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Tepid investor interest a dampener on Vietnam’s strong IPO pipeline

The weaker take-up of new shares is exposing a more challenging backdrop for the long-awaited revival of listings

Published Mon, Aug 17, 2026 · 07:00 AM
    • The VN-Index has fallen nearly 9% in the last three months, and is down over 3% in the year to date, after surging more than 40% in 2025.
    • The VN-Index has fallen nearly 9% in the last three months, and is down over 3% in the year to date, after surging more than 40% in 2025. PHOTO: BT FILE

    VIETNAM is entering what market players describe as one of its busiest equity issuance periods in years, but investor appetite for new shares is waning.

    The Vietnam Private Capital Agency had projected a US$3 billion to US$5 billion initial public offering (IPO) pipeline for 2026-2027, describing the coming period as “the most active cycle in a decade” after five years of largely-muted activity.

    However, recent transactions suggest a choppy recovery ahead. Several issuers have missed their fund-raising targets, or delayed their IPO timelines because demand has proved particularly selective, especially for non-traditional business models launching in a sluggish market.