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

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.