FTSE Russell names 32 Vietnamese stocks eligible for emerging-market index inclusion

FTSE Russell has named 32 Vietnamese stocks that met the FTSE Global All Cap index eligibility screens based on data as of December 31, 2025.

Compared to FTSE Russell's list released last November, the latest has five new names: BIDV bank (BID, large cap), FPT Corporation (FPT, mid cap), No Va Land Investment Group (NVL, small cap), Gelex Electric (GEE, small cap), and Binh Son Refining and Petrochemical (BSR, small cap) - the investor and operator of Dung Quat Oil Refinery.

Vietnam National Petroleum Group, or Petrolimex ((PLX) - the country's biggest gasoline retailer, was removed in the new list.

The 27 Vietnamese stocks mentioned in both the old and new lists include four large-cap names: Hoa Phat Group (HPG), Vietcombank (VCB), Vingroup (VIC), and Vinhomes (VHM), along with three mid-cap firms: Masan Group (MSN), Sabeco (SAB), and Vinamilk (VNM).

The remaining constituents include SSI Securities (SSI), Petrovietnam Fertilizer and Chemical JSC (DPM), Kinhbac City Development Share Holding Corp (KBC), Tasco, Saigon-Hanoi Commercial Bank (SHB), Development Investment Construction JSC (DIC), Eximbank (EIB), Dat Xanh (DXG), Khang Dien House (KDH), VIX Securities (VIX), VNDirect Securities (VND), Phat Dat Real Estate Development (DPR), Duc Giang Chemicals & Detergent Powder (DGC), Vietjet Air (VJC), Viet Capital Securities (VCI), Vincom Retail (VRE), FPT Retail (FRT), Gelex Group (GEX), Kinh Do JSC (KDC), and Sacombank (STB).

FTSE Russell on Tuesday confirmed the reclassification of Vietnam from frontier to secondary emerging market status, effective from September 21, 2026. It confirms that "Vietnam meets all criteria for secondary emerging market status under the FTSE Equity Country Classification Framework and will continue to monitor developments closely ahead of the September 2026 effective date."

The announcement followed the organization's March 2026 semi-annual country classification review for equities for countries monitored by its global equity indices.

Based on the latest list, it can be seen that bank stocks account for a significant proportion. The large-cap group includes two familiar representatives: Vietcombank (VCB) and BIDV (BID). These are leading stocks in terms of market capitalization, high liquidity, and are frequently included in major indices.

In addition, the list includes several mid-sized banks such as SHB, Sacombank (STB), and Eximbank (EIB). Compared to state-owned banks, these banks are smaller in size but have the advantage of higher stock liquidity and free-float ratios, thus meeting the selection criteria of FTSE Russell.

The securities group was also present, with representatives including SSI, VIX, VND, and VCI.

All the stocks are listed on the Ho Chi Minh Stock Exchange (HoSE).

The list may continue to change depending on market developments.

The final list of Vietnamese securities eligible for inclusion in the relevant FTSE Russell indices as part of the September 2026 semi-annual review will be published on August 21, 2026 and they will be screened based on Vietnam securities being non-constituents of the FTSE GEIS and associated indices.

* List of Vietnamese securities indicatively expected to be eligible for the FTSE Global All Cap Index

Based on quantitative models, Vietcap Securities forecasts that foreign capital inflows into the Vietnamese market could reach $6-8 billion, and even $10 billion in the most optimistic scenario. This capital includes participation from passive index funds and active investment funds, with active funds typically having larger disbursement volumes.

Vietnam's weighting is expected to account for approximately 0.35% of the FTSE Emerging All Cap basket and 0.227% of the FTSE Emerging index, creating strong demand for large-cap and highly liquid stocks on the exchange.

VN-Index, Vietnam's benchmark, closed up 2.55 points higher to 1,677.54 on Tuesday.