The landmark 81 building in HCM City, which was developed by Vingroup. — Photo vingroup.net

HÀ NỘI — The stock market added nearly VNĐ714 trillion (US$27.3 billion) in market capitalisation during the first half of 2026, with more than 70 per cent of the increase coming from the strong performance of Vingroup and Vinhomes.

As of June 30, the total market capitalisation of Việt Nam's stock market reached nearly VNĐ10.6 quadrillion. Of the total, the Hochiminh Stock Exchange (HoSE) accounted for almost VNĐ8.8 quadrillion, followed by UPCoM with VNĐ1.3 quadrillion and the Hanoi Stock Exchange (HNX) with nearly VNĐ500 trillion.

Compared with the end of 2025, the combined market value of the three exchanges expanded by almost VNĐ714 trillion, reflecting continued growth in the overall size of the equity market.

However, the increase was heavily concentrated in a handful of large-cap companies, highlighting a sharp divergence in market performance. Vingroup (VIC) and Vinhomes (VHM), both controlled by billionaire Phạm Nhật Vượng, were the biggest contributors to the market's expansion.

During the first six months of the year, Vingroup's market capitalisation increased by approximately VNĐ388 trillion, while Vinhomes added another VNĐ114 trillion. Together, the two companies contributed more than VNĐ500 trillion, accounting for around 70 per cent of the market's total capitalisation gain. The increase was driven by strong share price performance.

After surging 885 per cent in 2025, VIC shares gained a further 30 per cent in the first half of 2026 and reached a new all-time high of VNĐ230,000 per share, adjusted for corporate actions, at the close of trading on June 24. VHM also extended its rally, rising about 27 per cent during the period after climbing more than 200 per cent throughout 2025.

By the end of June, Vingroup's market capitalisation had reached approximately VNĐ1.7 quadrillion, maintaining its position as Việt Nam's largest listed company. Vinhomes ranked second with a market value of around VNĐ623.5 trillion. Combined, the two companies were valued at more than VNĐ2.3 quadrillion, representing over one-fifth of the total market capitalisation of the stock market.

Several other companies also recorded notable increases in market value.

Viettel Global Investment JSC (VGI) added around VNĐ52.3 trillion in market capitalisation during the period, while Thaiholdings (THD) gained approximately VNĐ51.5 trillion and PetroVietnam Refining and Petrochemical (BSR) increased by about VNĐ40.3 trillion. Newly listed companies also expanded the market's size.

Gelex Infrastructure (GEL) contributed more than VNĐ28.5 trillion in market capitalisation, Hoa Phat Agricultural Development (HPA) added over VNĐ9.6 trillion and Dragon Capital Vietnam Fund Management contributed nearly VNĐ4.4 trillion.

In contrast, several major listed companies recorded sharp declines in market value.

Masan Consumer (MCH) posted the largest decrease, losing more than VNĐ58 trillion in market capitalisation during the first half of the year, equivalent to a decline of around 25 per cent, leaving its market value at approximately VNĐ175 trillion by the end of June.

Technology giant FPT Corporation (FPT) ranked second, with its market capitalisation falling by nearly VNĐ43 trillion, or about 26 per cent. FPT shares ended June at around VNĐ70,000 each, their lowest level in roughly two and a half years, reflecting prolonged selling pressure following an earlier period of strong growth.

Gelex Electric (GEE) recorded the third-largest decline, with its market capitalisation shrinking by nearly VNĐ31 trillion, equivalent to a drop of around 34 per cent.

The contrasting performances underscore a highly fragmented market in the first half of 2026. While Việt Nam's overall equity market continued to expand, most of the increase in market capitalisation was concentrated in a small number of companies, particularly those within the Vingroup ecosystem, whereas several large-cap stocks in the technology, consumer goods and power sectors experienced significant corrections. — BIZHUB/VNS