On November 24, shares linked to Vuong’s ecosystem - commonly referred to as “Vin stocks” - continued their strong rally. Vingroup (VIC), the flagship company chaired by Vuong, closed its eighth gain in the last ten sessions, rising 9,800 VND (up 4.3%) to a record 239,500 VND per share. Since early February, VIC shares have jumped sixfold from around 40,000 VND.

Compared to November 10, when VIC was priced at 199,000 VND, the stock has gained nearly 20%, lifting Vingroup’s market capitalization to 923 trillion VND (approximately USD 37.5 billion). That makes it the most valuable company on Vietnam’s stock exchange, ahead of top banks like Vietcombank, VietinBank, and BIDV.

This stock surge pushed Vuong’s personal net worth to USD 22 billion as of November 24, securing his position at 101st on Forbes’ global rich list.

VinGroup ecosystem rallies on major project announcements

Other “Vin” stocks also soared. Vincom Retail (VRE) hit its daily upper limit, gaining 2,250 VND (7%) to reach 34,450 VND. Vinpearl (VPL) climbed 3,400 VND to 77,900 VND, while Vinhomes (VHM) rose 3,400 VND to 102,700 VND.

This rally comes amid a wave of positive developments within Vuong’s sprawling business ecosystem. In recent months and in the near future, VinGroup and its affiliates are launching or preparing a number of large-scale real estate, energy, and infrastructure projects worth several to tens of billions of dollars.

On December 19, Vingroup is set to break ground on a high-speed metro line connecting Ben Thanh to the future Can Gio mega-urban area.

Expansion into steel, energy, and mega-urban developments

Vuong recently established VinEnergo to spearhead billion-dollar energy projects, and VinMetal to develop a high-tech industrial steel complex in Vung Ang, with phase one capacity estimated at 5 million tons per year.

Vingroup is also investing USD 18 billion in the Ha Long Xanh complex in Quang Ninh. Meanwhile, VinSpeed is expected to undertake future high-speed rail projects across the country.

Massive capital increase, record revenues

Vingroup shareholders have approved a plan to issue nearly 3.9 billion bonus shares at a 1:1 ratio from owner’s equity, expected to be completed in Q4 2025. This will double Vingroup’s charter capital to over 77 trillion VND (approx. USD 3.1 billion), making it the largest non-financial listed firm in Vietnam and ranking behind only a few banks in total capital.

Vingroup reported a 34% year-on-year revenue increase in the first nine months of 2025, reaching nearly 170 trillion VND (approx. USD 6.9 billion). Net profit after tax surged 290% to 7.565 trillion VND (approx. USD 306 million).

Market divergence, foreign outflows

Despite the VinGroup-led gains, the broader stock market remained mixed, with more declines than advances and low trading volume.

Among the VN30 blue-chip index, most stocks - especially in banking, consumer, tech, and real estate - fell. Only a few names like VietJet (VJC), Vinamilk (VNM), VPBank (VPB), and Masan (MSN) posted modest gains. VJC soared 10,200 VND to 204,800 VND, while VNM climbed to 63,000 VND.

Overall, the VN-Index rose 13.05 points (+0.79%) to 1,667.98, and the VN30-Index gained 16.47 points (+0.87%) to 1,916.36, mostly due to the VinGroup stocks. However, they were also the most heavily sold by foreign investors.

Market-wide, 232 stocks declined, 152 advanced, and 93 remained flat. Total market liquidity reached 18.5 trillion VND (approx. USD 750 million), including 17.4 trillion VND on the HoSE.

Manh Ha