Vietnam’s financial sector drives $1 billion IPO surge

According to Deloitte’s report on November 18, Vietnam recorded two blockbuster initial public offerings (IPOs) in the financial sector – Techcom Securities JSC and VP Bank Securities – raising a combined $1 billion. These deals signal a new growth cycle for the country’s share market after years of stagnation since 2018.

"Vietnam’s IPO market is entering a new cycle with a high-quality pipeline of deals across finance, real estate, retail, agriculture, and technology," said Trinh Bui, Capital Markets Services partner of Deloitte Vietnam. "This resurgence is driven by solid macroeconomic growth and supported by accommodative monetary policy and flexible exchange rate management. Vietnam’s upcoming classification as a Secondary Emerging Market, effective September 2026, is a milestone expected to unlock significant foreign capital and add to investor optimism."

“At the heart of this transformation are sweeping regulatory reforms aimed at modernising the capital market. The government is enhancing transparency, upgrading infrastructure, and streamlining listing procedures to create a more efficient and investor-friendly environment. These strategic moves are fuelling stronger capital inflows and positioning Vietnam as one of Asia’s most compelling emerging markets for both domestic and international investors,” she added.

The report also pointed out that Southeast Asia's IPO market is seeing a rebound, with 102 public listings across six bourses in the first 11 months of 2025 raising approximately $5.6 billion. Total proceeds from new launches in the region have grown by 53 per cent despite a decline in the number of listings, driven by larger deals, shifting sector dynamics, and strong market performances in Singapore, Vietnam, Malaysia, and Indonesia.

The boost in higher-value listings in the real estate, financial services and consumer sectors has been the primary driver of the increase in total IPO proceeds in 2025. For comparison, $3.7 billion was raised across 136 stock market debuts in 2024 and $5.8 billion was raised across 163 in 2023.

There has been a shift in the sizes of IPOs and sector dynamics, with the market placing more emphasis on companies with stronger resilience. The average deal size more than doubled compared to 2024, rising from about $27 million to $55million, supported by a few larger 'blockbuster' listings. There were four market flotations which raised more than $500 million from Singapore, Vietnam and the Philippines, and 11 with market capitalisation exceeding $1 billion across the region.

Looking ahead to the coming year, Deloitte anticipates that investor appetite will remain healthy, sustained by the continued emergence of new market opportunities.

New dynamics in both the Japanese and Vietnamese markets are influencing cross-border dealmaking trends. Masataka “Sam” Yoshida, head of the Cross-border Division at RECOF Corporation, spoke with VIR’s Thanh Van about the latest shifts shaping investment flows between the two countries.

Masan Consumer's MCH shares are set to list on the Ho Chi Minh Stock Exchange (HoSE), with strong potential to become the country's next “national stock”.

VPBankS has set a new benchmark in Vietnam’s capital market with the successful completion of its initial public offering (IPO), the largest ever by a securities firm.