FTSE Russell: Announces Market upgrade for Viet Nam
FTSE Russell overnight announced its decision to reclassify Viet Nam’s securities and capital markets from Frontier Market to Secondary Emerging Market, thanks to relentless efforts of the Government, its officials, regulators, and stakeholders in addressing critical issues remaining (i.e. non pre-funding, bilingual disclosure, and central counterparty clearing).
That being said, there have been some minor criteria Viet Nam did not pass yet (i.e. settlement cycle or delivery versus payment, and failed trade management) but it has not affect the FTSE Russell’s already-made decision.
The reclassification will take effective on 21st September 2026, merely a year from now, and there will be an interim review in March 2026. Large cap stocks with good Investor Relations practices may be the first ones benefited from this event (e.g. VNM VN, MWG VN, PNJ VN, FPT VN, etc.) contact us for additional information.
Preliminary Q3 results (dated 8th October 2025):
- Ca Mau Fertilizer (DCM VN): Revenue was VND3.4 trillion (about USD129 million, up +29% YoY) and pre-tax income was VND344 billion (about USD13 million, up +161% YoY). DCM VN closed at VND36,050 per share, thus 11.3x P/E and 1.9x P/B.
- HODECO (HDC VN): The company estimated Q3 profit before tax of VND666 billion (about USD25.3 million, up +3,405% YoY). HDC VN closed at VND35,500 per share, thus 73.7x P/E and 2.7x P/B.
- GELEX Electric (GEE VN): The company reported Q3 revenue of VND6.44 trillion (about USD245 million, up +14.7% YoY) and pre-tax income of VND2.2 trillion (about USD84 million, up +312% YoY). GEE VN closed at VND125,700 per share, thus 23.5x P/E and 6.8x P/B.
- DABACO (DBC VN): The agribusiness announced Q3 profit of VND300 billion (about USD11.4 million, merely no significant change compared to Q3 2024). DBC VN closed at VND27,500 per share, thus 6.8x P/E and 1.4x P/B.
