On May 24, ticker MCM of Moc Chau Dairy Cattle Breeding JSC (Moc Chau Milk) received approval to transfer from the Unlisted Public Company Market (UPCoM) to the HSX, and will trade for the last session on June 13 on UPCoM before making its official debut on HSX.

Besides Moc Chau Milk, from the outset of this year, four other businesses have filed for listing on HSX.

Hoang Gia Production and Investment JSC (code RYG) filed to list 45 million shares on May 21, while Gelex Electric JSC (code GEE) filed to list 300 million shares on April 24.

Hanoi-based DNSE Securities JSC (code DNSE) filed for 330 million shares on March 7, and DSC Securities JSC (code DSC), also based in Hanoi, filed for 204.8 million shares on March 1.

After taking a plunge in late 2021 and 2022, the stock market began to rally in 2023. It has continued to rebound in the first half of this year, with expectations that foreign capital will soon return to the market as Vietnam is making concerted efforts for a market status upgrade. Businesses are forecast to catch positive results from a low base in 2023.

A few years ago, the new listings were mainly small- and medium-sized real estate businesses, but many firms continuously delivered poor business results, leading to a continuous decline in stock prices, causing losses for investors.

For instance, Dat Xanh Real Estate Services JSC (DXS) debuted on HSX in July 2021 and was dubbed the ‘blockbuster’ of the market.

However, since DXS reached its peak on March 21, 2022, at $1.06 per share, the ticker price has continuously decreased and by May 28 it was down around 69 per cent from that peak. The company’s business results have continually recorded a downward trend after going public.

Similarly, southern developer Khai Hoan Land JSC (ticker KHG) came on the bourse in July 2021. From then to May 28, KHG's share price shed nearly 63 per cent, falling from $0.64 to $0.23.

The company witnessed a sharp drop in its profits in 2023 and the first quarter of 2024.

Looking at the list of businesses that have submitted applications and got the nod for listing, the quality of businesses has reportedly improved and their business fields have been expanded.

Accordingly, Moc Chau Milk currently owns around 26,500 cattle and three breeding centres with a scale reaching 1,600 heads, providing an average productivity surpassing 25 liters of milk a cow per day. Its products are sold in nearly 1,400 supermarkets such as AEON, Big C, and Winmart.

Similarly, Gelex Electric manages and invests in a wide-range of power source projects. The company possesses many big brands such as Vietnam Electric Cable Corporation (Cadivi), Electrical Equipment JSC (Thibidi), EMIC Electrical Measuring Instrument JSC, CFT Vina Copper Co., Ltd., and Gelex Power Generation Co., Ltd., to name but a few.

During the 2024 general shareholders meeting season, a raft of firms revealed plans to list member units.

Multi-field Hoang Anh Gia Lai JSC revealed a plan to make an initial public offering (IPO) of its member unit Gia Lai Livestock JSC at the end of 2024; Masan Group plans to list Masan Consumer; and Hoa Sen Group unveiled plans to conduct an IPO for its plastic and steel pipe segment.