Ministry of Finance: Targeting a larger proportion of foreign and institutional investors
Following the new plan approved in Decision No.3168/QD-BTC, the Ministry of Finance expects to lower the proportion of domestic individual investor trading volume from currently 80 – 90% down to 70% by 2030 and 60% in the following years. Other key objectives are:
(1) 200,000 trading accounts of foreigners by 2030 (as at August, 2025: foreign accounts totaled: 50,670, in which there were 6,228 foreign institutional). To achieve this goal will require CAGR of quivalent to a CAGR of 30%;
(2) 500 investment funds by 2030;
(3) Collective NAV of all investment funds reach 5% of total GDP by 2030;
(4) 2.5 million investors holding fund shares by 2030 and 5 million investors by 2035.
Many solutions corresponding to each investor segment have been introduced and or is in the process of implementation. Including easing the indirect investment account (for financial investing activities) opening process for foreign investors. Listed stocks with sound Corporate Governance and Investor Relation practices could benefit from these policies.
TTC AgriS (SBT VN): 2025 ESOP
The leading sugar producer will issue over 40.7 million additional shares (equivalent to 5% of current shares outstanding, also the cap limit de jure) at VND10,000 per share to 2,158 eligible employees (equivalent to 81.4% of total employees). These shares will be locked up progressively with 100% in the first year after issued and 50% in the following year. In the fiscal year ended on 30 June 2025, the company made revenue of VND28.5 trillion (about USD1.08 billion, down -2% YoY) and net income of VND855 billion (about USD32.5 million, up +14% YoY), thanks to SG&A cost reduction program and financial income. SBT VN closed at VND24,150 per share on 15th September 2025, thus 23.0x P/E and 1.8x P/B.
Gemadept (GMD VN): 2025 ESOP
The port operator plans to offer over 6.3 million additional shares (equivalent to 1.5% of current shares outstanding) at VND10,000 per share to 101 eligible employees (equivalent to 6.4% of its workforce). These shares will be locked up 100% in the first two years and 50% in the third year. In H1, Gemadept recorded revenue of VND2,771 billion (about USD105.4 million, up +29% YoY) and net income of VND848 billion (about USD32.2 million, down -5% YoY), completing 57% and 63% of target revenue and profit respectively. GMD VN closed at VND73,800 per share on 15th September 2025, hence 21.9x P/E and 2.5x P/B.
