From Vinamilk to FPT and MWG, Thai billionaires are expanding influence through both direct stakes and depositary receipts
A new wave of Thai capital is steadily reshaping Vietnam’s equity landscape, not through splashy takeovers alone, but via quiet accumulation of strategic stakes in the country’s most valuable listed companies. The latest move comes from Fraser and Neave (F&N), which has announced plans to raise its ownership in Vinamilk (VNM) by up to 4.6%, potentially lifting its total stake to 24.99%.
Controlled by Thai billionaire Charoen Sirivadhanabhakdi, F&N’s Vinamilk play reinforces a long-standing Thai strategy of targeting Vietnam’s consumer and growth champions. Charoen already dominates Vietnam’s beer market via Thai Beverage, following its landmark US$5 billion acquisition of Sabeco.
The Quiet Channel: Depositary Receipts (DRs)
Beyond direct share purchases, Thai investors are increasingly using Depositary Receipts (DRs) listed on the Stock Exchange of Thailand to build exposure discreetly. As of mid-December, DRs linked to FPT and Mobile World Investment (MWG) reached record highs.
In aggregate, Thai investors now indirectly hold around 7.8 million FPT shares and 3.3 million MWG shares via DR structures—the largest level ever recorded. These companies are favored for their sector leadership, transparency, scale, and long-term growth visibility.
Other Vietnam-linked DRs, including ETFs such as DCVFM VN30 ETF and DCVFM VNDiamond ETF, are also trading on the Thai exchange, broadening Vietnam’s access to regional capital.
Institutional Thai Money Is Already Embedded
The trend extends well beyond individuals. Kasikorn Asset Management, part of the Lamsam family empire led by Nualphan Lamsam (Madam Pang), operates the K Vietnam Equity Fund, one of the largest Thai funds dedicated to Vietnam.
With a NAV of roughly 8.7 billion THB (≈7,270 billion VND), the fund’s top holdings include FPT (9.49%), MWG (9.10%), and leading Vietnamese banks such as ACB, TCB, and MBB—clear evidence that Thai capital views Vietnam not as a short-term trade, but a core regional allocation.
Why It Matters
Thailand’s methodical buildup—via direct ownership, DRs, and large mutual funds—signals long-term conviction rather than speculative flows. DRs, in particular, function as a financial bridge, allowing Thai investors to gain Vietnam exposure in local currency while staying fully compliant with domestic regulations.
Thai investors are no longer just opportunistic buyers in Vietnam—they are embedded stakeholders. As Vietnam moves closer to market upgrade prospects and deepens regional financial integration, the quiet accumulation of blue-chip stakes by Thai capital may prove to be one of the most durable foreign investment trends shaping the market’s next decade.
