Vietnam's Capital Market Prepares for Large-Scale IPO Surge

Photo courtesy of Vietnam News

Việt Nam is set to witness a surge in large-scale initial public offerings (IPOs), following the introduction of Decree 245/2025/NĐ-CP. This new regulation reduces the listing process from 90 days to just 30, paving the way for billion-dollar listings and enhancing the country's market liquidity. This change allows companies to file for IPO registration and listing approval simultaneously, accelerating the process and improving efficiency for enterprises raising capital.

The decree was introduced to streamline administrative procedures and reduce delays between capital mobilisation and trading. Previously, the 90-day waiting period post-IPO discouraged many large firms, particularly those aiming to raise over a billion dollars. The reform is a significant shift, aligning Việt Nam's capital market more closely with international standards and enabling faster capital mobilisation.

Market optimism has surged, with several major enterprises already preparing for public offerings under the new framework. Among these is VPBank Securities, planning to issue 375 million shares at VNĐ33,900 per share, aiming to raise approximately VNĐ12.7 trillion (US$530 million). The firm expects to list its shares on the Ho Chi Minh Stock Exchange (HoSE) in December, benefiting from the expedited process.

Experts believe that the revised Securities Law and Decree 245 will enhance market efficiency and transparency. This reform represents Việt Nam’s ambition to elevate its stock market classification from 'frontier' to 'emerging' status, potentially attracting substantial institutional investment. Analysts say this increased flexibility in listings, alongside improved disclosure standards, will strengthen investor confidence and diversify market offerings.

The State Securities Commission (SSC) mandated that despite the shortened timeline, companies must still meet all financial, governance, and disclosure requirements. Companies failing to list within 30 days risk delisting, ensuring discipline and transparency. This shift toward capital-market-based funding indicates a move away from reliance on bank loans, vital for sustaining economic growth.

Looking forward, analysts anticipate that upcoming IPOs will be valued at several billion US dollars in the coming years, as corporations leverage the new legal landscape to fuel expansion. This activity underscores a broader trend of strengthening Việt Nam’s financial infrastructure to support its growing corporate sector.

Key Takeaways

• Decree 245/2025 shortens IPO listing time from 90 to 30 days.
• VPBank Securities plans a significant IPO under new rules.
• Reform aims to upgrade Việt Nam’s stock market status globally.

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  Adapted by ASEAN Now from Vietnam News 2025-10-23