Equity researchVietnam
Independent equity research on companies listed in Vietnam.
Full reports and the financial models behind them.
- Coverage
- Listed equities on HOSE and HNX
- Deliverables
- Research report and the full Excel model
- Valuation
- DCF and trading comparables, shown as a range
- Independence
- No ratings. No fees from companies we cover.
Research
Research
Research update
Our research library is being updated.
New reports on companies listed on HOSE and HNX will be published here soon, each with the full Excel financial model behind it.
How we work
From audited statements to a published model.
Sources
We work from audited financial statements prepared under Vietnamese Accounting Standards, company disclosures, and exchange price data. Every figure in a model traces back to a source document.
Modelling
Each model is built from the reported statements, with the income statement, balance sheet, and cash flow statement linked across historical and projected periods.
Valuation
We value companies using a discounted cash flow analysis and trading comparables, and present the result as a range rather than a single number.
Review
Every report and model is reviewed by the Lead Analyst before publication.
Independence
We do not issue ratings. We receive no compensation from the companies we cover. Authors disclose any holdings in the companies they write about.
Sources
Every figure in a model traces back to a source document.
Audited financial statements prepared under Vietnamese Accounting Standards, company disclosures, and exchange price data.
Our approachCoverage
Vietnam's equity market.
Shares in Vietnam trade on two exchanges, both owned by the Vietnam Exchange (VNX) and supervised by the State Securities Commission. We cover companies listed on both.
Ho Chi Minh City Stock Exchange
Ho Chi Minh City
- First trading session
- 28 July 2000
- Benchmark index
- VN-Index
- Daily price limit
- ±7%
- Trades
- Shares, fund certificates, covered warrants
From 28 December 2026, the single venue for all listed shares in Vietnam.
Hanoi Stock Exchange
Hanoi
- Launched
- 8 March 2005
- Benchmark index
- HNX-Index
- Daily price limit
- ±10%
- Also operates
- UPCoM, government bonds, derivatives
Its listed stocks transfer to HOSE on 28 December 2026. HNX then focuses on bonds, derivatives, and UPCoM.
July 2000
First trading session in Ho Chi Minh City, with two listed stocks.
March 2005
Hanoi trading centre launches; it becomes the Hanoi Stock Exchange in 2009.
December 2020
The Vietnam Exchange is created as the parent of HOSE and HNX.
28 December 2026
All HNX-listed stocks trade on HOSE, one venue for listed shares.
Sources: Vietnam News Agency, Việt Nam News, HOSE, HNX. Price limits apply to listed shares on a normal trading day.
About
About Zorion Research
Zorion Research is a team of finance students at VinUniversity in Hanoi. We build every model from audited financial statements and publish both the report and the model in full.