Launched in 2020, the Top 50 Prestigious and Effective Public Companies (VIX50) aims to honor the most outstanding public enterprises in the Vietnamese stock market, with an assessment based on two main pillars: financial strength, quantified from audited financial statements, and media reputation, measured by the Media Coding method combined with qualitative analysis from experts. In addition, additional factors such as growth potential, ability to maintain competitive advantage, quality of corporate governance and position in the industry are also integrated to create a comprehensive and objective assessment picture.
In the context of the global and domestic economy constantly facing macro shocks and challenges, VIX50 continues to affirm its role as an independent, systematic and reliable assessment tool, reflecting the intrinsic capacity and adaptability of public enterprises. At the same time, the ranking is built with three consistent goals: (1) Providing an objective view of the group of public enterprises leading the economy; (2) Supporting investors in identifying enterprises with sustainable development strategies and long-term growth potential; and (3) Contributing to spreading the spirit of transparency, professionalism and efficiency in public enterprise governance.
After 5 years of implementation, VIX50 not only honors businesses with outstanding achievements, but also becomes a valuable reference for stakeholders - from investors, financial institutions to policy makers - in assessing market performance and shifting trends of key business forces.
Highlights of the 2025 VIX50 Ranking
At the time of publication of the rankings, the capitalization of 50 public companies in Vietnam Report's VIX50 list accounted for over 52.3% of the total market, the average ROE in 2024 reached 16.7%, the average 5-year compound annual growth rate of revenue and profit reached 13.5% and 21.3%, respectively.
In this year's VIX50 list, there are 27 enterprises with a capitalization of over 1 billion USD, 22 enterprises with revenue of over 1 billion USD, and 40 enterprises with profits of over 1,000 billion VND.
In terms of revenue scale, the bank representative BIDV (BID) continues to lead, affirming the solid position of the banking system in the economy. In terms of profit, Vinhomes (VHM) still maintains its leading position, affirming the operational efficiency of the real estate sector.
In terms of ROE profitability, Binh Minh Plastics (BMP) holds the top position, followed by IDICO Corporation (IDC) and Viettel Construction (CTR).
In terms of compound growth rate by revenue in the period 2020-2024, Hai An Transport and Stevedoring (HAH) and Nam Long (NLG) are the two enterprises recording the highest growth rates. Meanwhile, the compound growth rate by profit in the period 2020-2024 recorded impressive growth for two representatives of the Transport and Logistics industry, Vietnam National Shipping Lines (MVN) and Vietnam Airports Corporation (ACV), reflecting the strong recovery of the industry in the context of the reopening of the economy and increased demand for freight and passenger transportation.
Industry structure is stable but clearly shifting towards growth groups
The Top 10 VIX50 in 2025 continues to show the dominance of the banking sector, with 7/10 of the top positions belonging to large commercial banks such as Vietcombank, MB, HDBank, BIDV, VietinBank, Techcombank and ACB. However, the highlight this year is the rise to the top for the first time of FPT Corporation - a typical representative of the technology industry. This development clearly reflects the shift in market awareness of the medium and long-term role of technology enterprises in the digital economy.
In addition, Vietnam Airports Corporation (ACV), representing the Transport & Logistics sector, appeared in 5th place – a result showing the increasing role of infrastructure service sectors in creating sustainable growth momentum, especially in the context of global supply chains and logistics being restructured.
Looking at the entire VIX50 portfolio in 2025, the industry structure continues to reflect a mix of traditional pillars and new growth sectors. The Banking sector remains central, accounting for 26% of the number of businesses, while the Real Estate group decreased from 14% to 10%, mainly due to the impact of tight credit policies. On the other hand, low-cyclical sectors and sectors linked to consumption or international trade such as Transport & Logistics and Food increased their proportions from 10% to 12%, respectively. The Construction & Building Materials sector also recorded a slight increase from 8% to 10%, benefiting from public investment policies.
In contrast, the Chemicals sector decreased from 6% to 4%, reflecting the impact of input costs and raw material fluctuations. Other sectors such as Securities (6%), Utilities - Energy (2%), Insurance, Metals, Mechanical - Machinery Manufacturing, Pharmaceuticals - Healthcare, Retail and Personal Goods, although accounting for smaller proportions, play an important role in diversifying the portfolio and reflecting the overall market picture.
