The prospects ahead for Vietnam's IPO landscape

Vietnam's initial public offering (IPO) market is entering a new phase of development, marked by a combination of policy reform, corporate restructuring, and improving investor sentiment.

- By Seck Yee Chung Partner, Baker McKenzie Vietnam

After a subdued period during 2023-2024, the market has gradually regained momentum, with 2025 already recording a rebound in listings and IPO activity, setting the stage for a more dynamic primary market in the current year.

This emerging cycle is not merely a recovery in volume, but reflects a broader structural evolution of Vietnam's capital market. The renewed IPO wave is underpinned by ongoing policy reforms, deeper market integration, and regulatory efforts to enhance transparency and efficiency. Authorities have also emphasised the role of the primary market in capital formation, including measures to expand supply and encourage listings from both domestic and foreign-invested enterprises.

A notable feature of the 2026 IPO landscape is the increasing diversity of sectors and issuers. Unlike previous cycles that were largely concentrated in the securities sector, upcoming IPOs span retail, infrastructure, construction materials, and consumer-related sectors industries closely linked to Vietnam's real economy and long-term growth trajectory.

This diversification reflects a more mature market structure and aligns with investor preference for stable cash flows and sustainable business models.