Recently , a post titled "Is everyone in Vietnam now collectively investing in stocks!?" on the popular forum Dcard sparked a heated discussion. The original poster (OP) stated that a Vietnamese friend told him that his uncle had even quit his job to "invest full-time in stocks," making him curious about whether the Vietnamese stock market was truly booming. He mentioned that the ETF tracking the Vietnamese stock market, code 00885 (Fubon Vietnam ETF), had a year-on-year return of over 60%, expressing disbelief at such a surge and raising questions such as: "Is the Vietnamese stock market really that strong?", "Can this rally continue?", and "Is there a risk of a large number of retail investors being taken advantage of?"
The post also mentioned the strong performance of Asian stocks this year, leading netizens to wonder if this "wave" was the key to making money in the Vietnamese market. The overall tone was both excited and uncertain, reflecting investors' recent focus on the popularity of emerging markets.
Online comments focus on: Mature structure vs. existing risks
The post sparked a lot of discussion among netizens, and the comments can be divided into the following categories:
Vietnam's market maturity is increasing
Some netizens pointed out that in recent years, the structure of Vietnam's stock market has gradually become more complete, industries are no longer overly concentrated, funds have begun to disperse to different fields, and the market maturity has improved. It seems to resemble the situation when Taiwan's economy took off, which is an opportunity worth observing.
Short-term speculation and risk concerns
Some commentators have expressed concerns about Vietnam as a communist country, suggesting it is "suitable for short-term speculation" like China's A-shares, but could experience a sharp decline once the market peaks.
Differences in economic fundamentals and living environment
Some netizens shared their own experiences, noting that Vietnam's infrastructure and education are still relatively underdeveloped, quite different from Taiwan's situation during its economic boom. One person mentioned their experience holding 00885 (a stock in the TSMC stock index) for a long time, stating that its early performance was not significant, only showing gains in the last year, while also praising TSMC's superior long-term performance.
Overall, netizens have mixed feelings about Vietnam's economy and stock market, with some expressing a cautious wait-and-see attitude.
Current state of Vietnam's economy and stock market: Supported by fundamentals or a bubble?
To supplement the discussion, I consulted recent relevant data, and Vietnam's current economy and stock market do indeed have research value:
First, the economic performance is indeed impressive. According to data released by the Vietnamese government, Vietnam's GDP growth rate for the whole of 2025 reached approximately 8.02%, with the fourth quarter seeing a remarkable annual increase of 8.46%, a record high in recent years. Exports, industry, and investment were the main drivers of growth, and retail sales also continued to rise. Such a growth rate is quite outstanding even among major global economies.
Secondly, the stock market has performed strongly. The Vietnam Stock Index (VN-Index) is expected to surge by about 40% in 2025, making it one of the best-performing stock markets globally. The Fubon Vietnam ETF (00885) has also seen its annualized return approach 60% over the past year, reflecting investors' enthusiasm for Vietnam's growth story.
In addition, there are market reforms and capital momentum. Related reports indicate that Vietnam is undergoing comprehensive capital market reforms to improve market transparency and efficiency, and is actively aligning with global index providers, which is expected to attract more foreign investment in the future.
However, while Vietnam's current leadership has set higher economic growth targets and promoted deeper market reforms, some experts have warned that short-term goals may be too ambitious and that the country still faces challenges such as geopolitical tensions and supply chain dependence.
Comparison with Taiwan's economic take-off in those years
We know that Taiwan's economic take-off phase from the 1970s to the 1990s was due to the start of labor-intensive manufacturing, the gradual upgrading to technology- and export-oriented industries, and the long-term accumulation of education and infrastructure, which formed a healthy economic development cycle.
In contrast, Vietnam currently boasts impressive performance in exports and attracting foreign investment, but its infrastructure and education levels still need improvement, and its stock market activity is partly driven by capital flows and market expectations. Therefore, while its growth story is noteworthy, a careful assessment of structural differences and risks is necessary before attempting to equate it with Taiwan's past achievements.
