Ten Vietnamese companies raised VND 60.9 trillion through initial public offerings from late 2025 to October 2026. Sixteen IPOs raised VND 6.5 trillion over the entire 2021–2024 period.
Le Thi Viet Nga, vice chairwoman of the State Securities Commission, gave the figures at the seminar “From IPOs to long-term value” on October 21. She said the stock market was increasingly serving as a source of medium and long-term capital for the economy, helping companies expand production, renew technology and carry out digital transformation.
According to figures presented by Nga, the total amount raised through the stock market and the private corporate bond market increased from about VND 413 trillion in 2023 to VND 550 trillion in 2024 and VND 764 trillion in 2025. The figure reached VND 564 trillion in the first nine months of this year.
The scale of IPO activity has also changed substantially. Sixteen companies raised a total of VND 6.5 trillion from 2021 to 2024. From late 2025 to October 2026, 10 companies raised VND 60.9 trillion, more than nine times the previous period’s total. Seven of them have been listed, while three are completing the required procedures.
Nga said legal changes linking IPOs to listings had helped cut the period between an offering and a listing from 90 days to 30 days. The change has increased market supply and expanded companies’ ability to raise capital.
She said IPO development should focus on long-term value. “Developing the IPO market is not only about increasing the number of companies offering shares or the scale of activity. More importantly, it is about improving company quality, transparency and the efficiency of using funds raised from the public,” she said.
Four factors behind a successful IPO
Bui The Anh, director of strategy and execution at EY-Parthenon, EY Consulting Vietnam, said a successful IPO should be assessed using four factors.
The first is reaching the right investor group. In its work advising companies, EY has found that investors’ ability to join a company’s board or become members of its shareholder community is important, Anh said.
The second is creating substantive changes in the management model. A successful IPO should bring real changes inside a company, especially to its governance model and internal operations.
The third is ensuring the sustainability of the capital raised. Anh said developing the capital market as a source of long-term funding was timely for businesses. The market lacks long-term capital, while the credit limits of many banks and industries are nearly exhausted, he said.
In this context, long-term capital raised through an IPO can ease companies’ debt repayment pressure. It can also allow them to restructure their capital flows and gradually move from heavy reliance on short-term funding to longer-term capital. This can reduce financial pressure and give companies more room to arrange funds for their operations.
The fourth is maintaining trust in commitments made during the IPO. Anh said the true success of an offering also depended on whether a company could maintain investors’ trust in the commitments it had made. Companies usually publish business plans and growth targets for the public when they conduct an IPO.
Expanding funding channels and encouraging listings
To develop a stable, safe, healthy, efficient and sustainable market that is integrated with international markets, the regulator plans to expand access to capital for growing and innovative companies. It also plans to promote public offerings of shares and bonds linked to listings, diversify products for the long-term funding needs and risk appetites of institutional investors, and attract long-term capital from Vietnam and abroad.
These directions will be implemented through six groups of measures: improving legislation, increasing market openness, diversifying products, developing the investor base, modernizing infrastructure and strengthening supervision.
Nga called on companies to standardize governance in line with international practices and strengthen the role of independent board members, internal controls and risk management. Financial and non-financial information, along with environmental, social and governance factors, should be disclosed fully, promptly and accurately.
“Transparency is no longer a choice. It is a mandatory requirement under the law,” Nga said.
Sources: Dân Trí
