Vietnam’s IPO story has been defined by scale, not volume. In 2025, two major financial-sector IPOs helped turn Vietnam into a regional bright spot. Deloitte’s Southeast Asia IPO Report 2025 highlighted Techcom Securities, which raised 525 million USD, and VPBank Securities, which secured 484 million USD. Together, the two deals raised roughly 1 billion USD, according to VietnamPlus. This performance landed amid a broader regional recovery, as total proceeds across six major Southeast Asian markets reached 5.6 billion USD, up 53% from the whole of 2024, even as investors became more selective.
EY also pointed to a similar pattern during 2025: fewer listings, but bigger transactions. In Q3 2025, Southeast Asia recorded 25 listings raising US$2.5b, up from 22 IPOs raising US$0.7b in Q2 2025. In that Q3 snapshot, Singapore led with six deals raising US$1.5b, while Vietnam recorded one financial-sector IPO raising 10.82 trillion dong (US$410m). EY noted that single deal was enough to place Vietnam among the top three in Southeast Asia by deal proceeds for the quarter, reflecting how one large listing can reshape regional rankings.
From Fewer Deals to Bigger Value: What Changed in 2026
In the first half of 2026, Deloitte data showed Vietnam’s IPO market rebounded sharply in activity and dominated on market capitalization. VnEconomy reported four IPOs in H1 2026 after none in the same period of the previous year, and said Vietnam led Southeast Asia in IPO market capitalization at $6.929 billion. Vietnam Investment Review added that the four debuts raised more than $830 million, with total market capitalisation reaching $6.93 billion. BigGo Finance echoed the scale of the turnaround, noting Vietnam returned with four deals and the region’s highest aggregate market capitalization at $6.92 billion.
The regional context shows why Vietnam’s market-cap lead matters. Across Southeast Asia, H1 2026 delivered 47 IPOs raising over $3.07 billion, with total IPO market capitalization of $15.07 billion. Compared with H1 2025, the number of IPOs fell 11% from 53 to 47, yet total capital raised rose 117% from $1.41 billion to over $3.07 billion, and IPO market capitalization climbed 96% from $7.70 billion to $15.07 billion. The region also saw three IPO deals exceeding $500 million, a milestone not reached in H1 2025, underscoring the shift toward blockbuster offerings.
Looking ahead, the Vietnam IPO market 2026 outlook in these sources is framed as a continuation of the “fewer but larger” era. EY tied momentum to stronger issuer readiness and flagged the expected FTSE upgrade in 2026 as a driver, while also warning to watch FX and governance risks. Deloitte likewise expects the upward trend to continue in 2026, with investors becoming more selective but still willing to back profitable companies with strong governance and clear expansion strategies. In short, Vietnam’s recent performance suggests competitiveness can come from deal quality and size, not only the listing count.
Which IPOs made Vietnam a bright spot in 2025?
How did Vietnam rank in Southeast Asia during Q3 2025?
What did Deloitte report about Vietnam’s IPO performance in the first half of 2026?
How does the Vietnam IPO market 2026 outlook describe investor behavior?
What was the broader Southeast Asia IPO trend in early 2026?
