What Awaits Individual Investors in Vietnam's 2026 IPO Wave?

Vietnam is poised for a substantial wave of Initial Public Offerings (IPOs) in the coming years, with projections indicating a potential capital raise of approximately $40 billion between 2026 and 2028. This surge is notably driven by large private enterprises, particularly within the consumer and retail sectors, marking a departure from earlier IPO trends that were primarily led by state-owned entities divesting assets. Companies like Thaco Auto, Bách Hóa Xanh, Golden Gate, and Highlands Coffee are expected to contribute significantly to this wave, with their combined IPO value estimated at around $12.8 billion.

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After the post-COVID-19 restructuring phase and credit tightening in 2022-2023, many businesses have been able to clean up their balance sheets and enter a new growth cycle. IPO is an effective way to raise capital, helping businesses not to depend too much on bank credit.

The current market conditions appear favorable for such a move. Following a period of restructuring post-COVID-19 and tighter credit in 2022-2023, many businesses have strengthened their balance sheets and are entering a new growth cycle. IPOs offer an effective means of raising capital, reducing reliance on bank credit. Furthermore, the recovering stock market presents attractive valuations, and investor appetite has improved. This confluence of factors creates an opportune moment for companies to maximize their valuation during public offerings.

A key distinction of the upcoming IPO wave is its focus on private sector growth stories, which are perceived as clearer and more transparent. This is expected to attract both domestic and foreign investment. Beyond capital acquisition, companies are increasingly utilizing IPOs as a strategy to spin off distinct business segments. For instance, The Gioi Di Dong has separated Dien May Xanh, Masan Group has spun off its consumer, retail, and mineral divisions, and Hoa Phat Group has divested its agricultural arm. This strategic separation allows investors to gain a clearer view of the revenue, profit, and growth trajectory of individual units, rather than solely evaluating the consolidated results of the entire conglomerate.

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The IPO trend recently is not only to raise capital but also to help businesses spin off business segments.

While these IPOs offer benefits to companies and the market, individual investors may approach them with caution. Past IPO waves, such as those in 2007-2008 and 2017-2018, saw many investors achieve high returns, fostering a belief that "all IPOs are profitable." Conversely, investors who experienced losses from the IPOs of securities companies in 2025 may be more hesitant. The increased transparency and diverse investment options presented by these new listings, however, could ultimately prove beneficial for long-term portfolio building.

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