After a subdued period, Vietnam’s initial public offering (IPO) market is entering 2026 with stronger regulatory support and rising expectations of attracting long-term domestic and foreign capital. The year 2025 ended with several notable IPOs and listings, led mainly by securities firms including Techcom Securities, VPBank Securities, and VPS Securities, reflecting a recovery in issuance while also highlighting limits to investor appeal as listings within the same sector increased.

Against this backdrop, market attention is shifting towards expected IPOs in 2026, particularly from companies in sectors with strong potential to drive economic growth.

Ahead of its planned listing on the Ho Chi Minh City Stock Exchange, Gelex Infrastructure JSC, a subsidiary of multi-industry investment group Gelex, conducted an IPO of 100 million shares on December 31, attracting subscription demand of nearly 123.4 million shares.

The auction results underscored the strong appeal of infrastructure and industrial park developers amid rising inflows of foreign investment and growing infrastructure development needs.

Hoang Anh Gia Lai International Investment JSC plans to conduct its IPO in the second quarter of 2026.

Dien May Xanh – the operator of the mobile phone, electronics, and home appliance retail segment of Mobile World Investment Corporation – is also expected to list in 2026.

Despite the more upbeat outlook for the year ahead, several large IPOs in the latter part of 2025 actually underperformed after listing, leaving some investors facing losses.

Do Minh Trang, head of the Research Department at ACB Securities, said timing was the key factor, noting that many companies completed their IPOs and listings in late October, just as the market corrected from a peak. “In that environment, share prices tend to move with the broader market rather than reflect the underlying value of the businesses,” she said. "Market debuts in 2025 were heavily concentrated in the securities sector, where scarcity is limited, as more than 20 companies in the same industry are already listed."

“Looking into 2026, as more IPOs are unveiled, the pipeline is becoming more diversified, with companies from consumption, retail, food and beverage, agriculture, and healthcare – sectors tied to stable growth and ongoing urbanisation,” Trang added.

This diversification, Trang believes, could underpin a more active IPO market in 2026 and help draw increased foreign investor interest.

Another important driver for new market listings in 2026 stems from changes to the legal framework.

Decree 245/2025/ND-CP, issued and effective from last September, shortens the maximum time for shares to begin trading from 90 days to 30 days after listing approval, reducing delays and lowering costs for issuers.

Procedures for going public have also been streamlined, allowing companies to submit offering applications and listing registration dossiers simultaneously to the State Securities Commission and the stock exchange.

The new process shortens timelines, improves the speed at which new securities reach the market, and raises standards for corporate governance and financial transparency to better protect investors’ interests.

From an international perspective, FTSE Russell’s October decision to upgrade Vietnam from frontier to secondary emerging market status – expected to take effect from September 21 – has already lifted market sentiment.

SSI Securities estimates that once the reclassification is implemented, passive inflows could exceed $1.6 billion. The inflows could lift market liquidity by 10–15 per cent, equivalent to about $1.1 billion per trading session, while supporting equity valuations.

Taken together, broader sector participation, a more supportive legal framework, and the prospect of market reclassification point to 2026 as the start of a more selective and sustainable listing cycle for Vietnam’s stock market.