HÀ NỘI — The stock market is expected to become more dynamic as a new wave of initial public offerings (IPOs) gathers momentum, with a number of leading private companies from sectors ranging from food and beverage to industrial manufacturing preparing to enter the market.

One of the biggest transactions currently attracting attention is the planned IPO of Dien May Xanh Investment JSC.

According to its announced plan, the company intends to offer more than 179.5 million shares to the public at a fixed price of VNĐ80,000 per share. If successful, the deal could raise approximately VNĐ14.36 trillion (US$546 million), valuing the company at nearly $4 billion.

The transaction is considered one of the largest IPOs on Việt Nam's stock market in the past five years. 

Additionally, several prominent companies, including Long Chau, Misa, Highlands Coffee, Thaco, C.P. Vietnam, VNLife, Galaxy Media and DatVietVAC, are either preparing listings or considering public offerings, fuelling expectations of a fresh IPO cycle.

Trương Hiền Phương, senior director at KIS Vietnam Securities, described the current period as a golden age for companies seeking to raise capital, particularly large-scale funding.

According to Phương, the country's stock market has lacked sufficiently strong catalysts to attract major capital inflows and generate breakthrough developments over the past five years. 

He noted that the prospect of Việt Nam being upgraded by FTSE Russell from frontier to emerging market status had created a favourable environment for businesses considering listings.

"The first objective is for companies to take advantage of this opportunity to raise capital in the most efficient and effective way possible," Phương told vtcnews.vn.

He added that the market upgrade could create opportunities to attract international institutional investors and large investment funds. 

Estimates suggest Việt Nam's stock market could receive between $1 billion and $1.5 billion in foreign capital during the initial phase after an upgrade, with cumulative inflows potentially exceeding $5 billion over the following five years.

FIDT founder Huỳnh Minh Tuấn said businesses had been taking advantage of the IPO momentum that began in late 2025.

Tuấn said that unlike the IPO boom during 2016-2018, which was largely driven by State-owned enterprises and large conglomerates, the current cyclewas being led primarily by private companies.

According to Trần Thị Thanh Nhàn, head of Institutional Client Research at Maybank Securities, the new IPO wave differs significantly from the period between 2016 and 2019, when most listed companies originated from equitisation and State divestment programmes.

Việt Nam now needs more companies with strong competitive advantages and operations spanning a wider range of industries, as foreign investors show increasing interest in the market. 

She believes the latest IPO wave will be led by top private sector enterprises.

According to Nhàn, the scale and liquidity of the country's stock market have improved considerably compared with five to 10 years ago. Along with expectations of the market upgrade, these factors are creating favourable conditions for large IPO transactions.

Companies preparing for IPOs today generally possess stronger business foundations and operate in diverse sectors, including food and beverage, media, retail, industry and finance, helping broaden the market's product mix beyond traditional sectors, such as banking, real estate and securities.

Nhàn also highlighted C.P. Vietnam's listing plans, saying they could represent an important milestone because the company would become the first foreign-invested enterprise to list in Việt Nam, potentially opening the door for other FDI companies to follow.

Tuấn is particularly optimistic about the food and beverage sector, citing Highlands Coffee and Golden Gate among the companies he expects to generate fresh momentum for the stock market in the next few years.

Around 10 to 15 private enterprises are expected to launch IPOs in 2026 and afterwards, adding new and higher-quality investment opportunities to Việt Nam's stock market. — BIZHUB/VNS