Hanoi, October 10, 2025 – The Europe Today: Việtnam’s stock market is witnessing an unprecedented surge in initial public offerings (IPOs), with projections indicating a potential inflow of up to US$47 billion over the next three years, following the country’s reclassification to secondary emerging market status by FTSE Russell.
The VN-Index has maintained a remarkable upward trajectory, consistently reaching new milestones amid strong capital inflows and renewed investor confidence. Early on October 8 , FTSE Russell officially announced Việtnam’s elevation from frontier to secondary emerging market—a development widely expected to enhance the country’s global investment appeal.
This dynamic market shift has prompted a surge in corporate fundraising activities, with companies accelerating IPO plans to capitalise on favourable conditions and growing investor enthusiasm. Securities firms are also reinforcing operations, expanding proprietary trading, and bolstering margin lending capacity to meet surging market demand.
Major IPOs Drive Momentum
Among the standout cases is Techcom Securities (TCBS), a subsidiary of Techcombank, which recorded a highly successful IPO. The State Securities Commission (SSC) announced on September 18 that TCBS’s offering was oversubscribed 2.5 times, attracting a record 26,000 investors, including 78 institutional participants. The firm issued 231.15 million shares, raising its charter capital to over VNĐ23.1 trillion (nearly US$1 billion). TCBS is expected to list its shares this month, with market analysts estimating its valuation could exceed US$4 billion—a landmark achievement for Việt Nam’s financial sector.
Similarly, VPBank Securities (VPBankS), a subsidiary of VPBank, has announced plans to issue up to 25 per cent of its outstanding shares, potentially increasing its charter capital from VNĐ15 trillion to VNĐ18.75 trillion. The firm also intends to lift its foreign ownership limit to 100 per cent, underscoring a strategic move to attract international investors following the market’s upgrade.
Other securities houses, such as VPS, are conducting investor surveys to assess interest in upcoming IPOs, ensuring optimal timing and participation to maximise capital inflows.
In the agricultural sector, Hoa Phat Agriculture Development JSC, a leading poultry and egg producer, has submitted its IPO application and is set to list on the Ho Chi Minh Stock Exchange (HoSE) in December under the ticker HPA. The company plans to issue 30 million shares, representing 11.7 per cent of its charter capital, at a minimum price equivalent to its book value of VNĐ11,887 per share. Funds raised will be channelled into farm expansion, animal feed facilities, and working capital enhancement.
Several other major enterprises—including Gelex Infrastructure, C.P. Vietnam, Highlands Coffee, Bach Hoa Xanh, and Dien May Xanh—are also preparing IPOs, reflecting a broad-based mobilisation of private capital and investor interest across diverse industries.
Market Upgrade and Investment Outlook
A recent report by Dragon Capital described the current IPO wave as a powerful growth catalyst, forecasting potential IPO inflows of up to US$47 billion within three years.
Huỳnh Anh Tuấn, CEO of Vikki Bank Securities (VikkibankS), noted that the favourable market climate—marked by strong liquidity and rising stock prices—makes it an opportune time for firms to accelerate IPOs. He emphasised that government initiatives to cultivate a dynamic and transparent market environment are crucial for sustaining Việt Nam’s emerging market status.
“New capital, fresh investors, and high-quality stocks will drive stronger market capitalisation, drawing both domestic and international institutions and laying the groundwork for sustainable growth,” Tuấn stated.
Experts agree that high-quality, transparent investment opportunities are essential to sustaining momentum following the FTSE upgrade. Estimates suggest that foreign capital inflows could reach US$5–10 billion in the first year alone, depending on the availability of attractive stocks.
Dr. Trần Thị Kim Oanh of the University of Finance and Marketing highlighted the importance of enhanced corporate governance and English-language financial disclosures, noting that only about 30 per cent of HoSE-listed firms currently provide complete English reports.
Nguyễn Thế Minh, Director of Individual Client Analysis at Yuanta Việt Nam, underscored the need to maintain momentum among listed companies to sustain long-term IPO activity.
He pointed to Government Decree 245, issued on September 11, which shortens IPO processing timelines and strengthens investor protections. The decree is expected to revitalise IPO supply after a slowdown since 2022 and encourage renewed participation by foreign investors.
As Việtnam’s capital market matures, the ongoing IPO boom—driven by regulatory reforms, rising confidence, and international reclassification—positions the country to become one of Asia’s most dynamic emerging markets in the coming decade.
