FTSE Russell confirms Vietnam's upgrade to a Secondary Emerging Market, with index inclusion starting September 21, 2026

FTSE Russell has formally confirmed the upgrade path for Vietnam’s stock market to the “Secondary Emerging Market” category. The allocation of Vietnamese shares into FTSE index baskets is scheduled to begin on September 21, 2026.

FTSE Russell’s confirmation and timing

At 3:00 a.m. on April 8 (Vietnam time), FTSE Russell published the mid-year review results within the March 2026 Market Classification Review. In its announcement, the index provider cited progress in improving access for foreign investors to Vietnam’s market through global brokerage firms.

FTSE Russell also confirmed the plan to upgrade Vietnam from “Frontier Market” to “Secondary Emerging Market,” consistent with the direction announced in October of the previous year.

Regulatory framework and implementation model

FTSE Russell said Circular 08 issued by Vietnam’s Ministry of Finance establishes the legal framework to support foreign investor access to the market via global brokers. The circular also updates rules related to non-prefunding.

FTSE Russell noted that regulators, domestic brokers, global brokers, depository banks, and international institutional investors have agreed on an implementation model under the new mechanisms.

Index committee decision and transition schedule

Based on these developments, FTSE Russell’s Index Committee confirmed the upgrade pathway for Vietnam. Inclusion of Vietnamese stocks into FTSE’s global indices will begin on Monday, September 21, 2026.

To support a smooth transition, FTSE Russell said inclusion will follow a schedule aligned with the rating agency’s norms, starting in September 2026 and concluding in September 2027.

Reference stock list and final eligibility screening

FTSE Russell’s published document includes a reference list of 32 Vietnamese stocks that meet the screening criteria of the FTSE Global All Cap index as of December 31, 2025.

The final list of eligible stocks for the September 2026 semi-annual review will be announced on Friday, August 21, 2026. FTSE Russell said the list will be screened to ensure the stocks are not components of FTSE GEIS and related indices.

Examples from the reference list

Large-cap examples cited include Hoa Phat Group (HPG), Vietcombank (VCB), BID, Vinhomes (VHM), and Vingroup (VIC).

Mid-cap examples include Masan (MSN), Sabeco (SAB), FPT, and Vinamilk (VNM).

Small-cap examples mentioned include SSI, DPM, KBC, HUT, SHB, DIG, Eximbank (EIB), DXG, KDH, VIX, VND, PDR, DGC, NVL, VJC, VCI, VRE, GEX, FRT, GEE, BSR, KDC, and STB.

Context: FTSE Russell market classification and expected impact

FTSE Russell is a global index provider alongside MSCI and S&P Dow Jones Indices. Its index products are used by asset managers, financial institutions, banks and other investors.

FTSE Russell classifies stock markets into four groups: Developed, Advanced Emerging, Secondary Emerging, and Frontier. Several Asian economies—including China, India, Indonesia, the Philippines and Qatar—are included in the Secondary Emerging group alongside Vietnam.

The announcement also pointed to ongoing reforms by Vietnamese authorities, including removing the pre-funding requirement, raising disclosure standards, expanding foreign ownership limits, and applying central counterparty clearing. These steps are expected to bring Vietnam’s market closer to MSCI’s upgrade criteria in the near future.