Vietnam FDI sector shows economic dominance despite minimal stock market presence

Vietnam's Foreign Direct Investment (FDI) sector presents a significant paradox between its macroeconomic impact and its presence in the capital markets. In the first seven months of 2026, the FDI sector accounted for nearly 80% of the country's total export turnover and was the sole driver of a $10.18 billion trade surplus. Registered FDI reached $34.65 billion in the first half of the year, a 61% increase, with disbursements hitting a five-year high of $13.03 billion.

Despite this economic dominance, FDI companies are nearly absent from the stock market. Out of nearly 1,600 listed companies, only 10 are FDI-related. As of late 2025, these 10 companies held a combined charter capital of only 12,629 billion VND, representing just 0.15% of the market. There have been no new FDI listings in nearly a decade.

Concurrently, authorities are investigating potential transfer pricing and tax evasion risks. High import volumes of machinery and electronic components, coupled with relatively low export values in those specific sectors, have raised concerns. Officials have called for investigations into why certain sectors, particularly those involving FDI, show significant import-to-export imbalances, which may indicate inefficient production or methods used to shift profits.