Vietcap Lists 29 Stocks for FTSE GEIS Upgrade, Adds VPB, HDB, SSB

Overview

Vietcap Securities has released a forecast identifying 29 Vietnamese stocks that may be included in the FTSE Global Equity Index Series (FTSE GEIS) emerging market index, a key step in the country’s market upgrade. The list includes 10 new additions not in FTSE Russell’s earlier reference portfolio, such as VPB, HDB, SSB, MSB, TPB, HCM, MCH, TCX, and VCK. This development is critical for affected tickers as index inclusion could drive substantial foreign capital inflows.

Key Facts

• Vietcap forecasts 29 Vietnamese stocks for FTSE GEIS emerging market inclusion, up from FTSE’s 23-stock reference list.
• 10 new stocks are predicted to qualify: VPB, HDB, SSB, MSB, TPB, HCM, VPL, MCH, TCX, and VCK.
• 4 stocks from FTSE’s reference list are expected to drop out: BSR, DGC, GEE, and KDH.
• The forecast uses market data as of June 30, 2026, while FTSE’s reference list used December 31, 2025 data.
• The official FTSE Russell list will be announced on August 21, 2026.
• Among recent IPOs, TCX, VCK, and MCH meet all criteria; VPX, GEL, and HPA fall short of minimum investable market cap thresholds.
• Minimum investable market cap requirement is approximately USD 483 million.

What Happened

Vietcap Securities published a detailed forecast of 29 Vietnamese stocks likely to be included in the FTSE GEIS emerging market index, based on updated market data through June 30, 2026. The list comprises 4 large-cap, 5 mid-cap, and 20 small-cap stocks. Notably, Vietcap’s projection adds 10 stocks not present in FTSE Russell’s earlier reference portfolio, including major banks VPB (VPBank), HDB (HDBank), SSB (SeABank), MSB (MSB Bank), and TPB (TPBank), as well as securities firm HCM, consumer giant MCH, and recent IPOs TCX, VCK, and VPL.

Conversely, Vietcap expects BSR, DGC, GEE, and KDH to be excluded, with BSR and KDH failing to meet minimum investable market capitalization thresholds. The forecast highlights the impact of a six-month data gap, which altered stock prices, free float, liquidity, and foreign ownership limits. Vietcap cautions that the official list, due August 21, 2026, may differ slightly due to data and methodology variations.

Market Context

Vietnam’s stock market has been awaiting a potential upgrade to emerging market status by FTSE Russell, a move that could attract billions of dollars in passive foreign investment. The affected tickers, including VPB (HOSE), HDB (HOSE), SSB (HOSE), and MSB (HOSE), have seen recent price movements: VPB closed at VND 25,500, HDB at VND 26,550, SSB at VND 15,350, and MSB at VND 16,150 on August 5, 2026. Inclusion in the FTSE GEIS would likely boost liquidity and valuations for these stocks, aligning with broader market optimism about Vietnam’s upgrade prospects.

Strategic Significance

For long-term investors, the potential inclusion of these 29 stocks in the FTSE GEIS emerging market index represents a structural shift in demand dynamics. Passive funds tracking the index would be compelled to buy these stocks, creating sustained buying pressure. The addition of major banks like VPB, HDB, SSB, MSB, and TPB underscores the financial sector’s growing weight in Vietnam’s market. Moreover, the inclusion of recent IPOs like TCX, VCK, and MCH signals that new listings with strong fundamentals can quickly attract international capital. This development reinforces the case for positioning in high-quality, liquid names ahead of the official announcement.

What to Watch

• Official FTSE Russell announcement on August 21, 2026, and any deviations from Vietcap’s forecast.
• Foreign ownership room changes for the newly added stocks, as index inclusion may trigger increased foreign buying.
• Q2 2026 earnings reports for VPB, HDB, SSB, MSB, and TPB to confirm fundamental strength.
• Market liquidity and price movements in the weeks leading up to the announcement.
• Any regulatory updates on Vietnam’s market upgrade timeline from FTSE Russell or the State Securities Commission.