Vingroup shares have rallied 1,000% since the start of 2025. The surge established the conglomerate as Vietnam’s largest company and one of Asia’s most expensive stocks. Aggressive retail buying and optimism regarding Vietnam’s potential emerging-market status drove the price to a peak two weeks ago.
The stock now trades at 70 times forward earnings, significantly exceeding the market average. Analysts question the rally's sustainability due to rising debt and losses at the VinFast electric vehicle unit. Vingroup now accounts for one-third of the benchmark VN Index, raising significant risks of broader market distortion.