If the reclassification takes place as expected, it could unlock billions of U.S. dollars in foreign capital inflows from global ETFs and institutional investors.

Against this backdrop, MSN, the ticker for Masan Group, is emerging as a strong contender. The company’s solid business foundation, combined with its compliance with key requirements on market capitalization, liquidity and foreign ownership, positions it well for inclusion in major benchmark indices—an important gateway to large-scale passive investment flows.

The year 2025 marks the target for Vietnam to achieve an upgrade under the Securities Market Development Strategy to 2030 approved by the Prime Minister. International institutions and experts agree that a higher market status would draw significant foreign capital, expanding market size and liquidity. SSI Research estimates that the move to “Emerging Market” status could bring Vietnam around USD 1 billion from ETFs. Within this, MSN alone could attract approximately USD 91.89 million—a notable figure for a consumer-retail stock, a sector prized by foreign investors for its long-term growth potential.

With a market capitalization exceeding VND 124 trillion, high liquidity and ample room for increased foreign ownership, MSN meets most criteria for emerging market index inclusion. Masan’s diversified presence in essential sectors—from FMCG and retail to food and beverage and processed meat—adds to its appeal for funds seeking a balance of growth and stability.

Investor interest is already showing. On August 11, MSN shares surged nearly 7% to close at VND 82,000, with trading volume hitting almost 30 million shares, the highest since listing. This rally pushed the stock above the VND 80,500 resistance level and beyond the upper Bollinger Band, reinforcing a short-term uptrend. Analysts often view such a price-and-volume spike as a confirmed breakout, opening the possibility for a new price range to form.

Masan’s financial performance reinforces the optimism. In the first half of 2025, the group recorded net revenue of VND 42.163 trillion and NPAT Pre-MI of VND 2.602 trillion, up 82.6% from a year earlier and already achieving more than half of its annual plan. The retail segment, WinCommerce, delivered VND 17.915 trillion in revenue, a 13.4% increase, and VND 68 billion in Pre-MI profit, marking its fourth consecutive profitable quarter. By the end of the second quarter, it had opened a net 318 new stores in six months, completing 80% of the annual target, with nearly three-quarters of the new outlets located in rural areas.

In FMCG, Masan Consumer faced short-term disruption in the traditional retail channel due to new tax policies but moved quickly to adjust its distribution model, reduce reliance on large traditional retailers and promote direct-to-consumer channels. The meat business, Masan MEATLife, posted revenue of VND 4.409 trillion, up 25.6%, and profit of VND 364 billion, with processed meat sales growing by double digits and benefiting from high pork prices. Masan High-Tech Materials reported revenue of VND 1.614 trillion, up 27.9%, and profit of VND 6 billion, improving VND 400 billion from the same period last year on the back of higher APT and bismuth prices.

These results have prompted a string of bullish calls from major securities firms. VCBS has set a target price of VND 93,208 per share, about 14% above the August 11 close, citing growth prospects across all major segments and synergies from Masan’s integrated consumer ecosystem. KBSV values the stock at VND 100,000 per share, projecting double-digit growth in core businesses and improving profit margins. VCI sees MSN as a top-tier consumer-retail play supported by network expansion, operational efficiency and product portfolio optimization, and has assigned a target price of VND 101,000 per share.

With its integrated consumer–retail–technology ecosystem, aggressive network expansion and operational optimization, combined with the expected wave of foreign capital following a market upgrade, MSN is poised to remain a magnet for both domestic and foreign investors over the medium and long term.