Consumer finance major F88 to trade on Vietnam's unlisted public companies market next Friday
F88 Investment JSC (F88), a leading consumer finance company in Vietnam, will float its over 8.26 million shares on the Unlisted Public Companies Market (UPCoM) on August 8, with a reference price of VND634,900 ($24.2) apiece.
Each F88 share has a par value of VND10,000 ($0.34), resulting in a total registered trading value of nearly VND82.7 billion ($3.15 million). Based on the reference price, F88’s market capitalization will reach approximately VND5.24 trillion ($199.85 million), according to the Hanoi Stock Exchange.

An F88 shop. Photo courtesy of the company.
The UPCoM debut marks the company’s first step toward a listing on the Ho Chi Minh Stock Exchange (HoSE), where it aims for a $1 billion market cap by 2027, according to chairman Phung Anh Tuan.
Ahead of this important milestone, on July 28, F88 appointed Thai finance expert Piyasak Ukritnukun as an independent board member.
Piyasak currently serves as CEO of NTL, one of Thailand’s top three title lending firms, which successfully went public on the Stock Exchange of Thailand (SET), marking a major milestone for the country’s financial industry.
Previously, he was chairman and founder of the Vehicle Title Loan Association of Thailand, and held leadership roles at Hattha Kaksekar (a leading microfinance firm in Cambodia), Krungsri Auto, and Ayudhya Capital Services.
According to Tuan, in the second quarter of 2025, F88 recorded revenue of VND925 billion ($35.3 million), up 30% year-on-year. Pre-tax profit surged 220% to VND189 billion ($7.2 million), driven by a 47% increase in loan disbursements and a nearly 45% rise in outstanding loans while maintaining strong risk control discipline.
For the first half of the year, F88 posted over VND1.74 trillion ($66.36 million) in revenue and VND321 billion ($12.24 million) in pre-tax profit, achieving 48% of the year's profit target. The company also fulfilled its full-year expansion goal by opening 888 new branches.
Targeting 50% profit growth and boosting online lending in its first year on the UPCoM, F88 aims to win investor confidence with bold growth goals.
Specifically, it plans to increase its outstanding loan portfolio by 43% to VND5.24 trillion ($200.87 million). Revenue is projected to reach VND3.6 trillion ($138 million), up 33% year-on-year, and pre-tax profit is expected to rise 50% to VND673 billion ($25.8 million).
F88 recorded after-tax profit of VND351 billion ($13.73 million) in 2024, an all-time high. Its total revenue last year hit VND3,347 billion ($130.92 million), up by over 23.2% compared to 2023.
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