Tariffs stall Vietnam’s IPO pipeline, but Vinpearl breaks the drought

[HANOI] A wave of optimism that buoyed Vietnam’s stock market in the first quarter of 2025 is fading fast as a harsh US tariff blow derails fundraising plans and stalls the initial public offering (IPO) momentum, but hopeful aspirants are now eyeing a potential rebound by year-end.

Several high-profile listings on the Ho Chi Minh City Stock Exchange (HoSE) this year, including Masan Consumer and Techcombank Securities, are now on hold until the last quarter, with issuers citing the impact of the US’ reciprocal levies of up to 46 per cent on Vietnam and volatile market conditions.

“Our IPO is tentatively planned for the end of this year. However, the exact timing will depend on financial market conditions, the impact of the (US) reciprocal tariffs and the pace of Vietnam’s stock market upgrade,” said Ho Hung Anh, chairman of Vietnamese private lender Techcombank – parent of the brokerage firm Techcombank Securities – at a shareholder meeting in Hanoi in April.