 objective, ABBank (ABB) has long expressed a desire to move to the HoSE. Executives say that listing would enhance capital-raising capability and transparency.

Foreign institutional shareholders have also urged the bank to list in order to boost share value and confidence in their investments.

Transitioning from the UPCoM, known for looser disclosure requirements, to a full listing on the HoSE or the HNX is a significant step. It signals greater transparency, elevates a company’s market profile, and attracts more investor interest. Each move typically generates optimism, often sparking a “listing wave” in the stock.

Given the banking sector’s large market capitalization and influence, analysts emphasize its essential role in any market rally. While major players like Techcombank, VPBank, Asia Commercial Bank (ACB), MBBank, and VietinBank have rebounded strongly since recent downturns, others such as Vietcombank (VCB), BIDV (BID), National Citizen Commercial Joint Stock Bank (NVB), and Viet Capital Commercial Joint Stock Bank (BVB) have yet to fully recover.

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