Vietnam’s stock market is entering a new growth phase, supported by multiple positive drivers. One key catalyst is the prospect of a market upgrade, with FTSE Russell noting clear progress and Vietnam having passed its latest review in early April.

According to Nguyen Lam Dung, chairman of brokerage VPS, foreign inflows are expected to rise significantly. Active funds may enter early, while passive funds are likely to start disbursing from September. Total foreign inflows could reach $5-6 billion, helping improve liquidity and market quality.

Domestic participation is also surging, with the number of securities accounts hitting record highs. In 2025, about 2.6 million new accounts were opened, the highest on record. In March 2026 alone, nearly 346,000 new accounts were added, the most since mid-2022. As of end-March 2026, total accounts reached around 12.61 million, far exceeding the government’s target of 11 million by 2030.

The trend highlights the growing appeal of equities, as retail investors shift capital toward the stock market amid less attractive traditional investment channels.

Alongside the rise in accounts, many listed firms have seen a surge in shareholder numbers, forming a “100,000-shareholder club.”

Steelmaker Hoa Phat Group (HoSE: HPG), often dubbed a “national stock,” continues to draw strong investor interest. As of March 2026, its shareholder base rose to nearly 300,000, up about 50% from around 200,000 a year earlier.

At technology firm FPT (HoSE: FPT), its 2026 AGM drew a record attendance of more than 2,700 shareholders, representing over 60% of voting shares, compared with 2,020 participants in 2025. According to its 2025 annual report, FPT had 127,488 shareholders, more than double the 58,429 reported a year earlier.

In the banking sector, Military Bank (MBBank, HoSE: MBB) reported more than 207,000 retail shareholders in 2025, while VPBank (HoSE: VPB) had over 83,000 shareholders, mostly domestic individuals. SHB’s (HoSE: SHB) shareholder base also surged from around 90,000 at end-2024 to nearly 160,000 by October 2025.

Among brokerages, SSI Securities (HoSE: SSI) had 128,192 shareholders as of December 9, 2025, including 124,601 domestic investors, marking a record high and underscoring strong retail interest as the market recovered and the firm expanded operations.

The rapid growth in retail shareholder bases at major companies points to both broader and deeper development of Vietnam’s stock market, as well as its increasing penetration among individual investors.

With market participation still relatively low compared to regional peers, Vietnam’s equity market has significant room for growth in the coming years, particularly as catalysts such as a potential market status upgrade and rising foreign inflows continue to play out.