Recently, there's been an accelerating trend among Vietnamese banks to seek listings on the Ho Chi Minh Stock Exchange (HoSE). This move is expected to enhance bank transparency, expand fundraising opportunities, and strengthen their position in the capital market.
VietABank Approved for HoSE Listing
Viet Asia Commercial Joint Stock Bank (VietABank, ticker VAB) recently received approval from the Ho Chi Minh Stock Exchange for the listing of approximately 540 million shares (total capital of about VND 5.4 trillion, equivalent to US$207 million). This makes VietABank the 19th bank to be listed on HoSE, Vietnam's largest stock exchange.
VietABank's VAB shares have been trading on the Unlisted Public Company Market (UpCOM) since July 2021. As of June 27, 2025, the closing price was VND 15,200, representing a 63% increase year-to-date. VietABank's management expects this HoSE listing to strengthen the bank's brand and reputation, create a favorable environment for attracting investment, and expand cooperation with international strategic investors. HoSE listing plays a crucial role in enhancing corporate transparency and credibility, thereby attracting interest from both domestic and international investors. For banks, in particular, meeting strict listing requirements officially recognizes their financial soundness and management transparency.
Nam A Bank and Others Already Listed or Pursuing Listings
Earlier this year, over 1 billion shares of Nam A Bank (ticker NAB) were transferred from UpCOM to HoSE and officially began trading. This increased the total value of Nam A Bank's listed securities to over VND 10.58 trillion. Nam A Bank's successful transfer serves as a positive signal for other banks to pursue HoSE listings.
In addition to VietABank, several other banks are accelerating their plans to "move" to HoSE. Kien Long Commercial Joint Stock Bank (KLB) granted its board of directors the authority at the 2025 annual shareholders' meeting to choose an appropriate time to complete the HoSE listing within the fourth quarter of this year. Kien Long Bank had previously postponed its listing plans in early 2023 due to unfavorable market conditions.
Viet Capital Commercial Joint Stock Bank (BVB) also approved its listing plans, which were postponed from 2024. VietBank has already met the listing requirements but is cautiously reviewing the timing of its listing due to market volatility caused by US customs policies, mentioning a possible postponement to 2026. The overall market situation, interest rate fluctuations, and macroeconomic indicators are important considerations when deciding on the listing timing. Especially during periods of increased global economic uncertainty, companies frequently adjust their listing schedules.
Furthermore, Saigon Bank For Industry And Trade (SGB) signed a consulting agreement to prepare for the transfer of its shares from UpCOM to either HoSE or the Hanoi Stock Exchange (HNX). HNX has less stringent listing requirements compared to HoSE, so some banks take the step of entering the capital market via HNX before transferring to HoSE.
Benefits of HoSE Listing and Development of Vietnam's Capital Market
There are several key reasons why banks are rushing to list on HoSE. One of the most important advantages is improved transparency. HoSE has stricter listing and disclosure requirements than UpCOM or HNX, meaning listed companies have an obligation to provide more detailed and regular information. This contributes to providing investors with more information about the company and building trust, ultimately leading to an increase in corporate value.
Secondly, a HoSE listing plays a decisive role in expanding fundraising opportunities. As Vietnam's largest stock exchange, HoSE is highly liquid and attracts significant interest from both domestic and international institutional investors. Listing allows banks to establish a foundation for raising capital through various means, such as issuing stocks and bonds. This is essential for increasing banks' lending capacity and management stability through capital expansion. Attracting international strategic investors, in particular, is crucial for securing banks' long-term growth momentum, and a HoSE listing provides these investors with greater accessibility and investment appeal.
Thirdly, a HoSE listing enhances a bank's brand value and market standing. The fact that a bank is listed on a reputable stock exchange, both domestically and internationally, improves its credibility and reputation, which positively impacts customer acquisition and business expansion. Banks are strengthening their competitiveness by improving corporate governance and establishing management systems that meet international standards through listing.
This rush of banks to list on HoSE can be interpreted as an important indicator of the overall development of Vietnam's capital market. As transparency in the financial sector increases and capital raising channels diversify, it is expected to contribute to Vietnam's economic growth and stability. Furthermore, the influx of more large banks to HoSE is expected to further enrich market liquidity and provide investors with more investment opportunities. The Vietnamese government is continuously improving its regulatory framework for the healthy development of the capital market, which is expected to further promote corporate listing activities in the long run.
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