Vietnam is a bright spot in the Southeast Asian IPO market in 2025

VTV.vn - Vietnam made its mark on the Southeast Asian IPO market in 2025 with two major deals in the financial sector, contributing to increasing the total mobilized value of the region by more than 50%.

Vietnam's capital market had an impressive 2025 with two large initial public offerings (IPOs) in the financial sector, raising a total of about $1 billion.

According to a report published by auditing firm Deloitte, this success has made Vietnam one of the main driving forces, contributing to the total value of capital mobilized from IPOs across Southeast Asia increasing by more than 50%.

Deloitte's Southeast Asia IPO 2025 report shows that two large IPOs of Techcom Securities, which raised $525 million, and VPBank Securities, which raised $484 million, have become bright spots in the regional market.

Explaining this strong growth, Deloitte noted that the Vietnamese Government is in the process of streamlining listing procedures to create a more efficient and friendly investment environment, thereby promoting stronger capital flows into the market.

Vietnam’s success comes amid a broader surge in IPO activity across Southeast Asia, with the total capital raised by listed companies in the region’s six major markets – Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam – reaching $5.6 billion as of last week, up 53% from the full year of 2024 and recovering from a decline over the past few years, according to data from the end of last week.

Tay Hwee Ling, head of capital markets services at Deloitte Southeast Asia, said the market is witnessing a trend of “fewer but larger deals.” Specifically, the number of IPOs in the region fell from 136 in all of 2024 to 102 so far, but the average deal size has increased nearly 2.5 times, from $27 million to about $65 million.

Besides Vietnam, Singapore was also a leading market, raising $1.6 billion from nine IPOs. Singapore’s breakthrough was attributed to regulatory reforms and listings of large-cap companies, signaling that investor confidence has been restored.

Other markets in the region also saw strong activity. Malaysia had 48 IPOs, raising $1.1 billion. Indonesia recorded 24 deals worth $921 million, mostly in the energy and resources sector. Other major deals included Philippine utility Maynilad Water Services ($583 million) and the Thai arm of Malaysian retailer Mr. DIY ($174 million).

Deloitte expects this growth momentum to continue stabilizing through 2026, as investors, while still selective, are willing to back companies with profitability, good governance and a clear expansion roadmap. However, the report also warns of potential impacts from macroeconomic headwinds, including tariffs and trade tensions, which could make companies intending to list more cautious in choosing the timing and size of their issuances.

Source: https://vtv.vn/viet-nam-la-diem-sang-tren-thi-truong-ipo-dong-nam-a-nam-2025-10025111913125975.htm