Vietnam's capital market remains vibrant despite lack of "blockbuster" IPOs

Deloitte's 2025 Mid-Year Outlook on IPOs in Southeast Asia shows that the region is poised to enter a more vibrant phase of fundraising activity.

Overall, the Southeast Asian IPO capital market saw 53 IPOs in the first half of 2025, recording over $1.4 billion raised and an IPO market capitalization of $7.7 billion. The figures for the first half of 2024 were 67 IPOs, raising nearly $1.4 billion and an IPO market capitalization of $5.8 billion.

The first half of the year saw three high-profile IPOs in Southeast Asia, including Eco-Shop Marketing Berhad (Malaysia), PT Bangun Kosambi Sukses Tbk (Indonesia) and PT Yupi Indo Jelly Gum Tbk (Indonesia), each with an IPO market capitalization exceeding $1 billion and raising $495 million. Previously, in the first half of 2024, the region only saw one IPO of similar size, Thai Credit Bank Public Company Limited, with an IPO market capitalization of $1 billion and raising $208 million.

June 2025 saw a significant increase in the number of large initial public offerings (IPOs) on Southeast Asian exchanges, including a deal expected to be Singapore’s largest IPO in a decade, reflecting positive market sentiment and suggesting the region is poised for a more active period of fundraising, Deloitte said.

“The first half of 2025 saw a modest recovery in Southeast Asia’s capital markets, supported by stable macroeconomic conditions and renewed momentum in large IPOs, particularly in Malaysia and Indonesia,” said TAY Hwee Ling, Transaction Services Leader, Deloitte Southeast Asia. “Despite the cautious sentiment, issuer interest is gradually returning – particularly in markets that offer legal certainty, sufficient investor depth and regional expansion appeal.”

IPO market performance in Southeast Asia. Source: Deloitte

Meanwhile, the Vietnamese market did not record any IPO deals in the first half of 2025. However, the market is still vibrant with businesses moving from UPCoM to HOSE and HNX and businesses listing on these two main exchanges. Notably, on May 13, 2025, more than 1.79 billion shares of Vinpearl JSC were officially listed on HoSE, with a total par value exceeding VND 17,933 billion, equivalent to about USD 689 million.

Vietnam officially launched the KRX trading system on May 5, 2025, helping to shorten settlement cycles and improve trading capacity. Together with policy initiatives such as raising foreign ownership limits, these efforts are improving Vietnam's market upgrade prospects from FTSE Russell.

“If successfully reclassified as a secondary emerging market, Vietnam could attract capital flows of up to $6 billion, thereby boosting market liquidity and increasing the attractiveness of new IPOs,” the Deloitte report assessed.

Currently, in the Vietnamese market, investors are focusing their attention on the IPO plan of Techcom Securities Corporation (TCBS) - the leading securities company in terms of scale and profit in the industry.

TCBS has announced its IPO plan with the initial public offering of 231.15 million shares, equivalent to more than 11%. The offering is expected to take place from the third quarter of 2025 to the first quarter of 2026. TCBS's IPO is expected to be a "boost" for the market, especially when there has been no sensational IPO for a long time.

Source: https://baodautu.vn/thi-truong-von-viet-nam-van-soi-dong-bat-chap-thieu-vang-bom-tan-ipo-d329204.html