Capitalization scale and liquidity of the stock market increase sharply
In recent years, the Vietnamese stock market (TTCK) has continued to maintain a growth trend in terms of both scale, quantity and quality.
As of the end of 2025, the market capitalization of stocks on the three exchanges HOSE, HNX and UPCoM reached about 9.97 million billion VND, an increase of 39.1% compared to the end of the previous year; equivalent to 77.6% of the estimated GDP in 2025. Stock market liquidity remained high, with an average trading value reaching nearly 29.2 trillion VND per session, an increase of 39% compared to the average of the previous year.
Along with that, the number of investors participating in the market continues to increase rapidly. The total number of securities accounts in the market has exceeded 11.8 million accounts, an increase of 27.7% compared to the end of 2024, exceeding the target of reaching 11 million accounts by 2030 set out in the Strategy for Development of the Stock Market to 2030 approved by the Government at the end of 2023.
The legal framework and market infrastructure are also continuing to be completed. The new KRX information technology system officially operates from 2025, helping to improve market operation and supervision capacity. The FTSE Russell ranking organization's upgrade of the Vietnamese stock market from a frontier market to a secondary emerging market also opens a new development phase, creating expectations to attract more international capital flows in the coming years.
Upgrading the market opens up opportunities to attract large capital flows
On the side of securities companies, Mr. Dinh Minh Tri - Director of Personal Customer Analysis, Mirae Asset Vietnam Securities Company - said that the Vietnamese stock market is facing a turning point and will need to play a greater role in mobilizing medium and long-term capital for the economy.
As Vietnam aims for high growth in the coming years, the capital demand for production and business investment, production capacity expansion and infrastructure development will increase significantly. In that context, diversifying capital channels becomes an important requirement to ensure the economy has sufficient resources to serve growth.
The stock market, with its role as a channel to mobilize capital directly from investors, can help businesses access more stable long-term capital sources, while reducing pressure on the banking credit system.
Another important factor that may create changes in the capital flow structure in the market is the upgrade process of the Vietnamese stock market. If the upgrade process continues to take place smoothly, the Vietnamese market is likely to attract more large-scale foreign capital. This not only helps improve market liquidity, but also contributes to improving the valuation level and creating more favorable conditions for capital mobilization activities in the primary market of enterprises.
Mr. Tri cited the World Bank's assessment that market upgrades can help Vietnam attract more international portfolio investors, especially institutional investors, thereby improving stability and supporting the long-term development of the capital market.
The Japan International Cooperation Agency (JICA) also believes that FTSE Russell's upgrade of the Vietnamese stock market from frontier to emerging will open up opportunities to attract international capital flows. However, upgrading is not the ultimate goal; the important thing is to continue to improve the transparency, stability and efficiency of the market to strengthen investor confidence.
