Adding more supply to the stock market

Tien Phong Youth Plastic is on the list of large enterprises that SCIC will offer shares for sale in 2025.

2025 milestone

Nearly 6 months since officially becoming a public company, Vinpearl Joint Stock Company has just received a notice of approval for listing from the Ho Chi Minh City Stock Exchange (HoSE), with the first trading day being May 13.

Previously, in February 2025, Vinpearl completed the public offering of more than 70 million shares at an offering price of VND71,350/share. In addition to helping Vinpearl successfully raise VND5,000 billion, the public offering is also a "ticket" to bring Vinpearl to the stock exchange, meeting the conditions for listing shares according to current regulations.

In early May 2025, another familiar name, F88, revealed its plan to go public after becoming a public company. According to information from Mr. Phung Anh Tuan, founder and Chairman of the Board of Directors of F88, the Company will register to trade on the UPCoM exchange and realize its plan to list on HoSE in the future.

Information from the Techcombank General Meeting of Shareholders revealed that TCBS Securities Company plans to carry out an initial public offering (IPO) in 2025. The bank is working with 1-2 investors to consider the possibility of selling shares before the IPO.

According to analysts from VNDirect, the IPO, when implemented, will not only help Techcombank record a one-time financial profit on the parent bank's financial statements and/or revalue the value of its subsidiaries, but will also help TCBS strengthen its capital base and support long-term independent growth.

MBBank Chairman of the Board of Directors Luu Trung Thai also revealed the possibility of IPO of MCredit Consumer Finance Company, to expand development space, diversify capital sources, and be more transparent about business operations.

2025 is also the “date” for plans to divest state capital from equitized enterprises. According to the first divestment list in 2025 just announced by the State Capital Investment Corporation (SCIC), there are 31 enterprises on this list.

The most interested focus is FPT with the number of shares offered equivalent to 5.7% of charter capital, worth more than 9,000 billion VND at current market price. In addition, SCIC also offered shares in many large listed enterprises with brands on the market such as Tien Phong Youth Plastic (37.1% of capital); Domesco Medical Import-Export (35% of capital), Hai Phong Thermal Power (9% of capital), Quang Ninh Thermal Power (11.4% of capital)...

At the Vietnam National Energy and Industry Group (PetroVietNam), Decision 1243/QD-TTg identifies the list of arrangements and restructuring of the parent company and member units of the Group for the period up to the end of 2025, with a series of enterprises subject to divestment of all contributed capital such as PVI, Petrosetco, PVE, Phuoc An Port...

Or in the list of divestments at Vietnam Chemical Group, the divestment plan still has many cases that have not been implemented, have been auctioned, but the number of shares sold is small, leaving many tasks to be done in the final year of the restructuring plan until the end of 2025.

Going through “winter”?

Although 2025 is expected to be the “peak” for a series of plans to list on the stock exchange and divest state capital, market conditions and absorption are still the decisive factors. In particular, with state capital divestment, the results from the beginning of the year until now have not been very positive.

Domesco was on SCIC’s capital sale list this year and had already conducted an auction and competitive offering on HoSE. However, according to the newly announced results, the competitive offering had to be canceled because no investors participated.

From the state agency side, the representative of the Ministry of Finance recently affirmed that they will focus on implementing major solutions to upgrade the stock market. In particular, increasing the supply of goods and developing new products for the stock market through shortening the process of listing stocks, developing investment indexes in addition to the current investment indexes to serve as the basis for investment funds to operate... are among the key tasks set out.

SCIC auctioned the entire lot of nearly 12.1 million shares, equivalent to 34.71% of Domesco's charter capital, with a starting price of VND127,000/share, twice the market price. With a total capital investment of more than VND1,500 billion, this auction is "selective" of buyers. Pharmaceutical company Abbott Laboratories, which holds a controlling stake (51.7% of capital), did not participate in the purchase in both of the above offerings.

Or the public auction of 300 million shares of the Investment and Industrial Development Corporation (Becamex) was postponed in mid-April 2025 amid uncertainty from US tariff policy.

However, the IPO and state divestment market still has a lot of potential after the recent quiet years. In a share at the beginning of the year, Mr. Le Anh Tuan, Investment Director of Dragon Capital, expected that Vietnam's stock market could see another wave of IPOs in 2027-2028. The value "landing" on the market is estimated at about 47.5 billion USD.

According to Mr. Nguyen Anh Tuan, Chairman of the Board of Directors of Petroleum Securities Joint Stock Company (PSI), with the expectation that the Vietnamese stock market will be upgraded, there must be more “new products”, which means there must be more IPOs and equitizations to supplement the supply. In particular, within the energy and petroleum industry, the IPO market still has a lot of potential.

PSI leaders said that the company has participated in bidding and won the contract to advise on state capital divestment at 4 enterprises under PetroVietnam. At the recent General Meeting of Shareholders, the General Director of SHS said that in 2025, the company has signed a contract to advise on divestment for a number of large corporations.

Source: https://baodautu.vn/tiep-them-nguon-cung-cho-thi-truong-chung-khoan-d280284.html