Overall, the VIX50 2025 structure represents a strategic balance between industries with stable financial and liquidity foundations and emerging sectors driven by digital transformation, domestic consumption and export infrastructure. This shows a reasonable shift in capital flows and investment expectations, while strengthening the representativeness and adaptability of the ranking in the context of the market continuing to restructure towards sustainability and modernization.
Impressive financial growth – Outstanding performance
| Average financial ratios | Value | Compared to last year |
|---|---|---|
| Average ROE | 16.70% | +0.2 % points |
| Average EPS | 3,898 VND | -9.00% |
| Revenue growth | 13.50% | +0.30% |
| Profit growth | 21.30% | +4.30% |
| Debt/Equity Ratio | 3.68 | -0.03 |
The financial performance of the VIX50 group of companies in 2025 continues to affirm their sustainable operational capacity, despite short-term macroeconomic pressures. Several key financial indicators show positive or stable trends, reflecting the ability of businesses to adapt and optimize costs in a volatile market context.
Specifically, the average ROE of VIX50 recorded 16.7%, a slight increase of 0.2 percentage points compared to the previous year, showing the ability to maintain a stable profit margin on equity. Although the average EPS tended to adjust, decreasing from VND 4,283 to VND 3,898 (down 9%), the main reasons came from interest rate pressure, raw material costs and profit differentiation between industries.
Notably, revenue and profit growth rates remain positive. Average revenue growth reached 13.5%, slightly higher than the 13.2% of the previous period. Meanwhile, after-tax profit growth reached 21.3%, a sharp increase of 4.3 percentage points compared to 2024 - a sign that businesses are effectively exploiting scale while improving productivity and cost structure.
In terms of capital structure, the average debt-to-equity ratio (D/E) of the entire portfolio remained at 3.68, little changed from the previous year. This leverage level, although higher than the usual safety standards for non-financial enterprises (around 1.0–2.0), is still consistent with the current industry structure of the VIX50. Specifically, the Banking group – accounting for 26% of members – often maintains a D/E ratio of 5.0–6.0; while industries that use a lot of fixed assets such as Real Estate, Construction and Logistics also tend to use leverage at 1.5–3.0. Therefore, the D/E ratio of 3.68 is considered to reflect a capital structure appropriate for the industry portfolio, allowing for balanced use of borrowed capital without significantly increasing financial risks.
Overall, the financial picture of VIX50 in 2025 shows stability in capital efficiency, positive revenue and profit growth, and reasonable debt management. Combining the strength of traditional industry groups (Banking, Real Estate, Construction) and the momentum from growth industries (Technology, Food, Logistics), VIX50 is maintaining a solid financial foundation, aiming for sustainable performance in the medium and long term.
VIX50 5-Year Performance Overview: Financial Quality Continues to Outperform
Since 2021, the 50 public companies in the VIX50 have demonstrated outstanding stability in terms of operating efficiency and financial capacity, despite major fluctuations such as the COVID-19 pandemic, geopolitical conflicts, supply chain crises and global monetary tightening waves.
| Target | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Average EPS (VND) | 4,600 | 5,200 | 5,177 | 4,283 | 3,898 |
| ROE (%) | 16.8 | 20.8 | 21.1 | 16.5 | 16.7 |
| Revenue CAGR in the last 5 years (%) | 12.0 | 19.1 | 14.1 | 13.2 | 13.5 |
| CAGR of profit in the last 5 years (%) | 17.2 | 31.7 | 26.3 | 17.0 | 21.3 |
| Number of enterprises with capitalization > 1 billion USD | 27 | 30 | 29 | 27 | 27 |
| Market capitalization ratio (%) | 60.35 | 53.1 | 57.6 | 51.5 | 52.3 |
ROE remains high, ranging from 16.5% to 21.1%, showing that the return on equity of VIX50 companies is always superior to the general market level (usually ranging from 10-13%). Despite a slight adjustment in 2024, ROE in 2025 remains stable at 16.7%, showing that capital efficiency has not declined after many macroeconomic fluctuations.
Average EPS has been on a downward trend in the past 2 years, from a peak of VND 5,200 in 2022 to VND 3,898 in 2025. The main reason comes from the profit adjustment of some industries that are strongly affected by input costs, interest rates and fluctuations in market demand. However, the current EPS level is still considered relatively high in the general context.
