The market is still waiting for large IPO deals
At the beginning of 2026, investors once expected the market to witness a series of big names listing such as Highlands Coffee, CP Vietnam, HD Securities (HDBS), LPBS, Kafi Securities, Bao Tin Manh Hai... However, the progress of implementation to date is still quite slow. Some deals continue to postpone plans, while many businesses are in the process of completing dossiers or choosing a suitable time to offer for sale.
Notably, many names that investors have been waiting for for many years such as Golden Gate, Long Chau, The CrownX, Bach Hoa Xanh, THACO, Viettel IDC... or some technology companies have not yet appeared. This makes the IPO supply not really create a "FOMO effect" like previous cycles.
Assessing the quality of goods on the stock market, Mr. Le Duc Khanh - Analysis Director of VPS Securities Joint Stock Company - said that compared to emerging or frontier markets, Vietnam's goods quality level is still low, and the number of high-quality enterprises is not large. "This means that we need to further promote IPO activities," Mr. Khanh assessed.
Mr. Khanh assessed that improving the quality of goods on the stock market needs to be associated with strong economic growth, creating conditions for potential businesses to develop. At the same time, it is necessary to improve the business environment and legal corridor to have more high-quality enterprises eligible for IPO.
When the quality of goods improves, the market will have more new products, thereby attracting stronger investment capital flows," Mr. Khanh said.
Choose the right time to increase the attractiveness of IPO deals
However, business quality is only one of the factors determining the success of an IPO deal. With plans such as Dien May Xanh, LPBS in the near future, Hoa Sen Home or other businesses, Mr. Khanh assessed that the time to put shares on the market is also very important.
Usually, when the market is in an upward trend, liquidity is good, there is a story of upgrades or targets in terms of indices, businesses will consider these factors to choose a favorable time in the growth phase to list," Mr. Khanh analyzed.
Besides the developments of the stock market, the success of IPOs also depends on the business environment, the growth rate of the economy and whether the market will experience major shocks or not. The specific nature of the industry and the ability to attract cash flow of each sector are also factors that need to be considered.
Notably, the story of market upgrades may create more favorable conditions for large-scale enterprises. According to Mr. Khanh, when index investment funds, passive funds or ETFs consider IPO shares, the capital scale of enterprises is one of the factors of interest.
If it is a large-cap stock with ambitions in index baskets, investors will pay more attention to the time of listing. This is also a positive factor affecting an IPO deal," Mr. Khanh said.
In the opposite direction, choosing a quiet market time may reduce the possibility of IPO success, even adversely affecting the business itself after listing.
Therefore, to find conditions for a successful IPO deal, I think businesses can also postpone a little, waiting for the next phase of recovery of the market cycle," Mr. Khanh recommended.
From the current market developments, Mr. Khanh predicts that from now until the end of the year or the beginning of next year, more IPO opportunities may appear.
Improve goods quality to attract capital
From the perspective of improving the supply of goods to the market, Mr. Nguyen Son - Chairman of the Members' Council of Vietnam Securities Depository and Clearing Corporation (VSDC) - also said that one of the issues that needs to be prioritized is improving the quality and scale of goods on the stock market.
According to the Chairman of VSDC, this needs to be promoted through the equitization of state-owned enterprises and linking IPOs with listing. These are directions to improve both the quality and scale of goods in the market.
Another group of subjects mentioned by Mr. Son are large FDI enterprises. Accordingly, improving goods not only lies in increasing the number of enterprises in the market but more importantly is the ability to bring more enterprises with appropriate scale and quality to the stock market.
