IPO in Vietnam: From strategic journey to effective listing

The workshop “IPO in Vietnam: From strategic journey to effective listing” organized by Ernst & Young Vietnam Co., Ltd. (EY Vietnam) recently took place in Ho Chi Minh City. The event was attended by EY Vietnam experts, representatives of the State Securities Commission (SSC), Ho Chi Minh City Stock Exchange (HOSE), HSC Securities Company, Dragon Capital Investment Fund, and Vietnam - Oman Investment Fund (VOI). Hundreds of representatives, including senior leaders from private enterprises, attended the event.

Speaking at the opening of the workshop, Mr. Tran Dinh Cuong, Chairman of EY Vietnam, said that the Vietnamese stock market is entering a new cycle with many favorable factors: market upgrading, improved liquidity, and policies supporting the private sector. The IPO door is wide open, but early preparation and thorough preparation are the keys for businesses to break through and develop sustainably.

New wave of IPOs in Vietnam

On October 8, 2025, FTSE Russell announced the upgrade of Vietnam from a “frontier market” to an “emerging secondary market”, expected to take effect from early September 2026. The upgrade is expected to significantly expand both index and active capital flows, while promoting standards of transparency, governance and quality of listed goods.

Mr. Tran Dinh Cuong, Chairman of EY Vietnam, spoke at the conference.

Previously, the birth of a series of strategic resolutions in the 2024-2025 period created five solid policy pillars, contributing to promoting the development of the capital market in Vietnam in a more sustainable direction. In the context of the Vietnamese stock market having just been upgraded and strongly restructured, the resonance from the five policy pillars on science and technology, international integration, private sector development, legal innovation and education and training development, is an important catalyst to help the capital market develop sustainably, diversely and more attractively in the eyes of domestic and international investors.

From the investor perspective, the policy pillars have strengthened investor confidence in the market as the investment environment is increasingly transparent, standardized and approaching international practices. Investors will have more basis to evaluate businesses, access full and standard information and feel secure in investing long-term capital through large, quality IPOs.

On the other hand, the issued policy pillars also open up better business opportunities and prospects for enterprises to raise capital when the institutional environment is improved, high-quality human resources are focused on, and legal barriers are gradually removed. Many signals show that there are a significant number of private enterprises proactively standardizing governance, restructuring finances, and building long-term listing strategies to raise capital domestically and internationally.

In parallel, the Government also issued Decree 245/2025/ND-CP amending Decree 155/2020/ND-CP, shortening the time limit for listing shares after IPO from 90 days to 30 days. Decision 2070/QD-TTg on reducing and simplifying administrative procedures under the State Bank's scope also created many conditions for the small and medium-capitalized banking sector to list on the stock exchange.

Positive information from the domestic stock market has “triggered” the IPO wave, with a series of businesses planning or accelerating their IPO plans, expecting the value of their raised funds to reach hundreds of millions of USD depending on the size and industry – reflecting the vibrancy and diversity of Vietnam’s current capital market.

Mr. Khuong Tien Hung, Head of the Securities Offering Management Board, State Securities Commission, emphasized: "Faced with new opportunities, carefully preparing IPO documents, ensuring complete and accurate information, and complying with legal regulations are very important factors for a successful offering plan."

Regulatory Compliance: A Solid Foundation for a Successful IPO

In the context of the Vietnamese stock market entering a period of strong restructuring, preparing IPO documents is not only a technical requirement but also a test of the enterprise's management capacity and legal compliance.

“Many problems arise in the process of businesses completing legal documents and coordinating with management agencies,” Mr. Pham Ngoc Bich, Executive Director of Corporate Finance, Ho Chi Minh City Securities Corporation, shared from the practice of supporting businesses in IPO. “Many businesses start too late, have not standardized financial reports, and have not restructured their governance according to public standards,” Mr. Bich said.

From July 1, 2025, HOSE will become the sole focal point for receiving listing applications, to restructure the stock market in the direction of specialization according to Decision 37/2020/QD-TTg of the Prime Minister. Restructuring the market in the direction of specializing in each product segment is expected to improve operational efficiency, increase transparency and meet the criteria for upgrading the market according to international standards. This will not only facilitate businesses in the long term but also contribute to attracting medium- and long-term capital flows, promoting the sustainable development of the Vietnamese stock market.

