Vietnam's PNJ and NLG Added to MSCI Frontier Market Index

On November 12, 2026, MSCI announced its quarterly review results for the MSCI Frontier Markets Index, revealing that two Vietnamese stocks, PNJ (Phu Nhuan Jewelry) and NLG (Nam Long Investment Corporation), have been added to the index. This update comes as part of a broader review that included the addition of 12 new stocks and the removal of 10 others from various markets.

As of October 31, 2026, Vietnam maintained the highest representation in the MSCI Frontier Market Index, accounting for 31.25% of the total index, significantly ahead of Romania at 13.7%, Morocco at 9.07%, and Slovenia at 6.43%.

In this latest review, the MSCI Frontier Market Index expanded to include a total of 248 stocks. Alongside the additions of PNJ and NLG, three stocks—DIG (DIC Group), FPTS (FPTS), and PC1 (PC1 Group)—were removed from the index. Notably, these three stocks were not entirely excluded from MSCI's framework; they were transferred to the MSCI Frontier Markets Small Cap Index, which reflects a shift from large-cap to small-cap categorization.

“Pham Luu Hung, chief economist and head of SSI Research, said Vietnam currently meets approximately 10 out of MSCI’s 18 criteria, and with the implementation of a central counterparty clearing system expected around late 2026 to early 2027, the market could satisfy more requirements.”Pham Luu Hung, chief economist and head of SSI Research

The changes will take effect from December 1, 2026. The next review is scheduled for February 9, 2027, with changes effective from March 1, 2027. This ongoing adjustment process illustrates MSCI's responsive approach to market dynamics and the evolving landscape of frontier markets.

Vietnam's strong performance in the MSCI Frontier Markets Index is further highlighted by the presence of two of its major companies from the Vingroup ecosystem—VIC (Vingroup) and VHM (Vinhomes)—which remain at the top of the index by weight, with VIC holding a dominant 10.65% share.