Strong IPO comeback
The resurgence of initial public offerings (IPOs) is a positive signal, as it not only allows enterprises to raise capital but also introduces high-quality listings to the market. This, in turn, enhances the market's attractiveness to foreign capital inflows, especially with Vietnam's prospects for a market classification upgrade becoming increasingly tangible.
The market has witnessed an explosive rise in trading value, with sessions on HOSE (Ho Chi Minh Stock Exchange) reaching VND50,000–VND80,000 billion—double the levels recorded in 2024 and early 2025. Buoyed by expectations of an official market upgrade in October, major enterprises and bank-affiliated securities firms are accelerating large-scale IPO plans after years of absence.
Notably, in May 2025, 1.79 billion shares of Vinpearl (VPL) debuted on HOSE with a valuation of US$6 billion. In August 2025, nearly 312 million shares of Taseco Land (TAL), a subsidiary of Taseco Group specializing in real estate investment, began trading on HOSE with a market capitalization exceeding VND9,500 billion on its first day. Also in August, consumer finance company F88 Investment JSC (F88)—once known for its pawnshop business—listed 8.26 million shares on UPCoM at VND634,900 per share.
The financial sector is set to welcome more notable names in the near future. Among them, TCBS (TCBS Securities Company, a subsidiary of Techcombank) is expected to have its initial public offering (IPO) this September. If completed, the IPO would increase TCBS's charter capital to approximately VND23.133 trillion with a post-IPO valuation exceeding $4.1 billion, placing it among the largest securities companies by value in the market.
According to Chairman Nguyen Son of the Board of Directors of Vietnam Securities Depository and Clearing Corporation (VSDC), foreign capital accounts for only 16-17 percent of total market capitalization, a decrease from the previous level of 20 percent. This figure indicates a significant potential for attracting foreign investment if the quality of listed companies is enhanced. The Vietnamese market requires more large private corporations and listed foreign direct investment (FDI) enterprises to improve its scale and quality. This is a crucial prerequisite for attracting long-term capital from international investors and organizations.
Explaining this trend, experts from SBB Securities (SBBS) noted that in recent times, many major conglomerates have listed their subsidiaries as a way to raise additional capital for business expansion. Instead of injecting more internal funds into these subsidiaries, they prefer to mobilize resources from external investors. An IPO also provides opportunities for enterprises to attract strategic partners in both capital and corporate governance.
According to Director Le Hong Khang of Research at FiinRatings, with market liquidity having surpassing the $2 billion threshold in multiple sessions, conditions are highly favorable for companies to pursue medium- and long-term fundraising plans via IPOs. In particular, for commercial banks, issuing shares helps ease pressure from bond issuance while sustainably strengthening Tier 2 capital. The participation of large enterprises with solid business foundations not only deepens the market but also diversifies and improves the quality of listed securities—an essential prerequisite for attracting foreign capital inflows.
Golden opportunity for businesses
According to Dragon Capital, 2025 is expected to serve as a pivotal year for a vibrant IPO cycle that could extend through 2027, supported by a stable macroeconomic foundation and growing interest from international investors. The total value of IPO transactions in Vietnam during 2027–2028 is projected to reach as much as $47.5 billion.
Deloitte, a leading provider of audit, risk management, financial advisory, and strategic consulting services, also assessed that Vietnam’s IPO market still holds significant growth potential. Should the country be upgraded to emerging market status, it could attract an additional $6 billion, thereby boosting liquidity and enhancing the appeal of forthcoming IPOs.
According to Chief Economist at SSI Securities Pham Luu Hung, the decision factor remains the quality of listed securities—only with a sufficient number of strong, transparent, and attractive enterprises can Vietnam fully capitalize on the opportunity for market upgrading and secure sustainable foreign capital inflows. Sharing this perspective, Director Le Hong Khang emphasized that with a stable macroeconomic foundation and favorable trade agreements, particularly with the United States, international capital will continue to flow into both Vietnam’s equity and bond markets in the near future.
To further accelerate the IPO wave, regulators are refining policies to enhance the attractiveness of public offerings. Specifically, the State Securities Commission (SSC) has proposed amendments to Government Decree 155/2020, which details several provisions of the Securities Law. The revision will integrate IPO and listing procedures, shortening the time required for shares to debut on the exchange from 90 days to just 30.
Vice Chairman of the SSC Bui Hoang Hai noted that if shares are not listed promptly after an IPO, investor appetite diminishes due to limited liquidity. In addition, the SSC is working with relevant ministries to expedite the divestment of state capital from major enterprises—a move expected to increase free-float ratios, improve market depth and liquidity, and ultimately help Vietnam meet the criteria for an upgrade to emerging market status.
