They're all rushing to issue shares and go public.

In the short term, concerns about an oversupply of stocks in the market are entirely justified.

While businesses are competing to offer initial public offerings (IPOs), list on the stock exchange, and issue additional shares to raise capital, overall market liquidity has fallen into a slump.

Oversupply

According to reports, in December alone, a number of prominent companies set their "debut" dates or ex-dividend dates for capital increases. Among them, the trading session on December 8th was also the ex-dividend date for SSI to finalize the list of shareholders entitled to receive over 415 million shares at a ratio of 5:1.

With an offering price of VND 15,000 per share, SSI expects to raise over VND 6,200 billion. Including the private placement of over 104 million shares at the end of August, SSI's charter capital after this round will exceed VND 24,900 billion, temporarily reclaiming the top position in terms of charter capital in the securities industry.

The previous trading session was the ex-dividend date for VIC shares, before Vingroup Corporation finalized the list of shareholders to issue 3.85 billion bonus shares to existing shareholders.

A series of initial public offerings and additional share issuances have sucked a large amount of money out of the market.

Not to be outdone, the Ho Chi Minh City Stock Exchange (HoSE) also announced that December 11th will be the first trading day for shares of VPBank Securities Company (VPBankS, ticker VPX). With 1.875 billion listed shares and a reference price of VND 33,900 per share, VPBankS's market capitalization upon listing will reach approximately VND 64,000 billion. Notably, thanks to Decree 245/2025, VPBankS took less than 30 days after its IPO to list its shares, significantly shortening the process compared to the previous 3-6 month period.

Earlier, at the end of October, another "giant," Techcombank Securities (TCBS, ticker TCX), also listed over 2.31 billion shares on the HoSE exchange shortly after its IPO. With a reference price of 46,800 VND per share, TCBS's market capitalization reached over 108,000 billion VND on its debut. In addition, the market is also holding its breath awaiting the official listing of VPS Securities' VCK shares after receiving their ticker symbol.

Not only the securities sector, but the banking industry is also joining the race to attract capital. Specifically, Vietnam Industrial and Commercial Bank ( VietinBank , ticker CTG) has just announced that it will finalize the list of shareholders on December 18th to issue nearly 2.4 billion shares as dividend payments, becoming the largest stock dividend distribution in the banking industry in 2025.

The cash flow is "locked up".

The introduction of billions of new shares should have brought excitement to the market, but in reality, the opposite was true. Market liquidity remained sluggish around 20,000 billion VND per session, far below the record high of 50,000 - 80,000 billion VND in the middle of the year, before any new issuances or listings.

Explaining this phenomenon, Mr. Tran Quoc Toan, Director of Branch 2 - Head Office of Mirae Asset Securities Company (MAS), said that concerns about the "oversupply" of stocks in the market are entirely justified. In the context of limited investment capital, the influx of tens of thousands of billions of dong into IPOs and additional share issuances has directly pressured liquidity.

"The flow of money is being dispersed – instead of flowing into secondary transactions (daily buying and selling) to support the index, cash is being 'drawn' into primary issuance deals. This causes the market to fall into a state of short-term liquidity shortage," Mr. Toan commented.

Sharing the same view, Dr. Ho Sy Hoa, Director of Research and Investment Consulting at DNSE Securities Company, pointed out that billion-dollar IPOs like those of VPBankS, VPS, or TCBS have attracted a large number of individual investors.

For example, in VPS's IPO, individual investors accounted for 98% of the interest. However, after paying for the IPO, investors had to wait for the shares to be listed before they could trade them. This waiting period caused the flow of money to be temporarily "frozen" and unable to return to the market.

Source: https://nld.com.vn/dua-nhau-phat-hanh-co-phieu-len-san-19625120822063386.htm