Vietnam’s FTSE Upgrade Takes Effect September 21: 117 Stocks Added

Vietnam’s removal from the FTSE Frontier Index Series will be implemented in a single tranche. Its inclusion in the FTSE GEIS and related indexes will instead begin through multiple tranches, a structure intended to give index users time to adjust their portfolios.

A reported implementation estimate puts about 10% of projected passive-fund buying in the first September tranche, with the remaining 90% spread across three tranches in 2027. That schedule describes the expected flow of capital, not a guaranteed amount or timetable issued by FTSE Russell.

Which Vietnamese stocks were added?

FTSE’s review identified 117 Vietnamese additions to the FTSE Total-Cap Index:

• 3 large-cap securities
• 3 mid-cap securities
• 21 small-cap securities
• 90 micro-cap securities

The 27 large-, mid- and small-cap securities are included in the FTSE All-Cap Index. The six large- and mid-cap names also enter the FTSE All-World Index, which covers large- and mid-cap companies in the FTSE global equity universe.

Large-cap additions

The three large-cap stocks are:

• Vietcombank (VCB)
• Vingroup (VIC)
• Vinhomes (VHM)

Mid-cap additions

The three mid-cap stocks are:

• BIDV (BID)
• Hoa Phat Group (HPG)
• VPBank (VPB)

Together, these six large- and mid-cap names are the Vietnamese additions to the FTSE All-World Index.

Small-cap additions

The review added 21 small-cap securities to the FTSE All-Cap and Total-Cap indexes. The supplied reporting identifies the following names among that group:

• FPT (FPT)
• Gelex (GEX)
• HDBank (HDB)
• HSC Securities (HCM)
• Masan Consumer (MCH)
• Masan Group (MSN)
• Novaland (NVL)
• SHB
• Sacombank (STB)
• SeABank (SSB)
• SSI Securities (SSI)
• Vinamilk (VNM)
• Vietcap Securities (VCI)
• VietJet

The available source excerpts do not provide the complete 21-name small-cap list, so the names above should be read as the reported constituents identified in the supplied material rather than an exhaustive list.

Micro-cap additions

The remaining 90 securities enter the FTSE Total-Cap Index only. The supplied evidence confirms the number and index destination but does not identify all 90 securities by name.

What investors were doing before the effective date

Investor positioning was especially visible in Vingroup and Vinhomes. In one August session, foreign investors made VIC and VHM the two largest net purchases, while the broader market recorded its fourth consecutive day of foreign net buying.

That positioning came after a period of foreign selling. Reported concerns included tariff uncertainty, foreign-ownership restrictions and the influence of the Vingroup group on Vietnam’s benchmark index. Vingroup and related companies accounted for more than 20% of that index in March, according to reporting at the time.

The FTSE inclusion could therefore provide a source of demand that helps offset some earlier selling pressure. But the effect will depend on the size, timing and investment approach of funds tracking the relevant indexes. It should not be treated as an automatic reversal of foreign outflows.

How much money could the upgrade bring?

Pre-review estimates placed potential passive-fund inflows at approximately $1.3 billion to $1.5 billion.

Those figures are forecasts from market analysts and financial institutions, not a commitment by FTSE Russell. The phased implementation is important: even if the estimates prove broadly accurate, the money would not arrive in Vietnam all at once. The reported schedule anticipates a smaller initial tranche in September followed by additional purchases during 2027.

Why the FTSE upgrade does not guarantee an MSCI upgrade

Vietnam’s FTSE reclassification is a significant benchmark change, but it does not mean that MSCI will immediately make the same decision. The available reporting identifies several continuing challenges for Vietnam, including foreign-ownership constraints and the concentration created by the Vingroup group’s large index weight.

FTSE’s decision reflects progress in market accessibility and operational reforms, including work intended to help global investors replicate Vietnam’s market more efficiently.

However, the supplied evidence does not establish an MSCI upgrade timetable. The defensible conclusion is that an MSCI promotion is not proven to be imminent; the two index providers conduct separate assessments under their own criteria.

What about Telecom Egypt?

The supplied FTSE country-classification evidence says that Egypt remained on the watch list for possible reclassification from Secondary Emerging to Frontier status during the March 2026 interim review.

It does not substantiate a separate August 21 decision specifically changing Telecom Egypt’s classification in the FTSE Emerging Markets Index. That detail should therefore not be presented as a confirmed result of the review.