PV Gas (GAS): Non-compliance with Public Company Listing Requirements
The company recently announced a total of 17,495 shareholders (as of the August 29, 2025, record date). The largest shareholder, Petro Vietnam (PVN), holds 95.76% of total outstanding shares, while the remaining 17,494 shareholders hold only 4.24%. This distribution does not comply with Article 32 of Securities Law No. 54/2019/QH14 and Article 1 of Law 56/2024/QH15, which require a minimum of 10% of total outstanding shares to be held by at least 100 minor shareholders. Despite this, the stock recently saw strong upward momentum, alongside BSR, ACV, and BCM, driven by investor expectations of regulatory action to resolve this issue. GAS closed at the ceiling price (limit up) of VND 88,500 on January 7, 2026.
Gemadept (GMD): SSJ Consulting Ltd Registers to Divest Entire 4.62% Stake
The transaction is expected to take place between January 9 and January 30, 2026, via continuous order matching and/or put-through sessions. Previously, in December 2025, SSJ Consulting Ltd successfully sold 10 million shares via a put-through session, reducing its ownership from 29.7 million shares (6.96%) to 19.69 million shares (4.62%). Prior to this, VinaCapital Investment Management became a major shareholder with a stake of 21.7 million shares (5.08%). GMD closed up 3.81% at VND 62,700 on January 7, 2026.
VSDC: Vietnam Surpasses 11.7 Million Securities Trading Accounts
As of mid-December 2025, the number of trading accounts has increased dramatically by 26.6% YTD, far exceeding expectations and reflecting the robust growth of the Vietnamese stock market. For added context, the Vietnamese Securities and Depository Corporation (VSDC) reported the total number of active securities accounts in Vietnam at the end of January, 2025 stood at 9,378,706 accounts (of which are 4,647 foreign institutional accounts and 43,293 foreign individual accounts). For comparison, as at the end of January, 2020, the total number of active accounts in Vietnam was at 2,384,922 accounts (of which are 3,376 foreign institutional and 28,731 foreign individual accounts).
This growth is expected to continue into 2026, following several regulatory support measures in 2025, the market is widely expected to be officially reclassified to "Emerging Market" status by FTSE Russell in September 2026.
