The latest data from the National Statistics Office shows that total capital raised on Vietnam’s stock market reached $15.7 billion in the first nine months of 2025, up 4.8 per cent on-year. The number of investor accounts hit 10.75 million as of end-August, up 15.7 per cent compared to end of 2024.

These figures highlight the market’s strong growth momentum and rising vibrancy, with liquidity improving sharply and fresh capital continuing to flow in.

In a recent talk with the press, Nguyen Quang Thuan, chairman of FiinGroup, a financial intelligence and analytics company, remarked that the total value of equity capital – excluding bonus shares, stock dividends or initial public offerings (IPOs) – would reach an all-time high this year, surpassing the previous peak of $5.08 billion in 2021.

In fact, in just the first 10 months of 2025, this figure had already approached $4.16 billion. With two major IPOs from VPS JSC and VPBank Securities added, FiinGroup estimates that total equity raised will reach at least $5.2 billion.

This accounts only for equity mobilisation, excluding private corporate bonds and public offerings by listed companies, highlighting the vital role of Vietnam’s stock market in channelling medium- and long-term capital to the economy.

“Vietnam must balance attracting foreign investment with strengthening a sustainable domestic capital base. Diversifying funding sources – from hedge funds and portfolio funds to mutual funds, pension funds, and sovereign wealth funds – is essential, as these stable flows help reduce market volatility,” said Thuan.

At a recent regular government press meeting, Deputy Minister of Finance Nguyen Duc Chi reaffirmed that Vietnam’s capital market development strategy through 2030 clearly positions the capital and stock markets as the primary medium- and long-term funding channels for the economy.

The Ministry of Finance is rolling out a series of coordinated measures to meet this goal. In particular, the push to upgrade Vietnam from a frontier to an emerging market remains a top priority in 2025.

This backdrop has encouraged a wave of securities firms to accelerate capital-raising plans in preparation for a new business cycle.

Capital-intensive sectors such as securities and real estate continue to lead the fundraising push through various channels, including IPOs, private placements and rights offerings.

VietCap Securities has approved a plan to privately place up to 127.5 million shares, expected to raise at least $92 million. Following the deal, the firm’s charter capital is projected to reach $340 million.

Similarly, HD Securities has finalised a large-scale capital hike plan. With an expected raise of $351 million, its charter capital could increase to $438 million.

IPO activity remains brisk. VPS Securities said it successfully sold more than 200 million shares at $2.40 per share. Its two earlier announced IPOs also closed, with demand far exceeding supply.

Techcom Securities offered 231.15 million shares at $1.87 each. VPBank Securities received registrations for nearly 390.5 million shares, worth $533 million.

In real estate, Nam Hanoi Housing and Urban Development Investment Corporation is expediting a public share offering plan at a 3:1 ratio to raise $6.48 million for upcoming projects.

After several delays, DIC Group has resumed and successfully completed its public share offering plan, raising $72 million at an offering price of $0.48 per share.

This year marks an exceptionally dynamic phase for Vietnam’s stock market, with the VN-Index surpassing 1,600 points, liquidity strengthening significantly and the country’s prospects for a market-status upgrade becoming clearer.

Supporting this momentum, the KRX trading system went live in May, modernising trading infrastructure and improving clearing and settlement mechanisms to international standards.

The planned rollout of the Central Counterparty Clearing mechanism by 2027 will further enable businesses to better leverage the stock market for fundraising needs.