In front of the Ho Chi Minh Stock Exchange. Photo by The Investor/Ngoc Diem.

After a wave of high-profile debuts late last year, including VPX (broker VPBankS), VCK (broker VPS), and MCH (Masan Consumer), the HoSE is preparing to welcome new listings as early as January, underscoring renewed momentum in Vietnam’s equity market.

Truong Son Investment

TSA shares of Truong Son Investment and Construction JSC will be the first to trade in the new year.

Truong Son will debut on HoSE on January 7, transferring its 40.4 million shares from the unlisted public companies market UPCoM. The stock will trade at a reference price of VND13,800 ($0.52) per share.

TSA was delisted from UPCoM on December 26, with its final trading day on December 25 at VND14,000 per share.

Founded in 2002 by chairman Nguyen Van Truong, the company operates in power construction, including transmission lines and substations. Truong and related parties hold nearly 40% of the firm.

TSA has reported steady profit growth over the past three years, with net profit rising from VND3 billion to VND23.5 billion ($893,500).

In the first nine months of 2025, revenue rose 31.2% year-on-year to VND442 billion ($16.8 million), while net profit climbed 64% to VND16.9 billion ($642,600).

The company’s balance sheet remains relatively safe, with borrowings of about VND97 billion ($3.69 million) and a debt-to-equity ratio of 23%. Cash and deposits stand at nearly VND70 billion ($2.66 million).

APG Securities, the listing adviser, said TSA’s outlook is supported by strong growth in electricity demand, a recovery in industrial production, and policy priorities under Vietnam’s Power Development Plan VIII.

According to the Ministry of Industry and Trade's forecast, electricity consumption in 2025 could increase by 10.5-14.3% compared to the previous year, but supply has not kept pace, especially in the North.

This development opens up many opportunities for businesses in the power construction sector, as the demand for investment in power infrastructure and power projects continues to increase sharply.

KienlongBank

Kienlong Bank (KLB) is next in line after receiving HoSE approval on December 18. While the official listing date has yet to be announced, more than 582 million KLB shares will be delisted from UPCoM on January 7, with the last trading day on January 6.

The bank said the reference price on its first HoSE trading day will be based on the average reference price over the last 30 UPCoM sessions. KLB shares surged from around VND7,400 dong in late April to VND18,000 in August before correcting to the VND15,000-17,000 ($0.65) range.

Founded in 1995, KienlongBank is one of the longest-established lenders in Vietnam’s Mekong Delta. It has charter capital of VND5.82 trillion ($221.4 million) and total assets of about VND97.7 trillion ($3.71 billion), placing it among smaller banks in the system.

As of September 30, KienlongBank has one head office, two representative offices, and 134 branches and transaction offices nationwide.

In the first nine months of 2025, the bank reported net profit of VND1.23 trillion ($46.69 million), more than double a year earlier, driven by broad-based growth across lending, services, foreign exchange and other income streams.

Net interest income increased by 13% to VND2.71 trillion ($103.1 million), service income surged by 42% to VND472 billion, foreign exchange trading income went up from VND6 billion to VND55 billion, securities trading income rose from VND13 billion to VND32 billion, and other operating income increased from VND118 billion to VND279 billion.

Antesco and Gia Lai Hydropower

On December 30, HoSE also approved the listing of An Giang Fruit and Vegetable Food JSC (Antesco, ticker: ANT).

The stock has risen 61.5% since late August to around VND42,000 ($1.6) per share, bucking a generally range-bound market.

Similarly to KienlongBank, the board of directors of Antesco also determined the reference price of ANT shares on the first trading day to be the average reference price of the 30 most recent consecutive trading sessions immediately preceding the delisting date from UPCoM.

Founded in 1975, Antesco is one of Vietnam’s leading agricultural processors, with annual processing capacity of 75,000 tons. It was the first Vietnamese company to export frozen processed agricultural products globally.

In 2024, Antesco posted record revenue of VND1.41 trillion ($53.42 million) and record net profit of VND74 billion ($2.81 million), up 86% và 637% against 2023, respectively.

In the first nine months of 2025, net revenue increased 30.2% year-on-year to VND1.45 trillion ($55.17 million), while net profit rose nearly 64% to VND100.2 billion ($3.81 million), exceeding its full-year profit target by about 18%. These are also the company's all-time highs.

The company's business results are expected to continue rising in the coming period. This is because in the third quarter, the company doubled its workforce to 1,500 people to meet order demands.

On October 17 in Ho Chi Minh City, Antesco held a signing ceremony for four important framework contracts with major importers from South Korea, the UK, and Poland.

Under these contracts, Antesco will supply nearly 20,000 tons of products annually, including key agricultural products such as pineapples, mangoes, passion fruit, and dragon fruit in frozen, sliced, and fresh forms, serving supermarket chains and wholesale markets in these markets. The total value of committed sales amounts to tens of millions of USD.

The final company approved in 2025 was Gia Lai Hydropower JSC (ticker: GHC), a subsidiary of TTC Group’s energy arm Gia Lai Electricity (GEG). The firm operates several small and medium-sized hydropower plants in the Central Highlands.

GHC has reported stable earnings for several years, with annual revenue above VND300 billion ($11.41 million) and net profit exceeding VND150 billion, translating into net margins of more than 50%. The company has consistently paid cash dividends of 20-25% of par value.

In the first nine months of 2025, revenue edged up to VND236 billion ($8.97 million), while net profit rose 10% to VND124 billion, partly due to improved returns from financial investments and declining debt levels.

At the end of Q3/2025, the company had outstanding debt of only VND322 billion ($12.24 million), mainly long-term loans of VND319 billion for investment in hydropower plants. Equity capital reached nearl VND1.16 trillion ($43.95 million).

Regarding assets, besides fixed asset investments in power plants, the company had VND233 billion in loans and maintained VND127 billion in cash. Of this, the company lent VND127 billion to Truc Son Solar Power Plant JSC and VND90 billion to TTC Duc Hue-Long An Power JSC.

With these four listings, HoSE is expected to maintain strong activity at the start of 2026, as companies seek deeper liquidity and higher visibility on Vietnam’s main board.