'Blockbuster' deals expected to boost Vietnam's stock market

Initial public offerings (IPOs), new listings, and bourse transfers are expected to become key drivers for the Vietnamese stock market in the coming time.

In its document sent to shareholders on Wednesday, broker Techcom Securities (TCBS), a subsidiary of Techcombank, said it plans to offer up to 231 million shares in its IPO, equivalent to 11.1% of its charter capital. The offering price has not yet been disclosed. The IPO is expected to take place from Q3/2025 to Q1/2026.

At Techcombank’s 2025 AGM, the IPO of TCBS was one of shareholders' top concerns. Chairman Ho Hung Anh noted that the decision to list TCBS was made in 2024. He said the IPO is expected to happen by year-end. However, the final timing will depend on global financial market conditions, the process of Vietnam’s stock market status upgrade, and other factors.

The IPO and listing of TCBS is expected to be a "blockbuster" following the successful debut of Vinpearl JSC, a member of conglomerate Vingroup. On May 13, Vinpearl’s VPL shares had their first trading session on the Ho Chi Minh Stock Exchange (HoSE).

Previously, in February 2025, Vinpearl successfully issued over 70 million shares to the public at a price of VND71,350 ($2.73) per unit. Besides raising VND5 trillion ($191.6 million) in proceeds, the offering helped the company meet the listing requirements under current regulations.

Another case is F88 Investment JSC, which operates Vietnam’s largest pawnshop chain. At its 2025 AGM on June 26, F88’s leadership stated that the company is finalizing procedures to begin trading its shares on the Unlisted Public Companies Market (UPCoM) in Q3/2025.

They said UPCoM trading will serve as a "trial run" to better understand investor expectations and allow market participants to evaluate F88’s business model ahead of a potential IPO and listing on a major exchange in the future.

On Friday, Taseco Land (TAL), one of Vietnam’s major property developers, received approval from the HoSE to list its shares.

At the firm’s 2025 AGM, chairman Pham Ngoc Thanh revealed a plan to issue at least 10% of the company’s shares to outside investors. This would help increase equity to significantly support the rollout of several projects, especially as Taseco Land has nearly exhausted its investment registration capacity in proportion to its equity.

Meanwhile, CRV Real Estate Group is also finalizing its listing documents for its HoSE debut in the second half of 2025. With a clean and promising project portfolio amid the rapid growth of Hai Phong’s real estate market, CRV is expected to attract significant attention from both domestic and foreign investors once listed.

Cash flow attraction from “blockbuster” deals

IPOs, new listings, and bourse transfers are viewed as positive developments that attract capital inflows, especially as the domestic stock market faces multiple external uncertainties.

Since rumors and news of the TCBS IPO emerged, Techcombank’s stock – TCB - has repeatedly hit new highs, with strong rallies even when the VN-Index, which represents the HoSE, was under correction. On Friday, TCB closed at VND33,950 ($1.3) per share, up 37.7% from the start of 2024.

Similarly, VPL shares were priced at VND94,600 ($3.63) per share, an increase of 10.6% compared to their debut price of VND85,500 on May 13.

The IPO and listing of VPL on the HoSE created a positive spillover for other Vingroup-related stocks. VIC of Vingroup and VHM of Vinhomes gained 135.5% and 92.5%, respectively, in the first half of 2025. These two were the biggest contributors to the HoSE during the period, adding 50.03 and 36.19 points to the major index, respectively.

Likewise, TAL of Taseco Land rose 6% on its listing approval date on Friday. Notably, trading volume surged to 683,800 matched shares, the highest in over two months.

The TCH–HHS duo of Hoang Huy Investment Financial Services JSC and Hoang Huy Investment Services JSC also experienced strong gains. Following news that CRV had completed restructuring under a parent-subsidiary holding model, TCH and HHS rose by 29.04% and 104.18%, respectively, in the first half of the year.

Analysts believe the successful listing of CRV on the HoSE would act as a major catalyst positively affecting both TCH and HHS.

Beyond the names already mentioned, investors are also looking forward to other "hot" deals such as Xanh SM’s IPO on an international exchange as referenced by billionaire Pham Nhat Vuong at Vingroup’s 2024 AGM, along with the anticipated IPOs of Bach Hoa Xanh, a retail grocery chain under Mobile World Investment Corporation (MWG), and private conglomerate Thaco.

In addition, the divestment of major state-owned enterprises like FPT Corporation (FPT), Tien Phong Plastic (NTP), and Power Generation Joint Stock Corporation (EVNGENCO3) is also drawing attention.

These expectations are not unfounded as the State Securities Commission (SSC) has repeatedly emphasized its support for IPOs and listings. Pham Thi Thuy Linh, director of the SSC’s Market Development Department, stated that the agency will promote IPOs tied to listings to streamline procedures, ensuring newly public companies can swiftly complete listing formalities. This supports investor trading rights and helps companies access the market quickly after their IPOs.

Securities experts consider IPOs and listings vital to attracting new capital into the stock market. Nguyen The Minh, head of research and development at Yuanta Securities Vietnam, affirmed that new financial products and newly listed companies will draw in more foreign investment.

“Vietnam’s stock market, across all three exchanges, has over 1,600 listed and registered stocks. However, not many meet the criteria of foreign institutional investors. Therefore, having more ‘fresh stocks’ on the market will help attract new capital, which is essential for building a more sustainable investor base and reducing the dominance of individual investors,” he said.

Minh also added that successful IPOs and listings will motivate more domestic companies to recognize the capital-raising potential of the stock market instead of relying solely on bank credit.

Analysts are optimistic that if Vietnam’s stock market is upgraded to an emerging market during FTSE Russell’s September 2025 review, more large-cap, industry-leading companies will be encouraged to list and raise capital.