Amidst a year of pronounced turbulence in the Vietnamese stock market, the coveted positions within the top 10 public companies for 2023, voted for by Vietnam Report, have undergone noteworthy transformations compared to the previous year.

Surpassing Vinhomes – the reigning champion in 2022 – to secure the top rank in Vietnam's prestigious list of public companies for 2023 is Vietcombank.

This commendable feat sees a remarkable ascent from its sixth-place position in the previous year. In a stark contrast, Vinhomes finds itself relegated towards the lower end of the rankings.

Notable business entities helmed by influential billionaires, including steel maker Hoa Phat, Masan, and Mobile World Group, have regrettably fallen out of the esteemed top 10 list.

Emerging as formidable replacements, the likes of PetroVietnam Fertilizer and Chemicals Corporation (PVFCCo) and FPT have firmly secured positions within the top three.

Continuing to hold their ground within the top 10, albeit with some reshuffling of positions, are Vietnam International Commercial Joint-Stock Bank (VIB), Vietnam Technological and Commercial Joint-Stock Bank (Techcombank), Military Commercial Joint-Stock Bank (MB), and Asia Commercial Joint-Stock Bank (ACB).

Providing insights into the market dynamics, Vietnam Report highlights that despite enduring the sharpest decline witnessed in the past 14 years, the Vietnamese stock market has showcased pockets of resilience over the past year.

It recorded an unprecedented surge in the number of newly opened investor accounts, along with historically low market valuations that presented attractive opportunities for long-term investors.

Furthermore, robust net buying activities by foreign investors during the latter half of Q4/2022 significantly contributed to the market recovery and instilled positivity that has lasted into the beginning of this year.

During the initial four months of 2023, the Vietnamese stock market underwent a period of volatility and continuous fluctuations, driven by both domestic and international factors, including the reopening of China, instability in the banking systems in the United States and Europe, market-supportive policies implemented by the State Bank of Vietnam, and the shifting dynamics of foreign buying and selling activities.

As of the end of April, although the VN-Index experienced a decline compared to the previous month, the overall stock market indices have demonstrated sustained positive growth since the beginning of the year. Encouragingly, market liquidity showed promising signs of improvement, with the month witnessing the first upturn of the year after a series of consecutive declines.