Vingroup's stock price climbed approximately 1000% from the start of 2025 to a peak around late May 2026, about two weeks before June 5, 2026 [1, 2]. The company is the largest within frontier markets and one of Asia's priciest by valuation [1, 2]. Its market value now surpasses regional giants such as Indonesia's biggest firm, Singapore Telecommunications Ltd (Singtel), and China's JD.com [1, 2].
Vingroup's diverse businesses include electric vehicles through VinFast, transport, real estate via Vinhomes, hospitality, and tourism [1, 2]. It accounts for roughly one-third of the VN Index, Vietnam's benchmark stock gauge [1, 2]. Despite its dominant market presence, the stock trades at about 70 times forward earnings, well above the VN Index’s 12 times forward price-to-earnings ratio [1, 2].
In the first quarter of 2026, Vinhomes posted a net income of 25.6 trillion dong (around US$972 million), nearly 10 times more than the year before [1, 2]. However, Vingroup's consolidated first-quarter profit was 7.3 trillion dong, significantly lower due to losses offsetting from VinFast, its electric vehicle arm listed in the U.S. [1, 2].
Vietnam's 7.8% GDP growth in Q1 2026 and expected FTSE Russell upgrade from frontier to emerging market status in September 2026 have fueled optimism supporting Vingroup's gains [1, 2]. Yet some global fund managers express caution over whether the company’s earnings can sustain its high valuation. Analyst Marco Martinelli said, "Current valuations imply very high expectations for future execution, funding conditions, and long-term business expansion. At these levels, Vingroup-related stocks are less compelling than other opportunities in the nation" [1].
Others note technical buying and long-term growth hopes may sustain the price in the near term. Nguyen Anh Duc commented, "Even with traditionally high valuation metrics, technical capital flows and long-term growth expectations may support the stock price in the short to medium term" [2]. Quynh Cao added, "This is a stock priced for the future, and that future must arrive as expected" [2].
Large foreign selling of roughly $2.7 billion in Vietnamese stocks this year has left Vingroup’s foreign ownership near 3% [2]. Market leverage also appears elevated, with margin loans hitting a record 407 trillion dong in Q1 2026, potentially fueling the stock's volatility and rise [2]. Vingroup’s market dominance has raised concerns about distortion risks to Vietnam’s stock market ahead of the FTSE upgrade [1, 2].
The FTSE Russell is expected to officially upgrade the Vietnam stock market to emerging status in September 2026, a milestone closely watched by investors and market participants [1, 2].
