FTSE GEIS September Review: 9 Vietnamese Stocks Set for Index Inclusion

Overview

SSI Research projects that FTSE Russell will add nine Vietnamese stocks to the FTSE Global Equity Index Series (FTSE GEIS) emerging market index in September, potentially attracting net foreign inflows of up to $1.45 billion. The first phase alone could bring in $145 million. The official announcement is scheduled for August 21, 2026, with the change effective September 21, 2026.

Key Facts

• SSI Research expects FTSE Russell to add nine stocks to the FTSE GEIS emerging market index in September 2026.
• The nine stocks are VPB, HDB, MCH, VPL, VCK, TCX, SSB, MSB, and HCM.
• Total net inflows could reach $1.45 billion, with $145 million in the first phase in September 2026.
• VIC and VHM are expected to receive the largest inflows.
• FTSE Russell will announce the official list on August 21, 2026, effective September 21, 2026.
• FTSE estimates Vietnam could attract about $6 billion from active and passive funds after the upgrade.
• FTSE ETFs are projected to deploy about $1.5 billion over one year.

What Happened

In a recent strategy report, SSI Research outlined expectations that foreign selling pressure will continue to ease in August, supported by anticipation of passive inflows ahead of FTSE Russell’s upgrade of Vietnam to emerging market status. Based on data as of August 5, 2026, SSI Research identified nine stocks likely to be added to the FTSE GEIS index: VPB, HDB, MCH, VPL, VCK, TCX, SSB, MSB, and HCM. Notably, KBC, KDH, DGC, BSR, and GEE were removed from the expected list compared to FTSE’s April 2026 provisional list.

The report also highlighted that Vietnam could benefit from a broader global capital reallocation, as some regional markets face profit-taking after strong H1 gains driven by AI and semiconductor themes. Vietnam’s combination of sustained earnings growth, attractive valuations, and relatively low foreign ownership provides a favorable foundation to attract additional capital.

Market Context

VPB, listed on HOSE, closed at VND 25 on August 7, 2026, down 1.39% with volume of 14.9 million shares. The broader market has been anticipating the FTSE upgrade, which is expected to boost foreign flows. Other affected tickers include HDB (HOSE, close VND 27, +0.19%), MCH (HOSE, close VND 136, -0.51%), and VPL (UPCOM, close VND 80,900 on August 6). The upgrade is seen as a catalyst for the Vietnamese equity market, potentially reversing foreign net selling trends.

Strategic Significance

For long-term investors, the inclusion of these nine stocks in the FTSE GEIS index represents a significant milestone for Vietnam’s capital markets. It signals improved market accessibility and governance standards, which could attract sustained foreign investment. The expected inflows, particularly into large-cap names like VIC and VHM, may enhance liquidity and valuation multiples. This development also underscores the strategic importance of Vietnam as an emerging market destination, potentially leading to further index inclusions and broader investor participation.

What to Watch

• Official FTSE Russell announcement on August 21, 2026, confirming the final list of stocks.
• Actual foreign net inflows in September 2026, especially the first phase of $145 million.
• Price and volume reactions of the nine candidate stocks leading up to the effective date.
• Any regulatory changes or market infrastructure improvements that could affect the upgrade timeline.
• Subsequent quarterly reviews by FTSE Russell for potential additions or removals.