Vietnam Braces for IPO Wave as Private Firms Eye Listings Amid Upgrade Hopes

Vietnam's stock market is poised for a surge in activity as a new wave of initial public offerings (IPOs) gathers pace, with prominent private companies across sectors from consumer goods to industrial manufacturing preparing to list.

One of the most anticipated transactions is the planned IPO of Dien May Xanh Investment JSC. The company intends to offer more than 179.5 million shares to the public at a fixed price of VNĐ80,000 per share. A successful offering would raise approximately VNĐ14.36 trillion (US$546 million), valuing the company at nearly $4 billion and marking one of the largest IPOs on Vietnam's stock market in the past five years.

Other notable companies including Long Chau, Misa, Highlands Coffee, Thaco, C.P. Vietnam, VNLife, Galaxy Media, and DatVietVAC are also preparing for or considering public offerings, signaling a fresh IPO cycle.

Market Upgrade Hopes Fuel Momentum

Trương Hiền Phương, senior director at KIS Vietnam Securities, described the current environment as a "golden age" for companies seeking to raise capital, particularly large-scale funding. He noted that for the past five years, the market has lacked sufficiently strong catalysts to generate breakthrough developments. The prospect of Vietnam's upgrade from a frontier to an emerging market by FTSE Russell has created a favorable backdrop for listings.

"The first objective is for companies to take advantage of this opportunity to raise capital in the most efficient and effective way possible," Phương told vtcnews.vn. He added that the upgrade could create opportunities to attract international institutional investors and large investment funds.

Estimates suggest Vietnam's stock market could receive between $1 billion and $1.5 billion in foreign capital during the initial phase after an upgrade, with cumulative inflows potentially exceeding $5 billion over the following five years.

A Shift from State-Led Listings

Huỳnh Minh Tuấn, founder of FIDT, said businesses have been capitalizing on an IPO momentum that began in late 2025. He observed that the current cycle is primarily led by private companies, in contrast to the 2016-2018 boom which was largely driven by the equitisation of State-owned enterprises and large conglomerates.

This view was echoed by Trần Thị Thanh Nhàn, head of Institutional Client Research at Maybank Securities, who stated the new IPO wave differs significantly from the 2016-2019 period dominated by equitisation and state divestment programs. Nhàn said Vietnam now needs more companies with strong competitive advantages across a wider range of industries to meet growing interest from foreign investors. She believes the latest IPO wave will be led by top private sector enterprises.

According to Nhàn, the scale and liquidity of the country's stock market have improved considerably compared to five or ten years ago. These factors, combined with expectations of the market upgrade, are creating favorable conditions for large IPO transactions.

The companies preparing to list generally possess stronger business foundations and operate in diverse sectors such as food and beverage, media, retail, industry, and finance. This is expected to broaden the market's offerings beyond the traditional dominance of banking, real estate, and securities.

Nhàn also highlighted the listing plans of C.P. Vietnam, saying they could represent an important milestone as the company would become the first foreign-invested enterprise to list in Vietnam, potentially opening the door for other FDI companies to follow.

Tuấn is particularly optimistic about the food and beverage sector, citing Highlands Coffee and Golden Gate among the companies he expects to generate fresh momentum for the stock market in the next few years. Around 10 to 15 private enterprises are expected to launch IPOs in 2026 and afterwards, adding new and higher-quality investment opportunities to Vietnam's stock market.