Vietnamese (HOSE) Market Analysis & Valuation

Market Valuation and Performance

Has the Vietnamese Market valuation changed over the past few years?

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Thu, 27 Aug 2026	₫9144.2t	₫5189.3t	₫725.6t	10x	12.6x	1.8x
Sat, 25 Jul 2026	₫8351.4t	₫4707.0t	₫647.9t	10.3x	12.9x	1.8x
Mon, 22 Jun 2026	₫9019.6t	₫4682.9t	₫641.4t	11.1x	14.1x	1.9x
Wed, 20 May 2026	₫9380.1t	₫4673.0t	₫640.3t	11.3x	14.7x	2x
Fri, 17 Apr 2026	₫8939.9t	₫4430.7t	₫587.3t	12.1x	15.2x	2x
Sun, 15 Mar 2026	₫8361.4t	₫4426.7t	₫593.5t	11.9x	14.1x	1.9x
Tue, 10 Feb 2026	₫8641.4t	₫4410.2t	₫589.3t	12x	14.7x	2x
Thu, 08 Jan 2026	₫9049.0t	₫4048.3t	₫518.2t	12.4x	17.5x	2.2x
Sat, 06 Dec 2025	₫8059.6t	₫4016.4t	₫509.6t	12.6x	15.8x	2x
Mon, 03 Nov 2025	₫7519.1t	₫3893.6t	₫496.7t	13.2x	15.1x	1.9x
Wed, 01 Oct 2025	₫7402.0t	₫3812.7t	₫469.8t	14.5x	15.8x	1.9x
Fri, 29 Aug 2025	₫7500.9t	₫3799.7t	₫468.1t	14.5x	16x	2x
Sun, 27 Jul 2025	₫6808.2t	₫3758.8t	₫438.3t	14.9x	15.5x	1.8x
Tue, 24 Jun 2025	₫5886.2t	₫3695.1t	₫432.8t	13.9x	13.6x	1.6x
Thu, 22 May 2025	₫5727.7t	₫3681.5t	₫432.4t	14x	13.2x	1.6x
Sat, 19 Apr 2025	₫5317.7t	₫3563.1t	₫417.9t	13.7x	12.7x	1.5x
Mon, 17 Mar 2025	₫5785.0t	₫3467.9t	₫422.9t	14.3x	13.7x	1.7x
Wed, 12 Feb 2025	₫5536.7t	₫3386.8t	₫2755.0t	13.7x	2x	1.6x
Fri, 10 Jan 2025	₫5347.9t	₫3014.9t	₫372.4t	14x	14.4x	1.8x
Sun, 08 Dec 2024	₫5432.8t	₫3011.7t	₫374.0t	14.2x	14.5x	1.8x
Tue, 05 Nov 2024	₫5331.4t	₫2988.1t	₫363.9t	13.8x	14.7x	1.8x
Thu, 03 Oct 2024	₫5524.0t	₫2934.0t	₫361.5t	14.1x	15.3x	1.9x
Sat, 31 Aug 2024	₫5499.4t	₫2933.9t	₫360.8t	14.8x	15.2x	1.9x
Mon, 29 Jul 2024	₫5310.4t	₫2934.8t	₫324.1t	15.3x	16.4x	1.8x
Wed, 26 Jun 2024	₫5333.5t	₫2927.1t	₫321.0t	15.9x	16.6x	1.8x
Fri, 24 May 2024	₫5444.8t	₫2817.1t	₫346.2t	15.4x	15.7x	1.9x
Sun, 21 Apr 2024	₫4996.9t	₫2804.1t	₫338.0t	14.3x	14.8x	1.8x
Tue, 19 Mar 2024	₫5280.7t	₫2814.5t	₫346.6t	14.6x	15.2x	1.9x
Thu, 15 Feb 2024	₫5072.8t	₫2798.0t	₫340.4t	14.2x	14.9x	1.8x
Sat, 13 Jan 2024	₫4911.9t	₫2819.8t	₫322.5t	13.6x	15.2x	1.7x
Mon, 11 Dec 2023	₫4790.5t	₫2819.1t	₫320.1t	13.4x	15x	1.7x
Wed, 08 Nov 2023	₫4604.1t	₫2735.2t	₫315.4t	12.9x	14.6x	1.7x
Fri, 06 Oct 2023	₫4889.7t	₫2740.0t	₫320.2t	13.9x	15.3x	1.8x
Sun, 03 Sep 2023	₫5153.7t	₫2739.7t	₫321.3t	14.3x	16x	1.9x

Current Market PE

Investors are pessimistic on the Vietnamese market, indicating that they anticipate earnings will not grow as fast as they have historically.

The market is trading at a PE ratio of 12.6x which is lower than its 3-year average PE of 14.8x.

Past Earnings Growth

The earnings for Vietnamese listed companies have grown 31% per year over the last three years.
Revenues for these companies have grown 24% per year.
This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Sector Trends

Which sectors have driven the changes within the Vietnamese Market?


VN Market	5.20%
Real Estate	11.19%
Tech	4.68%
Financials	3.64%
Materials	3.48%
Consumer Staples	2.25%
Industrials	1.41%
Healthcare	1.32%
Telecom	1.17%
Energy	1.01%
Consumer Discretionary	0.97%
Utilities	0.62%

Sector PE

Investors favour the Real Estate sector the most for future growth, which is trading close to its 3-year average PE ratio of 20.9x.

Analysts are expecting annual earnings growth of 15.8%, which is lower than the prior year's growth of 56.0% per year.

The Energy sector is the least preferred by investors for future growth, which is trading below its 3-year average of 20.9x.

Forecasted Growth

Analysts are most optimistic on the Industrials sector, expecting annual earnings growth of 25% over the next 5 years.
This is roughly in line with its past earnings growth rate.