The compound annual growth rate (CAGR) of revenue and profit remained positive: average revenue growth of 13.5%/year over 5 years, while profit after tax achieved a growth rate of 21.3%/year - a very impressive figure compared to the average of the whole market. This shows the ability to expand scale and effectively control costs of businesses in the VIX50 table.
The proportion of companies with a market capitalization of over $1 billion remained stable throughout the period, fluctuating around 27–30 companies. This group represents the internal strength and stability of the listed market. The capitalization proportion of the VIX50 accounted for over 50% of the total market over the past 5 years, reflecting the core role of the listed companies in capital flows, liquidity, and general market trends.
Financial data for the 2021–2025 period confirms that the VIX50 truly reflects the group of businesses that are capable of maintaining high business performance, good resilience to crises, and long-term growth capacity.
Companies that have been in the VIX50 for 5 consecutive years – Sustainable pillars of the market
During the 5 years from 2020 to 2024, the VIX50 ranking - Top 50 prestigious and effective public companies has recorded the persistent presence of 24 enterprises. This is the group of "Core Enterprises" - sustainable pillars in finance, operations and long-term development strategy.
Not only leading in terms of capitalization and liquidity, the “Core Enterprise” group also stands out thanks to key indicators such as stable high ROE, impressive profit growth, and strong stock price increase in 5 years. In particular, many enterprises recorded a 2-9 times increase in stock price, ROE maintained above 20%, and profit CAGR reaching from 15% to more than 30% per year. This is the foundation stock class, suitable for long-term investment strategies, especially in the context of an increasingly fragmented market that requires strict selection.
The graph visualizes the performance of VIX50 core companies based on three pillars: market value (share price growth), profitability (ROE) and profit growth rate (CAGR), clearly reflecting the differentiation according to financial quality and market expectations as follows:
- Group 1 – Comprehensive development gathers outstanding businesses that excel in all three indicators. DGC (Duc Giang Chemicals) is typical with a price increase of nearly 900%, an average ROE of more than 28% and a compound profit growth rate of up to 34.5% – showing the ability to operate effectively in a highly cyclical commodity industry. In addition, private banks such as ACB, MBB, HDB not only maintained ROE exceeding 20% continuously for 5 years but also had compound profit growth of over 25%, along with a stock price increase of 164% to 182% – affirming their leading position in the private banking industry in terms of scale, efficiency and ability to expand market share.
- Group 2 – Modest efficiency , strong growth momentum includes businesses with average ROE still modest compared to the general level, but positive growth momentum helps open up room for future efficiency improvement. Typical cases such as DGW (435%), FPT (390%) and DCM (419%) all show impressive price increases, accompanied by relatively high profit CAGR, reflecting market confidence in long-term growth. However, the ROE of this group is still low to medium – showing that there is still a lot of room for efficiency improvement. Meanwhile, the trio of banks STB, BID, SHB show strong recovery after restructuring with impressive profit CAGR of 37-39%, but the average ROE is still low due to the impact from the early stages of reform.
- Group 3 – Solid foundation, stable growth momentum includes businesses with high operational efficiency, sustainable growth and are recognized by the market with reasonable price increases. VCB and TCB maintain ROE from 25-30%/year, compound profit growth around 15%, and stable stock price increase of over 65%. REE is particularly prominent with an average ROE of over 31% – demonstrating the ability to effectively allocate capital in essential sectors such as electricity, water and real estate. TPB, CTG and PNJ, although not having explosive growth, possess stable foundations, suitable for investors pursuing a stable strategy, accumulating value and sustainable dividends.
- Group 4 – Strong foundation, growth momentum under pressure is a group of businesses whose capital efficiency remains high, but profit growth or market price is under pressure from cyclical factors or specific industries. Maintaining high ROE despite challenges shows that internal financial strength has not been weakened, which is the foundation to bounce back when the favorable cycle returns.
Multidimensional performance analysis of the VIX50 Core Group shows that: businesses with healthy financial models, sustainable growth and effective capital management are clearly dominant in the long term. Performance classification helps investors correctly identify the cyclical position of stocks, thereby building a strategy of "choosing a business before choosing a stock price" - in line with the long-term and sustainable investment trend.
Communication and Branding: Foundation of Trust, Lever for Growth
In an increasingly competitive environment, a brand is not simply a media story, but an intangible asset that can shape a company’s position and influence its valuation in the capital market. For companies in the VIX50 group – representing the 50 most prestigious and effective public companies in Vietnam – the correlation between financial capacity and media presence plays a particularly important role in establishing trust and attracting long-term capital flows.
