Vietnam – bright spot in Southeast Asia's IPO market in 2025

The strong performance in 2025 helped position Vietnam as one of the key drivers behind a more than 50% increase in total IPO proceeds across Southeast Asia.

Illustrative (Photo: iStock)
Illustrative (Photo: iStock)

Hanoi (VNA) – Vietnam’s capital market has shown impressive performance in 2025, led by two major initial public offerings (IPOs) in the financial sector that together raised roughly 1 billion USD.

According to a report published by auditing firm Deloitte, the strong performance helped position Vietnam as one of the key drivers behind a more than 50% increase in total IPO proceeds across Southeast Asia.

Deloitte’s Southeast Asia IPO Report 2025 highlighted two standout listings: Techcom Securities, which raised 525 million USD, and VPBank Securities, which secured 484 million USD, making Vietnam a notable bright spot in the region.

It attributed the surge to the Vietnamese Government’s ongoing efforts to streamline listing procedures, creating a more efficient and investor-friendly environment that is attracting stronger capital flows.

Vietnam’s success comes as IPO activity across Southeast Asia regains momentum. As of the end of last week, total proceeds raised by newly listed companies across the region’s six major markets — Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam — reached 5.6 billion USD, up 53% from the whole of 2024, marking a recovery after several years of decline.

Tay Hwee Ling, Deloitte Southeast Asia’s capital market services leader, said the region is witnessing a trend of fewer but larger deals. The number of IPOs has fallen from 136 in 2024 to 102 so far this year, but the average deal size has surged nearly 2.5 times, from 27 million USD to around 65 million USD.

Alongside Vietnam, Singapore has been one of the region’s top performers, raising 1.6 billion USD from nine IPOs. The city-state’s strong rebound is attributed to regulatory reforms and listings by large-capitalisation companies, signalling a restoration of investor confidence.

Other markets have also recorded active pipelines. Malaysia logged 48 IPOs worth 1.1 billion USD, while Indonesia reported 24 deals totalling 921 million USD, mainly in the energy and resources sectors.

Deloitte expects the upward trend to continue in 2026, with investors becoming more selective but still willing to back profitable companies with strong governance and clear expansion strategies. However, the report also cautioned that macroeconomic headwinds, including tariff policies and trade tensions, may prompt companies considering a listing to be more cautious in choosing the timing and size of their offerings./.

VNA

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