Increased foreign capital flows, long-term opportunities for Vietnam's retail-consumer goods industry
Vietnam’s conglomerate Masan Group (HoSE: MSN), with a market capitalization of nearly $4.8 billion, high liquidity, ample foreign ownership room, and a solid business foundation, is expected to be a top pick for foreign investors.
Market status upgrade and the coming wave of foreign capital
According to the government's strategic roadmap for Vietnam’s stock market development by 2030, the country is accelerating reforms to move from a frontier to an emerging market.
This transformation is expected not only to elevate Vietnam’s position globally but also to unlock billions of USD in potential inflows from ETFs, passive funds, and active foreign capital.

Customers shop at a WinMart supermarket. Photo courtesy of Masan.
In September 2025, Vietnam’s stock market is drawing heightened attention from global investors as FTSE Russell prepares its regular review.
Having remained on the watchlist for years, the possibility of an official upgrade has never been closer. According to Saigon Securities (SSI), Vietnam is likely to be upgraded to emerging market status in October 2025. This could attract up to $1 billion in ETF inflows. Historically, markets often see positive performance even before the actual upgrade, fueled by expectations of foreign capital inflows and improved investor sentiment.
Among the potential beneficiaries is Masan Group (MSN), with an average 30-day liquidity of $15.1 million and nearly 24% foreign ownership room remaining. It stands out not only for meeting technical criteria but also for its robust core business foundation.
A resilient consumer-retail ecosystem
What sets MSN apart is its business model closely tied to essential consumer needs, which continues to be one of Vietnam’s most resilient growth sectors. With a population of nearly 100 million, total retail sales of goods and services in 2024 reached an estimated VND6,391 trillion ($242.2 billion), up 9% year-on-year, providing ample runway for market leaders to expand.
Masan owns a fully integrated consumer-retail ecosystem that spans from production to distribution, including Masan Consumer (MCH), WinCommerce (WCM), Masan MEATLife (MML), and Phuc Long Heritage (PLH).
Among them, WinCommerce leads the modern retail market with nearly 4,200 stores, giving MSN a strong distribution edge for Masan Consumer and Masan MEATLife products.
According to company data, Q2/2025 results not only reflected growth but also demonstrated how Masan is leveraging its integrated ecosystem, spanning consumer goods, retail, food, and high-tech materials.
It posted revenue of VND18.32 trillion ($694.27 million) and post-tax profit of VND1.62 trillion in Q2. Its H1/2025 cumulative profit reached VND2.6 trillion ($61.1 million), nearly double the figure in the same period last year and exceeding 50% of the full-year target.
This solid performance highlights the synergy across Masan’s core business segments. WinCommerce remains the growth driver of modern retail, posting four consecutive profitable quarters. Q2 revenue grew 16.4%, fueled by expanding the WinMart+ model in rural areas, meeting fast-growing consumer demand in these underpenetrated markets.
Masan MEATLife reported VND2.34 trillion ($88.68 million) in Q2 revenue, up 30.7%, by focusing on processed meat, aligning with consumer trends toward higher-value products. Masan High-Tech Materials capitalized on the recovery of strategic mineral prices, improving margins and contributing to overall performance.
Attractive valuation amid market status upgrade prospects
These robust business results not only reinforce MSN’s position as a consumer-retail leader, but also lay a solid foundation for it to attract greater interest from both domestic and international investors.
MSN remains a top-cap stock on the Ho Chi Minh Stock Exchange (HoSE) and maintains stable liquidity within the VN30 group, ensuring it can absorb large-scale capital inflows. Recent shareholder structure reforms have also significantly improved free float, making MSN more compliant with global index inclusion criteria.
According to SSI, this is why MSN is seen as one of the top retail stocks poised to directly benefit from a market status upgrade.
Valuations from other securities firms further support this bullish view. KBSV estimates MSN’s fair value at VND100,000 ($3.79) per share (SoTP model). Vietcombank Securities (VCBS) gives a BUY recommendation with a target of VND93,208 per share, about 14% higher than current market price.
Vietcap Securities sets a target of VND101,000 per share, emphasizing growth potential from store expansion and product portfolio optimization.
As Vietnam nears market upgrade status, international institutional investors will likely prioritize stocks that combine technical eligibility with intrinsic growth strength. With its essential consumer foundation, improving financial metrics, and significant foreign ownership room, MSN is emerging as a potential gateway for foreign capital to gain deeper exposure to the Vietnamese market.
- Read More
Central Vietnam province reviews investment proposal for thermal power project after Thai EGATi pullout
Authorities in the central province of Quang Tri are evaluating a proposal from Power Generation JSC 1 (EVNGENCO 1), a subsidiary of state utility Vietnam Electricity (EVN), to take over the Quang Tri thermal power plant project, following the withdrawal of Thai investor EGATi.
Energy - Tue, September 16, 2025 | 1:44 pm GMT+7
Amata to sell stakes worth $46 mln in Vietnam units to Novaland-tied buyers
Amata VN, the Vietnam arm of Thailand’s leading industrial park developer Amata, has approved a plan for its subsidiary Amata City Long Thanh Urban JSC (ACLT) to sell its remaining 51% stakes in two entities to local developer Novaland-linked buyers.
