More than 40 enterprises with a market capitalization of over 1 billion USD have emerged on Vietnam’s stock exchange. When were they founded, and how have they developed and shaped the economy?
After 50 years since the Reunification Day (April 30, 1975 – April 30, 2025), Vietnam has risen to become an economy often referred to as a rising star or a new Asian tiger. With a GDP of 476.3 billion USD in 2024, Vietnam ranks 4th in Southeast Asia, surpassing the Philippines (462 billion USD) and Malaysia (422 billion USD).
The journey of economic development goes hand in hand with the growth of Vietnamese enterprises. As of April 29, 2025, the stock market recorded over 40 companies with a market capitalization exceeding 1 billion USD.
The founding years of these Vietnamese “giants” partly reflect the nation’s transformation from a centrally planned economy to one of integration and growth.
Before 1975: 8 Billion-Dollar Enterprises Were Established
Before 1975, eight billion-dollar enterprises were formed, mainly state-owned units.
Vietcombank (1963) leads with a market cap of 18.41 billion USD, followed by BIDV (1957, 9.33 billion USD). Other companies such as Sabeco (1875, 2.37 billion USD), Vietnam Airlines (1956, 2.69 billion USD), and Petrolimex (1956, 1.69 billion USD) also originated during this period.
Among them, Vietcombank—Vietnam’s most valuable company—was formerly the Central Foreign Exchange Management Department (under the State Bank of Vietnam). It was also the first state-owned commercial bank selected by the government for pilot privatization.
After 1975: Innovation and the Explosion of Billion-Dollar Enterprises
1975–1985 marked a slow start, with the emergence of Vinamilk (1976, 4.63 billion USD), Becamex IDC (1976, 2.19 billion USD), and REE (1977, 1.24 billion USD), mainly in the F&B, construction, and infrastructure sectors.
Madam Mai Kieu Lien, CEO of Vinamilk, once recalled that when she was choosing her field of work, her father told her, “After the war, nutrition is the most essential need for children.”
1985–1995 saw an explosion in enterprise development after the Đổi Mới reforms, with 16 billion-dollar companies emerging. The banking sector dominated with 11 companies, such as VietinBank (1988, 7.68 billion USD), Techcombank (1993, 7.18 billion USD), and VPBank (1993, 5.05 billion USD), reflecting the demand for credit and investment as Vietnam joined ASEAN in 1995.
Other rising sectors included technology (FPT, 1988, 6.19 billion USD), steel (Hoa Phat, 1992, 6.27 billion USD), and real estate/conglomerates (Vingroup, 1993, 10.00 billion USD), laying the foundation for modern industries.
Notably, 1993 marked the debut of several “Eastern European billionaires” with the founding of Vingroup, Techcombank, VPBank, and Masan Group.
Vingroup, chaired by Mr. Pham Nhat Vuong and established in 1993, is now Vietnam’s largest private enterprise.
1995–2005: A Diverse Growth Period
This era saw the emergence of billion-dollar firms in newer fields such as consumer goods, securities, ICT, and telecommunications.
Key players include:
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Masan Consumer (1996, 4.84 billion USD)
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VIB (1996, 1.99 billion USD)
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FPT Telecom (1997, 1.70 billion USD)
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SSI (1999, 1.72 billion USD)
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Khang Dien (2001, 1.02 billion USD)
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Mobile World Group (2004, 3.42 billion USD)
These companies thrived on Vietnam’s sustained economic growth and rising per capita income.
2005–2015: Real Estate and Telecom Lead
This period saw 10 billion-dollar companies emerge, with real estate and telecommunications taking the spotlight.
Leading names include:
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Vinhomes (2008, 9.78 billion USD)
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Viettel Global (2007, 7.96 billion USD)
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ACV – Airports Corporation of Vietnam (2012, 7.88 billion USD)
Other notable companies include Vietjet Air (2007, 1.79 billion USD), LPBank (2008, 3.74 billion USD), and Vietnam Rubber Group (2006, 3.65 billion USD).
Post-2015: Fewer Billion-Dollar Newcomers
From 2015 to the present, only two new companies have reached the billion-dollar mark: Sunshine Homes and Gelex Power JSC (GEE). This suggests a slower emergence of market-shaping firms in the most recent era.
Source: Lan Hạ – cafef.vn