Early on 12 November 2026 (Vietnam time), MSCI announced the results of its November 2026 periodic index review. Two Vietnamese stocks, PNJ (Phu Nhuan Jewelry) and NLG (Nam Long Investment), were added to the MSCI Frontier Markets Index. The changes take place after the close of 30 November 2026 and are effective from 1 December 2026.
What changed
- Added to the MSCI Frontier Markets Index: PNJ and NLG.
- Removed from the index: DIG (DIC Corp), FTS (FPT Securities) and PC1 (PC1 Group). The three stocks move down to the MSCI Frontier Markets Small Cap Index.
- In the Small Cap index, MSCI added HII, HPA, HVH and MZG and removed DBD, STK, GHC, JVC, RAL and VFG.
Across all markets, MSCI added 12 stocks to and removed 10 from the Frontier Markets Index; according to Tuoi Tre and Kinh te Chung khoan, the index now has 248 constituents. The Small Cap index had 100 additions and 21 deletions, bringing it to 548 constituents.
Vietnam keeps the largest weight
As of 31 October 2026, Vietnam accounted for 31.25% of the MSCI Frontier Markets Index, the highest of any market, followed by Romania (13.7%), Morocco (9.07%) and Slovenia (6.43%). VIC (Vingroup) is the largest constituent at 10.65%, and VHM (Vinhomes) ranks seventh at 2.03%. Kinh te Chung khoan noted that a weight above 10% means VIC's moves have a significant effect on the index.
What it means for companies and investors
Inclusion in an international index places PNJ and NLG in the portfolio referenced by funds that track MSCI benchmarks, widening the two companies' visibility among international investors. According to Kinh te Chung khoan, index-tracking funds are expected to complete rebalancing around 1 December 2026. The source reports did not give specific fund-flow estimates. In the 12 November session, PNJ shares rose 2.75%, according to Vietnam News Agency (TTXVN).
MSCI's next review is scheduled to be announced on 9 February 2027 and to take effect on 1 March 2027.
Key takeaways
- PNJ and NLG join the MSCI Frontier Markets Index; DIG, FTS and PC1 move to the Small Cap index, effective 1 December 2026.
- Vietnam keeps the largest weight at 31.25%, with VIC the top constituent (10.65%).
- The next review will be announced on 9 February 2027.