Vietnam to Merge All HNX Stocks Into HoSE by December 28

Overview

Vietnam’s exchange operator has finalized the transfer of every HNX-listed stock to the HoSE, with the last HNX trading session set for December 23 and the first HoSE session for December 28. Twelve HNX tickers with market capitalizations above VND 10,000 billion will rank inside HoSE’s top 100 on arrival, led by Sunshine Group (KSF) at VND 68,384 billion. The move consolidates equity trading on a single bourse and reshapes index, liquidity and ownership dynamics for the affected names.

Key Facts

• Last HNX trading session: December 23; trading suspended December 24-25; first HoSE session December 28.
• HNX listed nearly 300 stocks with combined market cap of VND 462,795 billion as of the September 30 close, equal to 5.4% of HoSE capitalization.
• Twelve HNX tickers carry market caps of VND 10,000 billion or more and account for close to two-thirds of total HNX value.
• KSF is the largest at VND 68,384 billion, which would rank 26th on HoSE, just above VPS Securities (VCK).
• THD follows at VND 46,585 billion and NVB at VND 41,822 billion; NTP is the smallest of the group at VND 10,775 billion, ranking 94th on HoSE.
• HoSE’s count of stocks above VND 10,000 billion rises from 89 to 101 after absorbing the 12 HNX names.
• SHS is HNX’s most liquid stock at VND 194 billion per session in Q3, ranking 29th against HoSE peers; MBS traded VND 117 billion and PVS VND 113 billion per session.
• HNX averaged VND 895 billion in daily turnover in Q3, equal to 5.2% of HoSE’s VND 17,212 billion.

What Happened

The Vietnam Exchange confirmed the schedule, under which all HNX-listed shares halt trading for two sessions on December 24 and 25 before debuting on the HoSE on December 28. The reorganization is part of a broader plan to split the market by function: after completion, the HoSE will host stocks, fund certificates and covered warrants, while the HNX will focus on bonds, derivatives and the UPCoM market.

State Securities Commission Chairwoman Vu Thi Chan Phuong has described the reorganization of the equity market as a core task for the regulator this year, alongside plans for a carbon trading market, a crypto-asset market and a dedicated venue for innovative startups. She framed 2026 as the year the market shifts from “meeting conditions” to “operating stably and sustainably” on emerging-market standards. The migration follows FTSE Russell’s upgrade of Vietnam to secondary emerging market status on September 21, which Finance Minister Ngo Van Tuan called a starting point rather than an endpoint.

Market Context

KSF, a real estate developer on the HNX, closed at VND 76,000 on September 30, while THD closed at VND 121,000 and NTP at VND 52,500. NVB, the NCB bank ticker, closed at VND 14 on October 1 with volume of 228,600 shares. The affected group spans securities (SHS, MBS), banking (NVB), real estate (KSF, CEO, HUT), energy and infrastructure (PVS, NTP). HNX liquidity is thin relative to the HoSE: the top ten HNX names generate nearly 80% of exchange turnover, while more than half of all HNX tickers trade under VND 100 million per session.

Strategic Significance

The consolidation matters most for index inclusion and liquidity. Once on the HoSE, the twelve large HNX names become eligible for the exchange’s main indices and for baskets tracked by ETFs and institutional mandates that screen on HoSE membership, potentially drawing passive and active flows that were previously unavailable. For KSF, ranking 26th by market cap places it alongside the largest HoSE real estate developers, changing its peer set and analyst coverage universe. For securities names SHS and MBS, HoSE membership removes an exchange-liquidity discount and puts them directly against SSI, VCI and VND in the same trading venue. The shift also simplifies the market structure ahead of the FTSE Russell upgrade implementation, a prerequisite for deeper foreign participation.

What to Watch

• Confirmation of the December 28 listing reference price and any first-day price band adjustments for the migrating tickers.
• Index provider announcements on eligibility and inclusion timing for the twelve large HNX names in HoSE indices and ETF baskets.
• Q4 and full-year 2025 earnings for KSF, THD, NVB and SHS, the first reporting cycle under the new venue.
• Foreign-ownership room and registration filings for the migrating names once HoSE trading begins.
• Further regulatory guidance on the HNX’s post-migration role in bonds, derivatives and UPCoM.