In contrast, the Energy sector is expected to see its earnings decline by 11% per year over the next few years.

Company	Last Price	7D	1Y	Valuation	Sector
VIC Vingroup	₫236.00k	16.8% +₫255.0t	262.8%	PE80.7x	Real Estate
VHM Vinhomes	₫73.80k	6.2% +₫35.3t	41.1%	PE7.6x	Real Estate
TCB Vietnam Technological and Commercial Bank	₫34.10k	10.0% +₫22.0t	-13.9%	PB1.3x	Financials
VPB Vietnam Prosperity Commercial Bank	₫27.40k	10.0% +₫19.8t	-19.4%	PB1.2x	Financials
VCB Commercial Bank for Foreign Trade of Vietnam	₫60.10k	4.0% +₫19.2t	-12.9%	PB2x	Financials

Company

Last Price

Valuation

Sector

VIC Vingroup

₫236.00k

16.8%
+₫255.0t

262.8%

PE80.7x

Real Estate

VHM Vinhomes

₫73.80k

6.2%
+₫35.3t

41.1%

PE7.6x

Real Estate

TCB Vietnam Technological and Commercial Bank

₫34.10k

10.0%
+₫22.0t

-13.9%

PB1.3x

Financials

VPB Vietnam Prosperity Commercial Bank

₫27.40k

10.0%
+₫19.8t

-19.4%

PB1.2x

Financials

VCB Commercial Bank for Foreign Trade of Vietnam

₫60.10k

4.0%
+₫19.2t

-12.9%

PB2x

Financials

BNP Paribas and KB Kookmin Bank Reportedly Eye Stakes in Techcombank

BNP Paribas SA (ENXTPA:BNP) and KB Kookmin Bank are in separate talks to acquire at least a 15% stake in Vietnam Technological and Commercial Joint Stock Bank (HOSE:TCB) (Vietnam's Techcombank) as strategic investors, in a deal that could be worth $2,000 million, two sources said. The potential deal, which has not been reported previously, would give the winner rare access to Vietnam's fast-growing banking market and end Techcombank's long search for a foreign strategic partner. Techcombank is seeking a valuation of about two times its book value, said the sources, who are familiar with the deal discussions but spoke on condition of anonymity as they were not authorised to speak to the media. If agreed, that would value a 15% stake in Vietnam's third-largest privately owned bank by total assets at around $2,000 million, and would represent about a 55% premium over its last closing price. KB Kookmin Bank said it would not comment on market rumours or speculation, as part of South Korea's capital markets and disclosure rules. Spokespersons for Techcombank and BNP Paribas declined to comment. The latest deal talks come as foreign banks are seeking a bigger foothold in Vietnam by extending hard-currency loans to local lenders squeezed between rising domestic funding costs and government pressure to expand credit. Vietnam caps foreign ownership at 30% for most banks. In Techcombank, foreign ownership currently stands at around 20.5%, and the sources said interested bidders are weighing several options including purchases from existing foreign investors. No formal agreement has been reached and there is no certainty that the talks would result in a deal, they said, adding Techcombank was likely to select only one of the two bidders. Valuation remains the main hurdle as Techcombank is seeking a sharply higher premium to its current market value, one of the sources said, adding that a strategic buyer would be buying future growth and access to a scarce banking platform. A deal could be reached by the end of 2026 or the first half of 2027, depending on negotiations, the sources said. Techcombank has long said it is open to a foreign strategic investor. It is one of Vietnam's few large privately owned banks without such a strategic partner. For BNP Paribas or KB Kookmin, a Techcombank stake would offer exposure to Vietnam's expanding middle class, rising wealth management demand and fast-growing private banking sector. BNP Paribas and KB Kookmin Bank already operate branches in Hanoi and Ho Chi Minh City, while KB Financial Group, Kookmin's parent, has a majority-owned securities unit in Vietnam.

Vietnamese (HOSE) Market Analysis & Valuation

Market Valuation and Performance

Sector Trends

Top Stock Gainers and Losers

Market Insights

Which payment stocks actually get paid?

Latest News

BNP Paribas and KB Kookmin Bank Reportedly Eye Stakes in Techcombank

Dien May Xanh Investment Joint Stock Company to Report August,2026 Results on Sep 10, 2026

Less than half of directors are independent

Consensus EPS estimates increase by 20%

Joint Stock Commercial Bank for Investment and Development of Vietnam to Report First Half, 2026 Results on Aug 28, 2026

Now 21% undervalued after recent price drop

Second quarter 2026 earnings released: EPS: ₫1,391 (vs ₫912 in 2Q 2025)

Second quarter 2026 earnings released: EPS: ₫1,490 (vs ₫169 in 2Q 2025)

Second quarter 2026 earnings released: EPS: ₫1,331 (vs ₫126 loss in 2Q 2025)

Second quarter 2026 earnings released: EPS: ₫2,329 (vs ₫879 in 2Q 2025)

Joint Stock Commercial Bank for Foreign Trade of Vietnam Changes Addresses Of 11 Branches And 44 Transaction Offices

Military Commercial Joint Stock Bank Announces Change of Location of Dien Bien Branch

Second quarter 2026 earnings released: EPS: ₫1,523 (vs ₫1,041 in 2Q 2025)

Fortune Vietnam Joint Stock Commercial Bank Receives Approval for the Relocation of Ba Che Transaction Office Under Lpbank Quang Ninh Branch

Saigon Treasure Commercial Joint Stock Bank Announces Relocation of Dao Tan Transaction Office - Thang Long Branch

Vietnam Prosperity Joint Stock Commercial Bank, Annual General Meeting, Apr 22, 2026