Vietnam Braces for $11.13 Billion Equity Wave in Second Half of 2026

Equity fundraising activities are set to accelerate in Vietnam’s capital markets during 2026, according to a June 15 report from financial data provider FiinGroup.

As of May 25, the total value of planned equity issuances and initial public offerings (IPOs) by listed and trading-registered companies is estimated at VND289.5 trillion ($11.13 billion). This figure represents an 86.5 percent increase over 2025 and is 2.5 times the average level recorded over the past five years. The planned fundraising marks the highest level since the market boom of 2021, signalling a shift for the stock market towards becoming a primary channel for medium- and long-term capital, rather than a secondary source to bank credit and corporate bonds.

FiinGroup expects that pressure on the market's capacity to absorb new share issuances will intensify in the second half of 2026, as approximately 70 percent of the planned offerings have yet to be executed.

Planned IPOs for 2026 are estimated at $861.5 million, a figure down 42 percent from the 2027 peak. While no mega-deals are anticipated, the IPO landscape is undergoing a marked shift. Unlike previous cycles driven by the equitisation and divestment of state-owned enterprises, current activity is increasingly led by the private sector, particularly through spin-off deals and corporate ecosystem restructuring.

Notable planned IPOs in the securities sector include LPBS and KAFI in 2026, following offerings from VPS, VPBankS, and TCBS in 2025. In the consumer goods sector, Dien May Xanh has filed for an IPO this year. However, many highly anticipated listings, including those for Golden Gate, Highlands Coffee, The CrownX, and Long Chau, have not yet materialised, indicating that the IPO market remains selective. The market has yet to enter a new boom cycle comparable to previous periods, which saw IPO values reach $1.25 billion in 2017 and $2.83 billion in 2018.