Vietnam is bracing for a fresh cycle of listings as firms across consumer and industrial segments prepare to raise capital. Dragon Capital forecasts that IPO proceeds between 2026 and 2028 could reach more than US$40 billion, a scale that revives the classic “chicken and egg” question raised by FIDT: where will the buying power come from to absorb supply at this size. The setup is different from prior waves, too. FIDT’s Huỳnh Minh Tuấn described momentum that began in late 2025 as being led mainly by private companies, unlike the 2016–2018 period that was dominated by state equitisation and divestment programs.
Several deals are already concrete. Vietnam Investor reported that Dien May Xanh Investment JSC plans to offer more than 179.5 million shares at a fixed price of VNĐ80,000 per share. If successful, the deal would raise about VNĐ14.36 trillion (US$546 million) and value the company at nearly US$4 billion, making it one of Vietnam’s largest IPOs in the past five years. The same report listed other names preparing for or considering offerings, including Long Chau, Misa, Highlands Coffee, Thaco, C.P. Vietnam, VNLife, Galaxy Media, and DatVietVAC, highlighting how broad the pipeline has become.
Upgrade Hopes Meet a Market That Is More Selective
The Vietnam IPO market boom in 2026 is closely tied to expectations of a market-status upgrade. KIS Vietnam Securities’ Trương Hiền Phương called the environment a “golden age” for raising large-scale funding and pointed to the prospect of Vietnam’s upgrade from frontier to emerging market by FTSE Russell as a key backdrop. Vietnam Investor cited estimates that the stock market could receive US$1 billion to US$1.5 billion in foreign capital in the initial phase after an upgrade, with cumulative inflows potentially exceeding US$5 billion over the following five years. Still, selectivity is rising. NSI’s Nguyễn Văn Trực said the market is “thirsty for new, high-quality stocks but extremely selective,” arguing that the era of cheap money has ended and flows are now more defensive.
That defensiveness shows up in how gains concentrate. By May 2026, the VN-Index had surpassed 1,900 points at many points, yet FIDT’s Bùi Văn Huy noted many individual investors still struggled to make money. In April 2026 alone, VIC and VHM contributed 167 out of 179 points of the index increase, about 93% of the total rise. Excluding Vingroup, the index was described as almost flat, while many mid-cap holdings in sectors such as banking, securities, steel, oil and gas, and real estate were flat or correcting. The message for incoming issuers is clear: listings may need standout quality and positioning to attract capital away from the market’s existing “crowded trades.”
Supply is also rising beyond pure IPOs. FiinPro-X reported that as of May 25, the total planned value of equity issuances and IPOs by listed companies reached about VND289.5 trillion (US$11 billion), up 86.5% from 2025 and 2.5 times the five-year average, marking the largest equity fundraising wave since the 2021 boom. In parallel, banks and advisors are staffing up for what Bloomberg reported as a pipeline of “tens of billions of dollars” in equity debuts over the next two to three years, even as they face constraints such as foreign ownership limits in certain sectors and a requirement for two consecutive years of profit before applying for an IPO. For investors, the opportunity is real, but so is the absorption test.
What is driving Vietnam’s IPO momentum into 2026?
Which companies are cited as potential leaders in upcoming listings?
How large could the IPO wave be from 2026 to 2028?
What does the “Vietnam IPO market boom 2026” mean for foreign inflows?
Why are investors described as more selective in this cycle?
