Conglomerate valuation gaps persist in Vietnam stock market

The Vietnamese stock market is experiencing a phenomenon known as the conglomerate discount, where the market capitalization of parent companies is significantly lower than the combined value of their subsidiaries. For instance, as of August 14, 2026, Masan Group’s ownership value in five subsidiaries was estimated at approximately 276 trillion VND, nearly three times its own market capitalization. Similarly, Mobile World Investment Group (MWG) shows a gap where its holdings in subsidiaries like DMX and BHX are valued at roughly 132 trillion VND, exceeding the group's total market cap of under 107 trillion VND.

This discrepancy is often attributed to complex corporate structures, financial obligations at the parent level, and the difficulty investors face in valuing diversified entities. To address this, many conglomerates are increasingly listing their subsidiaries on the HoSE to “unlock” value, increase transparency, and raise capital independently.

Experts note that while subsidiary listings can clarify the value of specific business segments, investors must distinguish whether capital raised stays within the subsidiary or flows back to the parent company through share sales, as this determines the actual benefit to parent company shareholders.