After nearly five quiet years, IPO and listing momentum is accelerating with significant deals involving Vinpearl, Taseco Land, and F88.

On May 13, over 1.79 billion shares of Vinpearl (ticker symbol: VPL) debuted on the Ho Chi Minh City Stock Exchange (HoSE), instantly making it one of the largest market-cap firms with an estimated valuation of USD 6 billion.

Shortly after, Taseco Land’s TAL shares were approved for listing on June 27. F88 Investment JSC also recently launched its shares on the UPCoM exchange, becoming the highest-priced stock on the Vietnamese market.

Meanwhile, major brokerage firms such as TCBS and VPBankS have announced listing plans, with rumors surrounding VPS. Retailer Mobile World is also expected to IPO and list its mobile phone and electronics chains.

During the recent shareholder meeting season, several banks, including VietBank, Kienlongbank, BVBank, and Saigonbank, revealed intentions to migrate their shares to the HoSE.

In the past, the disconnect between IPOs and listings caused delays and limited investor access. To resolve this, the State Securities Commission (SSC) has proposed amending Decree 155/2020/NĐ-CP to integrate the IPO and listing processes. Under the new regulation, companies applying for IPOs must simultaneously submit documents for listing. The listing period after an IPO will be shortened to 30 days instead of the previous minimum of 90, allowing faster market entry. This would reduce the wait by 60 days.

According to SSC Vice Chairman Bui Hoang Hai, Vietnam’s IPO regulations are now largely complete, including profitability and audit requirements. However, the SSC is reviewing policies to make IPOs more attractive to investors.

Hai noted that unlisted IPO shares are often ineligible for investment by domestic and international funds, limiting capital inflows. The SSC has proposed legal reforms to allow funds to increase holdings in pre-listing shares.

Currently, companies must be profitable for two consecutive years and have no accumulated losses to qualify for an IPO. This requirement is seen as a barrier for technology startups that typically incur high early-stage costs.

Pham Luu Hung, Chief Economist and Director of Research and Investment Advisory at SSI Securities Corporation, believes these restrictions should be relaxed. Easing requirements on profitability and losses would create opportunities for startups and innovative tech firms to access capital markets.

Beyond IPOs, stock market supply may also rise through state capital divestment. Many listed companies still have high state ownership ratios. Bui Hoang Hai emphasized that while these firms are important, high state ownership is not always necessary. The SSC will propose solutions to bring more high-quality state-owned shares to market.

According to Dragon Capital, the total value of IPO deals in Vietnam could reach USD 47.5 billion during 2027-2028. Of this, the consumer sector alone could contribute USD 12.8 billion, driven by strong domestic demand and population growth.

Tien Phong