The Asset: Vietnam IPO market roars back to form

In the article entitled: "Vietnam IPO market roars back to form" pubished in the November edition of The Asset, Dr. Du Vinh Tran, EY-Parthenon Vietnam, Laos, Cambodia Strategy and Transactions Leader, shares insights on Vietnam’s IPO performance, foreign investor appetite, and what lies ahead for 2026. Below is his full media sharing.  

In brief

• Vietnam IPO 2025: fewer deals but larger sizes, among top in Southeast Asia by proceeds
• Drivers: VN-Index highs, FTSE upgrade in 2026, stronger issuer readiness
• 2026 outlook: big IPOs in finance, consumer, digital infra; watch FX and governance risks

How would you assess Vietnam’s IPO activity compared with the rest of the ASEAN markets in the first three quarters of 2025?

The latest EY Global IPO Trends report showed that in the third quarter of 2025, global equity markets staged a robust recovery, with major indices across the United States of America (US), Asia and Europe climbing to fresh new highs after months of pressure from tariffs, interest rate uncertainty and debt concerns. This rally has been underpinned by easing monetary policy and resilience in corporate earnings.

Across Southeast Asia, the IPO market stabilized in Q3 2025, with 25 listings raising US$2.5b in the quarter, up from 22 IPOs raising US$0.7b in Q2 2025. In Q3 2025, Singapore emerged as the regional leader with six deals raising US$1.5b. The strong performance was driven by two large real estate investment trusts (REITs) listings, which elevated the Singapore Exchange to the sixth place in proceeds raised. Other active markets in the region included Indonesia (8 IPOs raising US$478m), Malaysia (8 IPOs raising US$94m), Thailand (2 IPOs raising US$5m) and Vietnam (1 IPO raising US$410m)[1]. 

The EY Global IPO Trends Q3 2025 report also reveals a clear trend across Southeast Asia: while the number of IPOs declined, deal sizes grew significantly. The year-to-date figures of Southeast Asia’s IPO market showed 75 listings, raising US$3.9b. This represents a 22% decline in deals but 54% increase in proceeds versus 2024, signaling a shift from volume to value.

While Vietnam recorded only one IPO deal in financial sector in Q3, raising 10.82 trillion dong (US$410m), it brought the country to among the top three in deal proceeds in Southeast Asia. Looking ahead, Vietnam may sit mid-pack in Southeast Asia in terms of deal count but competitive in terms of proceeds as larger issuers tap the market for funds. Vietnam’s IPO profiles are similar to that of Singapore – with fewer but larger deals, rather than higher-frequency calendars seen in Indonesia or Malaysia. Looking to Q4 2025, the listing pipeline includes a large IPO, also in financial sector, targeting a landmark US$480m offering[2]. If successful, this IPO deal could significantly boost Vietnam’s full-year share of Southeast Asia proceeds further.

What are the key driving factors behind Vietnam’s IPO market in 2025? How do you view the appetite of foreign investors?

Vietnam’s capital market is entering a promising phase for IPO activities, driven by market confidence, expected high volume of foreign investment and issuer readiness.

For a start, Vietnam's benchmark stock index, VN-Index made record highs in October 2025, creating “favorable window” for IPO aspirants. The high performing stock market will lower issuers’ cost of equity and improve after-market liquidity.

At the same time, FTSE Russell’s decision to reclassify Vietnam to secondary emerging market status, which will be effective in September 2026, pending an interim review in March 2026, anchors expectations for passive and active inflows over the implementation window.

Lastly, the quality of IPO candidates is improving as more private firms now meet public-company standards regarding audit quality, internal control/information technology general control (IC/ITGC), independent boards which enabling larger, cleaner files.

Regarding the appetite of foreign investors, despite the rallying and upgrade news, foreign investors were net sellers for most of Q3 2025. By late October, cumulative net-sell exceeded VND100 trillion (approximately US$4bn), already worse than the total net outflows recorded in full-year 2024, with frequent net-sell sessions in late October[3]. That reflects profit-taking after strong gains and macro hedging against currency and interest rate risks rather than disengagement. In fact, participation is selective. Foreign investors still show up for large, investable, transparent offerings with credible free float and clean related-party disclosures while remain choosy on smaller or opaque names until index inclusion mechanics and foreign exchange stabilize.

The 2025 IPO window is real – market strength, issuer readiness and the FTSE upgrade – are doing the work. But it’s equally true that foreigners have been net sellers year-to-date; demand is there for large, clean, liquid stories.