Real Estate - Tue, September 16, 2025 | 12:19 pm GMT+7
Vietnam already meets FTSE's criteria for stock market status upgrade: Finance Minister
Vietnam has fulfilled the criteria for a stock market status upgrade by FTSE Russell through reforms aimed at facilitating foreign investment inflows into its market, said Minister of Finance Nguyen Van Thang.
Economy - Tue, September 16, 2025 | 9:36 am GMT+7
Banks should be allowed to distribute, invest in mutual fund certificates: Vietnam's finance ministry
The Ministry of Finance is proposing a key reform that would allow commercial banks to invest in and distribute mutual fund certificates, as part of a broader plan to restructure the investor base and foster the development of Vietnam’s fund management industry.
Finance - Tue, September 16, 2025 | 8:00 am GMT+7
E-commerce boom a major driver of Vietnam's packaging paper industry growth
Vietnam's paper packaging industry is entering a period of strong growth, with an average annual growth rate forecasted at 10% until 2030.
Companies - Mon, September 15, 2025 | 10:20 pm GMT+7
Vietnam needs support from UK in developing international financial center: Deputy PM
Permanent Deputy Prime Minister Nguyen Hoa Binh has called on the UK and the City of London to continue supporting and accompanying Vietnam in promoting and introducing its international financial center (IFC).
Finance - Mon, September 15, 2025 | 10:12 pm GMT+7
Vietnam enforces 8% capital adequacy ratio for banks from Sept 15
Commercial banks and foreign bank branches in Vietnam must maintain a minimum capital adequacy ratio (CAR) of 8%, including at least 4.5% in Tier 1 core capital and 6% in Tier 1 capital, starting from September 15.
Banking - Mon, September 15, 2025 | 10:04 pm GMT+7
Tool for wood traceability management debuts in Vietnam
The Vn-WoodID application has been officially launched in Vietnam, becoming a key tool contributing to wood traceability.
Companies - Mon, September 15, 2025 | 10:00 pm GMT+7
Sun Group, US Embassy foster aviation-hospitality cooperation
Sun Group, in collaboration with the US Embassy in Vietnam, hosted the US – Vietnam Aviation Partnership Roundtable on September 12, bringing together 15 leading American corporations in aviation, technology, and financial services, opening up opportunities to position Phu Quoc as a new aviation and tourism hub in the region.
Companies - Mon, September 15, 2025 | 9:54 pm GMT+7
Vietnam tops Thai giant SCG’s overseas markets with 9% revenue contribution in H1
Vietnam remained the largest overseas market for Thailand’s Siam Cement Group (SCG) in the first half of 2025, contributing 9% of consolidated sales.
Companies - Mon, September 15, 2025 | 8:10 pm GMT+7
Central Vietnam to have new airport Mang Den
Procedures to adjust Vietnam's airport system planning, including the addition of Mang Den Airport in central Vietnam, are being proceeded, according to the Ministry of Construction.
Infrastructure - Mon, September 15, 2025 | 5:16 pm GMT+7
Vietnam's government seeks to position country as 'regulated hub for digital assets in Asia': Dragon Capital
The Vietnamese Government has advanced the regulation of digital assets, with a resolution launching a five-year pilot framework for issuance and trading. This framework signals the Government’s intent to position the country as a regulated hub for digital assets in Asia, which could attract new capital inflows, write Dragon Capital analysts.
Economy - Mon, September 15, 2025 | 2:20 pm GMT+7
Agribank introduces sizable $4.17 bln preferential credit package
Right from the beginning of 2025, Agribank launched a substantial preferential credit package worth VND110 trillion ($4.17 billion) to support individual customers.
Companies - Mon, September 15, 2025 | 1:32 pm GMT+7
'Precious space' in Vietnam's monetary policy
The Federal Reserve's continued cuts in 2025, with the most recent in September, are considered a valuable policy "space" for the State Bank of Vietnam (SBV) to maintain low interest rates to support growth without having to worry too much about exchange rates.
Economy - Mon, September 15, 2025 | 10:15 am GMT+7
Vietnam’s central bank sells $1.5 bln to stabilize currency: broker MBS
The State Bank of Vietnam (SBV) intervened in the foreign exchange market by selling approximately $1.5 billion via 180-day cancelable forward contracts from August 25-26, in an effort to ease pressure on the Vietnamese dong, according to a recent report by MB Securities (MBS).
Banking - Mon, September 15, 2025 | 8:04 am GMT+7
Hanoi aims to break ground on $11.4 bln Red River Boulevard & Landscape project by Jan 2026
A consortium of “tunnel king” Deo Ca Group and real estate developer Van Phu Invest has been assigned by the Hanoi People’s Committe to prepare an investment proposal for the VND300 trillion ($11.37 billion) Red River Boulevard & Landscape project.
Real Estate - Mon, September 15, 2025 | 7:55 am GMT+7