The State Securities Commission of Vietnam (SSC), in collaboration with the Japan International Cooperation Agency (JICA) Project, held a conference to disseminate amendments and supplements to the Securities Law and related implementing regulations on the morning of October 16 in HCMC. The event sought to update, communicate, and guide the enforcement of new legal provisions on securities and the stock market, helping businesses understand, comply with, and effectively apply the new rules in practice.
Speaking at the conference, SSC Vice Chairman Hoang Van Thu said that the new mechanism linking IPOs with stock listings, together with stricter regulations on bond issuance under Law No.56/2024/QH15 and Decree No.245/2025/ND-CP, is expected to mark a turning point in capital mobilization and expedite corporate listings with greater transparency.
Presenting new provisions on IPOs under the revised law and decree, Ms. Pham Thi Hang Nga, representative of the SSC’s Department of Securities Offering Regulation, emphasized that the most significant innovation is the simultaneous registration procedure for IPOs and stock listings. She explained that, under the 2019 Securities Law and Decree No.155/2020/ND-CP, listing applications must include post-IPO documents, such as the public offering report and the stock registration certificate issued by the Vietnam Securities Depository and Clearing Corporation (VSDC). As a result, at the time of the IPO, companies could not meet listing requirements, forcing them to update financial statements after the IPO before the stock exchange could approve the listing, considerably prolonging the process.
To shorten the time between IPO completion and market debut, and to better protect investors’ interests, Decree No.245/2025 introduces the option of filing for listing concurrently with the IPO registration, unifying the two application sets. Additionally, the time from listing approval to first trading day has been cut from 90 days to 30 days, ensuring investor rights in the transfer of securities on organized markets.
For additional public offerings, the revised Law No.56/2024 and Decree No.245/2025 also remove the requirement that at least 70 percent of shares must be successfully sold in rights offerings to existing shareholders, reducing pressure on enterprises raising capital through this channel.
Amid the current wave of IPOs, at a roadshow held in HCMC on October 15 ahead of the VPBank Securities (VPBankS) IPO, CEO and Board Member Vu Huu Dien said the new decree has significantly shortened the IPO-to-listing timeline from 90 days to 30 days. VPBankS will be the first securities company to implement the new IPO-listing mechanism, having obtained its IPO license while concurrently filing for listing. “With the new regulations, VPBankS expects to list on the HOSE in December 2025, right after the IPO,” he noted.
The record-breaking IPO in Vietnam’s securities industry involves an offering of 375 million shares at VND33,900 per share, aiming to raise over VND12.7 trillion (around $500 million), valuing VPBankS at approximately VND63.6 trillion (nearly $2.4 billion).
According to Mr. Vu Huu Dien, the offering has drawn strong interest from investors. On the first day of subscription, numerous institutions registered to purchase shares worth a total of VND6 trillion, including notable investors, such as Dragon Capital and VIX Securities. “Following international roadshows, a growing number of institutional investors—both domestic and foreign—have continued to increase their subscription volumes. The IPO is being distributed by VPBS along with three agents—Vietcap, SSI, and SHS—and supported by 12 sales units. Subscription results through these channels have shown clear growth,” he added.
Speaking at the IPO roadshow, Mr. Nguyen Duc Vinh, VPBank CEO and Board Member, said the VPBankS IPO represents a long-term strategic decision by VPBank, its financial ecosystem, and major shareholders to advance a financial group model. The IPO aims to boost capital for the entire group—not only VPBankS—with the goal of attracting nearly $500 million in fresh funds to strengthen its growth foundation and realize its ambition of market leadership.
