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Vingroup's market capitalization topped the combined value of Vietcombank, BIDV, VietinBank, Techcombank and VPBank, with billionaire Pham Nhat Vuong shouldering about one-third of the market. Four listed VIC stocks – Vingroup, Vinhomes, Vinpearl, and Vincom Retail – currently account for about 30% of HoSE's market capitalization, and movements in these stocks strongly influence the VN-Index. Vingroup's market capitalization rose to about 1.6 quadrillion dong (around $60 billion), setting a record high and placing the group at the top of Vietnam's stock market, far ahead of peers. To illustrate, Vingroup's market cap is larger than the combined value of Vietcombank, BIDV, VietinBank, Techcombank and VPBank. Accordingly, only a portion of the VIC, VHM, VPL, and VRE stocks contribute significantly to the index's movement; since the start of 2026, these four stocks have contributed over 112 points to the VN-Index, while the index has risen by about 73 points, underscoring the high concentration of market value in the hands of Vuong. UBS analyst David Rabinowitz notes that this concentration risk is global rather than Vietnam-specific; major markets also show concentration in a few large stocks. In VN30, concentration has been assessed and controlled; the financial sector accounts for about 27%, indicating diversification is ongoing. To mitigate concentration risk, Vietnam's market should continue to broaden depth by adding quality stocks to the index to provide investors with more choices and promote diversification. On liquidity, deeper markets, clearer roles for market makers, and greater transparency and efficiency are essential; as the market expands, investors will expect new investment products beyond traditional indices like VN30.
Premium gym chains are entering a “golden era” that is ending or already in decline, as rising operating costs collide with shifting consumer preferences toward more flexible, community-based ways to exercise. Long-term memberships are shrinking, margins are pressured by higher rents and facility expenses, and competition from smaller, more personalized…
