HNX to HOSE Migration: All 299 Stocks Move on December 28

Overview

Vietnam Exchange (VNX) has published the timetable for moving every HNX-listed stock to HOSE, with the final HNX trading day set for December 23 and the first HOSE session on Monday, December 28. The transfer covers 299 tickers and roughly VND 463,000 billion in market capitalization, including KSF, THD, NVB, PVS, PVI, IDC, HUT, MBS and SHS. It is the operational step in the Ministry of Finance’s plan to consolidate Vietnam’s listed equity market onto a single exchange.

Key Facts

• Last trading day on HNX: December 23; trading suspended December 24 and 25; first HOSE session December 28.
• HNX listed 299 stocks with total market capitalization of nearly VND 463,000 billion as of the September 30 session.
• HOSE listed 430 stocks with market capitalization above VND 8.5 million billion, making HNX about 5.4% of HOSE by value.
• Largest HNX name by capitalization: KSF of Tập đoàn Sunshine at VND 68,384 billion, followed by THD of Thaiholdings at VND 46,585 billion and NVB of Ngân hàng Quốc Dân at VND 41,822 billion.
• Other transferring tickers named by VNX include PVS, PVI, IDC, HUT and the securities firms MBS and SHS.
• Daily price band narrows from 10% on HNX to 7% on HOSE once trading resumes.
• HOSE and other HNX-organized markets continue to operate normally during the December 24-25 suspension.

What Happened

VNX issued a formal notice setting out the migration schedule for all HNX-listed equities. According to the announcement, December 23 is the final trading session for the entire HNX listed-equity board. The stocks then halt for two sessions, December 24 and 25, before their first HOSE trading day on Monday, December 28. From that point, VNX states, all listed stocks are organized for trading at HOSE.

The notice adds that HOSE-listed shares continue to trade normally through the suspension window, and other markets organized by HNX keep operating under existing rules. VNX frames the move as part of the Ministry of Finance’s roadmap to restructure the securities market. The source article does not disclose a separate transaction value, listing fee or index-treatment decision; those details are not yet known.

Market Context

KSF, the largest transferring name, closed at VND 76,000 on September 30, while THD closed at VND 121,000, PVS at VND 33,500 and NVB at VND 14,300, according to the price context provided. All four trade on HNX, the Hanoi exchange whose equity board is being absorbed into HOSE, the Hồ Chí Minh City exchange. The migration removes the exchange-level split between Vietnam’s two listed-equity venues and concentrates liquidity, index construction and disclosure obligations on a single platform.

Strategic Significance

The practical change for long-term holders is the trading regime, not the underlying business. A 7% daily band on HOSE replaces the 10% band on HNX, which mechanically reduces single-session price swings and can alter how quickly momentum and margin-driven moves play out. For larger names such as KSF, THD and NVB, HOSE membership also brings them into the pool screened by domestic and foreign institutions that benchmark against HOSE-based indices, potentially improving visibility and liquidity over time. For the securities tickers MBS and SHS, the move places them alongside HOSE-listed peers on the same rulebook, a modest competitive normalization. The offsetting risk is transition friction: re-indexing, custodian and broker system updates, and any forced selling from mandates that track HNX-specific benchmarks.

What to Watch

• Confirmation from HOSE on index membership and any temporary special-treatment status for incoming tickers.
• Actual first-day trading volumes and price behavior for KSF, THD, NVB and PVS on December 28.
• Foreign-ownership room and foreign flow data for the transferred names after the move.
• Any further VNX or Ministry of Finance guidance on HNX’s remaining non-equity markets, such as derivatives and bond listings.
• Broker and custodian readiness notices ahead of the December 24-25 suspension.