HANOI – The Vietnamese stock market is experiencing its most dynamic period in years, marked by record-breaking liquidity and a new wave of Initial Public Offerings (IPOs), spearheaded by three giant deals from brokerages Techcom Securities (TCBS), VPBank Securities (VPBS), and VPS. This surge is creating a favorable climate for international investors seeking high-growth opportunities.
A Policy-Driven IPO Wave
The current market enthusiasm is fueled by a confluence of policy reforms and a massive influx of domestic capital.
Record Liquidity and Investor Return
The market’s revival has been substantial. According to a Mirae Asset report, a decision on countervailing duties from the U.S. in April 2025 catalyzed a buying spree among domestic investors. Average matching order values have soared to VND 50-70 trillion (approx. $2-3 billion) per session—significantly higher than the VND 20-30 trillion peaks of 2022.
July and August 2025 saw average daily liquidity reach VND 32.8 trillion and VND 46 trillion, respectively, signaling abundant cash flow and renewed market confidence. This strong foundation is expected to support major capital-raising activities, especially IPOs, through 2025-2027.
Streamlined Listing Procedures
Regulators have introduced key policy changes to simplify procedures and enhance the market’s appeal:
Decree 245/2025/ND-CP, effective September 11, 2025, dramatically shortens the time to market for new listings from 90 days to just 30 days. This is achieved by simultaneously reviewing offering and listing applications, reducing administrative time and costs.
Decision 2070/QD-TTg by the Prime Minister eases listing requirements for banks. They are no longer mandated to be profitable for two consecutive years, maintain a bad debt ratio below 3% for two consecutive quarters, or fully guarantee their board structures. This opens the door for mid-and small-cap banks (VBB, KLB, VAB, BVB, SGB) to list or transition exchanges, increasing the market’s diversity.
Mirae Asset sees this as a golden opportunity for private enterprises, particularly in the financial, consumer, and brokerage sectors.
Brokerages at the Heart of the Listing Boom
The brokerage industry is emerging as the key driver of this IPO cycle, undertaking massive capital increases to fund margin lending, proprietary trading, and investment activities.
Landmark IPOs
Three colossal IPOs are set to dominate the market:
- Techcom Securities (TCBS): Valued at approximately $4 billion, TCBS, a leader in corporate bond advisory and distribution, is scheduled to list on October 6, 2025. This is anticipated to be one of the largest financial sector deals of the year.
- VPBank Securities (VPBS): The company received approval to offer 25% of its charter capital to the public, with the execution planned from Q3 2025 to Q2 2026.
- VPS: The market share leader in stock brokerage plans to list between Q4 2025 and Q1 2026, issuing over 202 million shares.
In addition to these behemoths, major players like SSI, MBS, VND, VDS, DSE, ORS, and KAFI are also aggressively pursuing large-scale capital increases.
International Interest and Long-Term Outlook
The brokerage IPO wave has attracted significant foreign investment, signaling confidence in Vietnam’s capital market trajectory.
Foreign Capital Participation
Dragon Capital, one of Vietnam’s largest fund managers, has registered to purchase $50 million in the VPBankS IPO, following its prior investment in TCBS’s offering.
The Chairman of Dragon Capital cited TCBS’s integral role within the Techcombank ecosystem, its impressive decade-long growth, and its WealthTech-oriented corporate culture as key investment factors.
Market Valuation and Upgrade Preparation
According to Dragon Capital’s CEO, Mr. Le Anh Tuan, the IPO wave is driven by two main factors:
Attractive Valuation: The sector’s current valuation, with a P/B ratio of around 2.2x and ROE of 12-13%, is no longer cheap but remains appealing compared to regional peers.
Strategic Capital Need: Companies are mobilizing capital to prepare for major changes, such as the shortened T+1 settlement cycle, new product development, and anticipated opportunities from the market’s expected upgrade to Emerging Market status.
Mr. Tuan views these large-scale IPOs not as a drain on overall market liquidity, but as a positive sign of a growth period, referencing the long-term value creation seen with past state-owned enterprise listings (e.g., Vinamilk). He asserts that the current wave, led by the private sector, is just the beginning of a long-term development cycle for Vietnam’s capital markets.
Sector-Wide Capital Surge
According to SSI Research, the combined capital-raising efforts across the brokerage industry are immense, underscoring the sector’s growth potential.
VPBS leads the way with the largest planned mobilization, targeting VND 12.713 trillion (approx. $515 million) from an offering of 375 million shares at VND 33,900 each.
SSI plans to raise VND 6.234 trillion through a rights issue of 415.6 million shares at VND 15,000 each.
The total estimated capital increase across the industry exceeds VND 35 trillion (approx. $1.42 billion).
Mirae Asset concludes that the combination of favorable policies, strong liquidity, and high investor confidence is setting the stage for a “golden IPO cycle” between 2025 and 2027. This cycle, spearheaded by multi-billion-dollar brokerage deals, will not only provide quality stock supply but also significantly elevate Vietnam’s capital market position in the region and lay crucial groundwork for its eventual market upgrade to Emerging status.
