Vietnam Stock Market Overview
Summary
Vietnam’s stock market consists of three trading venues—the Ho Chi Minh City Stock Exchange (HOSE), the Hanoi Stock Exchange (HNX), and the Unlisted Public Company Market (UPCoM)—regulated by the State Securities Commission (SSC). Market capitalization has grown substantially since the early 2000s, with retail investors representing a large share of trading volume.
Market Structure
Exchanges
- HOSE: The main exchange by market cap and turnover; hosts large-cap and blue-chip listings. Headquartered in Ho Chi Minh City.
- HNX: Focus on mid and small cap equities; also operates the derivatives market (VN30 futures) and bond trading.
- UPCoM: For unlisted public companies; different listing and disclosure requirements; typically lower liquidity.
Key Indices
- VN-Index: Benchmark index of HOSE.
- VN30: Top 30 stocks by market cap and liquidity on HOSE; used as underlying for derivatives.
- VN100: Broader large-cap index.
- HNX-Index: Benchmark for HNX-listed stocks.
Market Size and Participation
- Market capitalization of the combined exchanges ranks among the largest in Southeast Asia.
- Retail investors account for a significant portion of daily turnover; institutional and foreign participation has increased over time.
- Foreign ownership is subject to sector-specific and company-specific limits set by law and company charters.
Regulation and Infrastructure
- State Securities Commission (SSC): Regulator for the securities market.
- Vietnam Securities Depository (VSD): Central securities depository; clearing and settlement.
- Listed companies must comply with disclosure and governance rules set by the SSC and the exchanges.
Sources
- State Securities Commission of Vietnam (SSC)
- Ho Chi Minh City Stock Exchange (HOSE)
- Hanoi Stock Exchange (HNX)
- Vietnam Securities Depository (VSD)
This overview is for reference only and does not constitute investment advice.