HANOI – Vietnam’s stock market is on the verge of a historic milestone. According to Vietcap Securities, FTSE Russell is expected to deliver a positive result in its upcoming September 2025 market classification review, with the official announcement scheduled for October 7, 2025 (after U.S. market close on October 6).
If confirmed, Vietnam will be upgraded from Frontier Market to Secondary Emerging Market status — a pivotal move expected to trigger billions of dollars in foreign inflows.
Why the Upgrade Matters
FTSE Russell’s decision will hinge on two remaining criteria Settlement Cycle (DvP) and Settlement – Costs for Failed Trades
Both are now viewed as likely to achieve a “Pass” rating, thanks to regulatory reforms such as Vietnam’s Ministry of Finance Circular 68 (November 2024), which introduced a non-pre-funding settlement system.
The upgrade would not only enhance Vietnam’s market visibility but also act as a counterbalance to the $9 billion in net foreign outflows recorded since 2023. Analysts estimate that net foreign inflows could reach $6–8 billion, with the most optimistic scenarios pointing to as much as $10 billion, coming from both active and passive funds.
Implementation Timeline
Vietcap notes that the FTSE Emerging Markets All Cap China A Inclusion Index will assign Vietnam a projected 0.3% weight, with Vietnam stocks also added to several other FTSE benchmarks.
Around 30 stocks are expected to qualify initially. The inclusion process will likely be phased over 4–5 tranches, beginning as early as March 2026. Passive fund flows alone could add at least $1 billion during the implementation.
The 30 Stocks in Focus
Based on Vietcap’s liquidity and free-float screening (as of September 25, 2025), the following companies are most likely to be sought after by foreign investors:
Large-Cap Leaders
- VIC (Vingroup) – $23.4B market cap, $252M passive inflow potential
- VHM (Vinhomes) – $15.7B market cap, $127M inflow
- VCB (Vietcombank) – $20.2B market cap, $106M inflow
- HPG (Hoa Phat Group) – $8.5B market cap, $68M inflow
Consumer & Retail
- MSN (Masan Group) – $4.6B, $68M inflow
- VNM (Vinamilk) – $4.9B, $53M inflow
- SAB (Sabeco) – $2.3B, $7M inflow
- FRT (FPT Retail) – $0.9B, $4M inflow
Financials
- SSI (SSI Securities) – $3.1B, $52M inflow
- VIX (VIX Securities) – $2.2B, $52M inflow
- VND (VNDirect Securities) – $1.3B, $27M inflow
- VCI (Vietcap Securities) – $1.2B, $20M inflow
- HCM (HSC Securities) – $1.1B, $3M inflow
- SHB (SHB Bank) – $3.1B, $21M inflow
- STB (Sacombank) – $4.1B, $13M inflow
- EIB (Eximbank) – $1.9B, $13M inflow
- NAB (Nam A Bank) – $1.0B, $9M inflow
Real Estate & Construction
- VRE (Vincom Retail) – $2.6B, $26M inflow
- NVL (Novaland) – $1.2B, $13M inflow
- KBC (Kinh Bac City) – $1.3B, $13M inflow
- KDH (Khang Dien House) – $1.5B, $7M inflow
Industrials & Utilities
- GEX (Gelex Group) – $1.9B, $21M inflow
- POW (PV Power) – $1.4B, $9M inflow
- DGC (Duc Giang Chemicals) – $1.4B, $14M inflow
- BVH (Bao Viet Holdings) – $1.6B, $10M inflow
- VGC (Viglacera) – $1.0B, $3M inflow
- GEE (GELEX Electric Equipment) – $1.6B, $9M inflow
Technology & Airlines
- FPT (FPT Corp) – $6.4B, $21M inflow
- VJC (Vietjet Air) – $3.1B, $19M inflow
- HVN (Vietnam Airlines) – $4.5B, $13M inflow
Outlook
Vietcap emphasizes that the upgrade will be a structural game-changer, increasing Vietnam’s visibility on the global investment map. The anticipated inclusion of 30 Vietnamese stocks in FTSE’s Emerging Markets indices will provide not only significant passive inflows but also encourage long-term participation from global institutional investors.
For domestic investors, the coming months may offer a rare opportunity to position ahead of the upgrade. With the first wave of FTSE-driven inflows expected in March 2026, these 30 stocks are likely to see the strongest demand.