The financial-communication positioning chart for the 2021–2025 period shows that VIX50 businesses are clearly differentiated into four strategic groups, reflecting the level of combination between financial strength and brand strategy.
The first group, Market Leaders , includes businesses that score highly in both finance and communication – typically FPT, VCB, ACB, MBB, PNJ. These are units that not only maintain outstanding operational efficiency, but also proactively tell a “growth story” in a clear, transparent and positive way. Brand in this case not only reflects business results, but is also a tool to spread value and consolidate industry leadership.
On the other hand, the Image Growth Space group includes businesses with good financial foundations but limited media presence – such as GAS and DGC. This is a group of businesses that still have a lot of room for image growth if they invest properly in brand and communication strategies. Upgrading the image not only helps increase perceived value, but also supports the transition from an “effective” to a “leading” business.
On the contrary, some businesses such as MSN and DHG belong to the Good Image Positioning group, recording a communication score above average, showing initiative in building brand image and connecting with the market, although financial performance has not really been outstanding in the recent period. These are brands that are well recognized by the market, associated with long-standing reputation or methodical communication strategies, and are in the process of consolidating internal strength. If combined with solid steps in terms of operation and finance, these will be potential candidates for the "market leader" group in the near future.
Finally, the Restructuring group includes businesses such as KDH, REE, DCM, DGW – whose financial and communication scores are still modest compared to other core VIX50 businesses. Many businesses in this group operate in specific, long-cycle industries or have a traditional, conservative orientation. However, with a certain accumulation foundation and a recognized position over many years, they are completely capable of breaking through if they simultaneously improve their financial performance and proactively connect more strongly with the market.
Overall, the VIX50 financial-communication positioning model shows that brand and communication are value amplifiers, helping businesses spread their financial strength to the market more effectively. However, communication cannot replace the operating platform, but only maximizes efficiency when accompanied by real growth. To become a core stock in a long-term portfolio, businesses need to maintain two pillars at the same time: sustainable finance and positive brand presence. A well-invested communication strategy - consistent, transparent and value-oriented - will be the driving force to help businesses reposition their position and expand market trust in the long term.
The VIX50's Leading Role in the Overall Market
To verify the investment efficiency and market leadership role of the group of 50 reputable and effective public enterprises, Vietnam Report has built a simulated index VIX50-Index with a starting point T0 = 1000 in early 2021. The index is calculated based on the equal-weight method, reflecting the average performance of the VIX50 portfolio over the years.
During the period 2021 - Q1/2025, the VIX50-Index grew impressively from 1000 to 1839 points, equivalent to a cumulative increase of nearly 84% after more than 4 years. This performance far exceeded that of market representative indices such as VNINDEX (up about 10%) and VN30 (up about 16%) when both were normalized to the 1000 mark at the beginning of 2021. The comparison chart shows that the VIX50 not only leads in cumulative yield but also maintains a more stable and sustainable upward trend than the other two reference indices.
| CAGR return on investment | Volatility | Sharpe Ratio | |
| VNINDEX | 3.45% | 0.234 | -0.024 |
| VN30 | 5.04% | 0.259 | 0.040 |
| VIX50 | 8.30% | 0.370 | 0.116 |
The backtest results also show that if investors build a portfolio based on VIX50 from 2021, using an equal-weight strategy, the investment yield (CAGR) will reach 8.3%/year, significantly higher than VN30 (5.0%) and VNINDEX (3.4%). Although accompanied by a higher volatility rate (volatility: 0.370), the risk-adjusted return (Sharpe Ratio) of VIX50 is still superior at 0.116, while VN30 only reaches 0.040 and VNINDEX is even negative (-0.024). This confirms that the superior performance of VIX50 comes not only from the profitability but also from a more reasonable profit/risk ratio compared to the rest of the market.
In the context of investors increasingly interested in diversification strategies, optimizing risks and avoiding dependence on a few large-cap stocks, VIX50 promises to become a valuable measurement and investment tool, with high applicability and strong potential to spread in the Vietnamese capital market. After 5 years, VIX50 has proven to be an effective and practical filter for public enterprises, not only overcoming the most severe challenges, but also establishing standards in financial performance, brand positioning and market leadership capacity.
Vietnam Report
Source: https://vimc.co/large-document-about-top-50-trustworthy-and-effective-general-stock-companies-2025-vix50/
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