Ms. Tran Anh Dao, Deputy General Director in charge of the Executive Board, Ho Chi Minh City Stock Exchange, said that listing on HOSE helps increase position, attract long-term capital and international investors, but also requires higher standards of transparency and governance. According to Ms. Dao, there are many new points in the legal framework, especially the requirement to audit charter capital reports, reviewed financial reports, and regulations on periodic information disclosure after offering and listing that businesses need to clearly understand and fully comply with.

Experts share at the workshop

The speakers generally agreed on the point of view: to prepare well for IPO and listing, businesses should start early, providing all necessary documents to stakeholders. At the same time, it is necessary to invest in a transparent governance system, apply IFRS, ESG standards and information disclosure mechanisms according to international practices. And finally, it is necessary to have a team of professional consultants to ensure accuracy and certainty in every step of the journey.

IPO roadmap: strategic steps

An IPO is not just a financial milestone, but a strategic shift for a business. A successful IPO depends not only on the market, but also on the internal preparation of the business itself.

“Preparing for an IPO is not simply about completing legal documents, but a comprehensive transformation process in terms of structure, governance, finance and strategy,” said Mr. Tran Nam Dung, Deputy General Director, Assurance Services, EY Vietnam.

This process typically begins with a review of strategic options 12-24 months before the IPO, including the IPO strategy, objectives, timing, possible scenarios, an IPO team, consideration of ownership structure and tax issues. The stages of reviewing the business plan, preparing legal documents, selecting a consulting team, building a roadmap and determining the value of the enterprise will be carried out in the 6-12 months before the IPO. The last 1-6 months is the time to complete financial reports and implement strategies to attract investors.

Throughout this journey, there are three key professional elements:

Firstly, regarding accounting and auditing: Financial statements are the foundation for investors and management agencies to evaluate the “health” of enterprises. The preparation of reports must not only comply with Vietnamese standards but also aim towards IFRS standards to increase transparency and access to international capital. IFRS helps enterprises to honestly reflect the value of assets, liabilities and profits, while meeting the requirements of foreign investment funds.

According to Mr. Le Vu Truong, Deputy General Director, Assurance Services Leader, EY Vietnam, “a qualified financial report is not only a legal requirement but also a message of transparency and professionalism. Enterprises need to ensure that the audit opinion is fully accepted and proactively handle outstanding issues before entering the IPO stage.”

Second, regarding taxes: to ensure that tax items are presented reasonably and in full compliance with regulations on financial statements, enterprises need to review all current tax obligations and items related to capital transactions, in order to promptly detect and handle errors or potential risks.

Enterprises also need to prepare complete documents for large transactions, especially transactions with related parties, to ensure transparency and avoid post-listing disputes, while also assessing the impact of new tax policies and making contingency plans for future tax liabilities.

“Tax is not only about compliance but also about risk management. A transparent IPO dossier requires businesses to proactively check, compare and prepare valid documents to avoid additional costs and protect their reputation after listing,” Mr. Than Xuan Thinh, Deputy General Director, Tax Consulting, EY Consulting Vietnam Joint Stock Company, emphasized.

The third factor is technology infrastructure. IPO is not only a financial story but also an operational problem. Enterprises need to invest in technology systems to meet the requirements of periodic information disclosure, shareholder data management and transparent transactions. A modern technology platform helps minimize errors, increase processing speed and create trust for investors, especially in the context of the market moving towards international standards and strong digital transformation.

What are investment funds looking for in IPO deals?

As the Vietnamese capital market increasingly attracts long-term investment flows, the role of investment funds in the IPO process is becoming increasingly strategic. Not only a source of financial capital, investment funds are also partners that help businesses standardize governance, improve financial capacity and build attractive investment stories before listing.

At the discussion session on accessing investment funds, representatives from Dragon Capital and VOI shared in-depth insights into the criteria for evaluating pre-IPO businesses, including growth potential, financial transparency, and governance capacity. The participation of investment funds in the pre-IPO phase not only helps businesses improve their legal and financial records, but also creates a positive signal for the market, contributing to shaping reasonable stock prices.

“Investment funds are looking for businesses with clear growth stories, good governance and financial transparency,” said Mr. Tran Vinh Du, Deputy General Director of EY Vietnam Consulting Joint Stock Company.

Source: https://thoibaonganhang.vn/ipo-tai-viet-nam-tu-hanh-trinh-chien-luoc-den-niem-yet-hieu-qua-172574.html