IPO sugar rush sweeps Vietnam as bets on stock market upgrade build

[HO CHI MINH CITY] A wave of initial public offerings (IPOs) in Vietnam, led by the country’s major brokerage firms aiming to raise at least US$1 billion, is unfolding as the stock market’s key index has gained over 30 per cent in the year to date.

Techcom Securities (TCBS), which completed its public stock sales earlier this month, fetched a record valuation for a brokerage firm and was oversubscribed. This highlights investor enthusiasm for the sector poised to benefit the most from the Vietnamese stock market’s potential upgrade to emerging-market status this October, the outcome of which remains uncertain.

Following the hot response to TCBS’ IPO, other brokerages are also racing to offer their shares to the public between Q4 2025 and Q1 2026, tapping robust domestic demand; this, despite strong foreign sell-offs.