Vietnam’s private conglomerate Vingroup reclaims market capitalization crown after 5 years

Vingroup has surpassed state-controlled lender Vietcombank to become the largest market capitalization company in Vietnam as its stock price rose 3.5 times in the past seven months.

On Wednesday, despite a sharp drop across the market where the VN-Index on the Ho Chi Minh Stock Exchange (HoSE) fell nearly 10 points to 1,670.97, VIC of Vingroup surged 6% to VND143,100 ($5.43) per share. As a result, its market capitalization rose to VND555.3 trillion ($21.05 billion).

In contrast, VCB of Vietcombank, which had held the market cap crown, dropped by VND800 to VND64,800 ($2.46) each, causing its market capitalization to decrease to VND541.45 trillion ($20.53 billion)

Thus, after the Wednesday trading session, Vingroup, led by billionaire Pham Nhat Vuong, reclaimed the top spot in market capitalization after nearly five years. Vingroup previously held this position for three consecutive years from 2018 to 2020, but starting in 2021, Vietcombank had overtaken it.

Looking back, VIC has made a strong breakout, climbing from around VND40,000 per share in March 2025 to VND143,100 now, an increase of 3.5 times. Consequently, its market capitalization surged from VND152 trillion to VND555.3 trillion.

VHM of Vinhomes, the real estate arm of Vingroup, has also risen significantly recently. Its market capitalization currently stands at VND422.65 trillion ($16 billion), ranking third after Vietcombank.

According to broker VPBankS, 2025 is expected to be a pivotal year for Vingroup. The real estate segment, developed by Vinhomes, is projected to experience strong growth and will be the key profit driver for the group.

The automotive segment aims for rapid sales growth, with a target of capturing 40% of Vietnam’s auto market and reaching breakeven. In hospitality and entertainment, Vinpearl has successfully gone public and become a "blockbuster" with a market cap in the top 20 on the HoSE.

In addition, the group is expanding into infrastructure, such as registering investments in the North-South high-speed railway project, and port and logistics centers in Nam Do Son (Hai Phong city) and Vung Ang (Ha Tinh province). The group is also venturing into green energy, developing solar and wind power projects.

For 2025, Vingroup has set strong growth targets with revenue of VND300 trillion ($11.37 billion) and post-tax profit of VND10 trillion ($379.15 million), up 58.7% and 89.5% respectively compared to the previous year.

In the first half of the year, the group reported more than doubling its revenue to VND130 trillion ($4.93 billion), achieving 43.3% of the year's plan. Its after-tax profit reached VND4.54 trillion ($172.13 million), 2.2 times higher than the same period last year, meeting 45.4% of the year's aim.

All three core business segments saw strong revenue growth in the first half of the year. Real estate (Vinhomes) brought in VND70.52 trillion ($2.67 billion), contributing 54% of the group’s total net revenue. The manufacturing segment (VinFast) generated nearly VND33 trillion, contributing 25.4%.

Compared to the same period last year, real estate revenue was up 2.7 times and manufacturing 2.3 times. The hospitality and entertainment segment (Vinpearl) also grew strongly, from VND3.93 trillion to VND5.27 trillion.

However, in terms of pre-tax profit by segment, real estate contributed VND24.35 trillion ($923.23 million), which was not enough to offset the losses from manufacturing (VND25.33 trillion) and hospitality and entertainment (VND46 billion).

The group’s overall profit came from other activities, notably a non-refundable capital sponsorship from the chairman to VinFast, per a funding agreement, which generated VND23 trillion in income.