The Vietnamese stock market: HOSE, HNX, and UPCoM

Vietnam's stock market is organised into three boards. HOSE, the Ho Chi Minh City exchange, lists the largest companies; HNX, in Hanoi, lists mid-size firms; and UPCoM is a board for public companies not yet fully listed.

HOSE, the main board

HOSE is the largest and most liquid board. Its benchmark, the VN-Index, tracks every stock listed there, and the VN30 follows its 30 biggest, most-traded names.

HNX and UPCoM

HNX lists smaller companies and has its own HNX-Index. UPCoM is a lighter-regulation board for public companies, with wider price limits and more risk.

Why the board matters

Each board has different price limits, liquidity, and disclosure rules. Knowing where a stock trades tells you a lot about how it will behave.