1. IR – The bridge between market capitalization and investor confidence

At the IR View conference themed “IR in the Era of Growth”, held on the morning of October 2 as part of the IR Awards 2025 ceremony in Ho Chi Minh City, insights from regulators, financial experts, and investment funds highlighted the strategic role of Investor Relations (IR) for listed companies.

Le Nhi Nang, Director General, Chief Representative of the State Securities Commission Office in Ho Chi Minh City, emphasized: “IR serves as the bridge for listed companies to convey their business strategies and financial conditions to shareholders and investors. In practice, companies with strong IR often have higher stock prices compared to industry averages and can raise capital more easily at lower costs,” she said.

According to Ngo Hoang Long, Director of VPBankS Research Center, if a decade ago international investors prioritized consumer and retail sectors, the focus has now shifted to finance and banking. Private banks, in particular, are more favored than state-owned counterparts. “It is evident that banks with effective IR practices tend to attract higher foreign ownership,” he noted.

From the perspective of investment funds, Vu Ngoc Linh, Director of Market Analysis and Research at VinaCapital, said that foreign investors expect companies to clearly articulate their vision, core values, and actual business performance. “ESG (Environmental, Social, and Governance), information transparency, and AI adoption are factors of special concern,” shared Linh.

She added that if Vietnam’s stock market is upgraded in October 2025, around USD 1 billion in investment inflows could enter via ETFs, followed by USD 5 - 6 billion from active funds. “Not huge, but not negligible either. The key is for companies to demonstrate capability and consistency. Investors don’t want flowery words; they want data and results,” stressed Linh.

The storytelling gap: IR needs substance and authority

Experts at the conference agreed that the biggest challenge in IR lies in “storytelling”. Many companies remain stuck at compliance-level disclosures, while investors seek a compelling long-term growth narrative.

Dam Nhan Duc pointed out that effective storytelling requires data, industry knowledge, understanding of national context, policies, and competitors. “Without substance, there is no story. IR must be empowered with broader access to information,” he emphasized.

Meanwhile, Ngo Hoang Long highlighted that established companies with a history of consistently exceeding business targets are better positioned to build strong narratives. “For newer companies, at the very least, they must secure a top 1 - 2 market position, possess competitive advantages, and demonstrate rapid growth to convince investors to buy in,” said Long.

Vu Ngoc Linh identified three barriers: lack of support and coordination across departments; unclear communication from management; and limited resources, especially for smaller companies, which prevents IR from breaking through. She affirmed: “IR must function as a strategic arm, not just an administrative unit, if companies are to attract investors”.

Out of a total of 691 listed companies on the Ho Chi Minh Stock Exchange (HOSE) and the Hanoi Stock Exchange (HNX), the honored names represented a wide range of industries and company sizes. In the category voted by individual investors, the Financial Large Cap group included VietinBank (CTG), MB (MBB), and Sacombank (STB). The Non-Financial Large Cap group recognized FPT, Vingroup (VIC), and Vinamilk (VNM). For the Mid Cap segment, Coteccons (CTD), Dabaco (DBC), and Digiworld (DGW) were awarded, while in the Small Cap group, the winners were Cuu Long (CCL), CNG Vietnam (CNG), and Nafoods (NAF).

Meanwhile, in the category voted by institutional investors, the Financial Large Cap group honored VietinBank (CTG), Techcombank (TCB), and VPBank (VPB). The Non-Financial Large Cap group once again named FPT, MWG, and Vinamilk (VNM). In the Mid Cap category, Coteccons (CTD), Digiworld (DGW), and PAN Group (PAN) were selected, while the Small Cap group featured CNG Vietnam (CNG), Nafoods (NAF), and ST8 Group (ST8).