HoSE floor waiting for new products

The fact that many businesses are turning to HoSE shows that confidence in the Vietnamese stock market is gradually being restored.

Enterprises find their way to HoSE

The Resolution of the Board of Directors of Dak Lak Rubber Investment Joint Stock Company (code DRI) in early March 2025 approved a number of contents and the expected time to hold the 2025 Annual General Meeting of Shareholders (April 24). Accordingly, in addition to a number of regular contents such as the report on production and business activities in 2024, the 2025 plan, the profit distribution plan, etc., a notable content is the policy of transferring the stock exchange from UPCoM to HoSE.

Dak Lak Rubber Investment was established in 2011 and became a public company in 2016. DRI shares started trading on UPCoM in May 2017. In nearly 7 years of trading shares on UPCoM, the Company has not had a year of loss. Most recently, in 2024, the Company recorded positive business results with good growth in the third and fourth quarters thanks to increased rubber latex prices, reaching 110 billion VND in profit after tax for the whole year of 2024, an increase of 49% compared to 2023.

Dak Lak Rubber Investment has paid regular cash dividends for many years. The expected dividend for 2024 is 6% of charter capital, and this rubber enterprise has provisionally paid 4% in December 2024.

Recently, Dak Lak Rubber Investment's parent company, Dak Lak Rubber Joint Stock Company (DRG), sold 11.6 million DRI shares, reducing its ownership ratio in the company from 60.84% ​​to 45%, which means that Dak Lak Rubber Investment has changed from a subsidiary to an affiliated company of DRG. Previously, DRG had wanted to sell some of its DRI shares many times, but the market was not favorable.

Meanwhile, at the "big guy" Vietnam Oil Corporation (PVOIL, code OIL), the resolution on finalizing the list of shareholders to hold the 2025 Annual General Meeting of Shareholders on April 25 also revealed the main content of the submissions, including the submission on approving the provision for investment depreciation at PetroVietnam Oil and Biofuel Joint Stock Company (PVB).

By the end of 2024, the value of PVOIL's investment in PVB is estimated at nearly VND272 billion. However, the Phu Tho Biofuel Plant Project invested by PVB has stopped implementation and PVOIL is working with PVB's shareholders and related parties on implementing a bankruptcy plan for PVB in accordance with the law.

PVOIL's problem at PVB is also the reason why the auditor issued an exception opinion on PVOIL's consolidated financial statements from 2019 to present. Due to the auditor's exception opinion, OIL shares on UPCoM are still under warning. Removing the audit exception opinion is a prerequisite for OIL to be eligible for listing on HoSE.

Therefore, the request for approval of provisioning for this investment is considered appropriate, contributing to resolving the audit issue once and for all. If in the upcoming 2025 semi-annual financial report, PVOIL receives a fully acceptable opinion from the auditor, the path from UPCoM to HoSE will soon be completed.

Waiting for the "dinosaur rookies" to debut

In early 2025, HoSE welcomed a special "newcomer" BSR - Binh Son Refining and Petrochemical Joint Stock Company, which officially listed 3.1 billion shares after 6 years of trading on UPCoM. BSR's leaders said that listing on HoSE will help the company access many important sources of investment capital. This allows BSR to have more tools and effective channels to mobilize capital, especially in the context of the enterprise planning to expand its investment capital.

It can be said that, as a gathering place for leading enterprises in the market, HoSE is still the destination for enterprises with real capital needs. Recently, on March 6, 2025, HoSE announced that it had received a listing application for more than 1.79 billion shares of Vinpearl Joint Stock Company (code VPL).

Vinpearl is the operator of a chain of resorts and entertainment facilities belonging to the Vingroup ecosystem. Currently, Vingroup Corporation (code VIC, HoSE) is the largest shareholder, owning 85.51% of Vinpearl's charter capital. Vinpearl is headquartered on Hon Tre Island, Vinh Nguyen Ward, Nha Trang City, Khanh Hoa Province.

Vinpearl was listed on HoSE in 2008 and later merged with Vincom. At the end of 2024, Vinpearl was approved to become a public company and is preparing to re-list.

Among the leading listed companies on the market, Masan Consumer Joint Stock Company (Masan Consumer, code MCH) has just consulted shareholders in writing and approved a plan to cancel stock trading on UPCoM to list on HoSE.

MCH is currently traded on UPCoM at VND150,000/share. In early March, MCH's direct parent company, Masan Consumer Holdings Company Limited, completed the purchase of more than 69.2 million MCH shares, increasing its holding ratio to 70.4% of the total outstanding MCH shares after the new issuance.

In a recent updated report on MCH, Phu Hung Securities Company assessed that changing floors could help MCH increase liquidity, as well as potentially be included in the indexes of ETF funds.

“Luxury car tycoon” Haxaco (Hang Xanh Auto Service Joint Stock Company, code HAX) has just revealed its plan to accelerate the listing process of its subsidiary, PTM Auto Production, Trading and Service Joint Stock Company, on HoSE in the documents of the upcoming General Meeting of Shareholders. It is known that in the first month of 2025, PTM opened Premium MG Da Nang dealerships, MG Ninh Binh dealership and MG Vung Tau dealership.

The fact that many businesses are turning to HoSE shows that confidence in the Vietnamese stock market is gradually being restored, and reflects the efforts of companies to take advantage of opportunities for development. Despite facing many challenges, from costs to transparency pressure, the benefits of capital mobilization, reputation and liquidity are still major motivations for listed organizations. With the entry of big names such as BSR and many other potential businesses in 2025, HoSE promises to continue to be the center of the stock market.

As of February 28, 2025, HoSE has 591 listed and traded securities (including 392 stock codes, 4 closed-end fund certificates, 16 ETF fund certificates and 179 covered warrants), with a total listed securities volume of more than 174.96 billion securities. The capitalization value of stocks on the HoSE floor reached more than VND 5.44 million billion, up 3.22% compared to the previous month and equivalent to 47.26% of GDP in 2024, accounting for more than 93.4% of the total capitalization value of listed stocks in the whole market.

Also up to that point, on HoSE there were 41 enterprises with capitalization of more than 1 billion USD, of which 2 enterprises with capitalization of over 10 billion USD were Vietcombank and BIDV.