Hanoi (VNA) – The Vietnam Report JSC on June 2 unveiled the 2026 VIX50 ranking of the nation’s most prestigious and effective public companies, with the awards ceremony set for August in Hanoi.
Topping the list are HDBank, VietinBank, LPBank, FPT Corporation, MBBank, Vinhomes JSC, VPBank, Vietcombank, Vietjet Air, and SHB.
CEO of Vietnam Report Vu Dang Vinh said the ranking and a concurrent survey show that 70.2% of enterprises expect higher capital demand in 2026, as the economy enters a faster-growth phase. Ambitious targets, infrastructure expansion, industrial development, high-tech, digital transformation, energy, and domestic consumption are all fueling medium- and long-term funding needs.
Yet, the capital allocation structure remains imbalanced. The banking system, suited mainly for short- and medium-term financing, is overburdened, while strategic sectors demand stable, long-term, risk-tolerant capital. Vietnam’s credit-to-GDP ratio hit 145% in 2025. As of mid-May 2026, total outstanding credit approached 19.4 quadrillion VND (746 million USD), up 18.3% year-on-year.
A notable signal is the recovery of initial public offerings after years of subdued performance following the 2017–2018 boom. Based on announced plans, the IPO pipeline for 2026–2028 is estimated at roughly 47.5 billion USD, pointing to a new wave.
This cycle is driven by multiple tailwinds, including an impending market status upgrade, better trading infrastructure, and remarkable regulatory reforms to ease corporate fundraising. The Politburo’s Resolution 79-NQ/TW on State sector development and Decree 57/2026 on state capital divestment are expected to speed up state-onwed enterprises (SOE) restructuring and boost the supply of quality equity. Meanwhile, the Government’s Decree 245/2025/ND-CP slashes the post-IPO listing timeline from 90 days to just 30 days - a landmark reform.
At the same time, a growing number of companies are migrating from the Unlisted Public Companies Maarket (UPCoM) or the Hanoi Stock Exchange (HNX) to the Ho Chi Minh Stock Exchange (HoSE), seeking deeper liquidity, stronger valuations, and a broader investor base.
Vinh pointed to four factors poised to perform most positively, including public investment disbursement, performance of public companies, the operation of the KRX system (the Korea Exchange’s modern trading platform for Vietnam), new trading mechanisms, and continued legal improvements. The biggest downside risks are external uncertainties and cost pressures.
Public investment is the strongest growth driver, with 72.2% of surveyed firms expecting positive developments, far outpacing other factors. Faster disbursement directly benefits construction, materials, logistics, and industrial parks, while generating economy-wide spillovers that indirectly reinforce market sentiment.
First-quarter earnings already bolstered that confidence. Aggregate after-tax profits across the market jumped 39% year-on-year, anchoring investor sentiment. Profit growth remains led by banking and real estate, but positive signals are spreading. Consumer sectors, notably retail and tech, are improving thanks to market share gains and replacement demand. Cyclical industries like construction materials, oil & gas, and power generation retain positive momentum.
Beyond stronger earnings, the market looks to structural reforms. The KRX launch, new trading mechanisms, shorter settlement cycles, and a more transparent, business-friendly regulatory framework will boost liquidity and enhance the overall efficiency of Vietnam’s capital market./.
