A series of high-profile IPO plans are being prepared in anticipation of the stock market upgrade from frontier to emerging status this year.

Waiting for the "Right Time" in 2025

Among the highly anticipated deals is Masan Consumer (MCH). According to Nguyễn Đăng Quang, Chairman of Masan Group, the parent company of MCH, Masan is considering an IPO for Masan Consumer alongside various capital-raising options. Investment banks like JP Morgan and HSBC have raised their valuation of Masan Group (MSN), driven by expectations of an MCH IPO and listing on a new exchange.

Major investors, such as the Bill & Melinda Gates Foundation Trust and billionaire Warren Buffett, have shown a great deal of interest in MCH due to its IPO activity and superior growth when compared to other FMCG companies in the region. As a result, MCH shares have been regularly purchased by Buffett.

Aiming to raise more than 5 trillion VND (about $200 million), Vinpearl JSC, another significant firm, has authorized an IPO plan for current shareholders to increase charter capital prior to its listing. The overall charter capital is anticipated to expand to almost 18 trillion VND.

Back in November 2024, Vinpearl completed its registration as a public company with the State Securities Commission of Vietnam (SSC). As a leading service and hospitality enterprise in Vietnam, operating multiple Vinpearl resorts, VinWonders theme parks, and Vinpearl Golf courses in locations such as Phu Quoc, Nha Trang, Hoi An, and Quang Ninh, Vinpearl’s listing is expected to introduce another quality stock to the market. This adds to the well-known "Vin" stocks, such as VHM, VIC, and VRE, which have long been key players in the stock market.

Expecting a Boom

Lê Anh Tuấn, Head of Investment at Dragon Capital, predicts that after the stock market upgrade, a new wave of IPOs could emerge between 2027 and 2028, with a total value reaching tens of billions of dollars. He highlighted major companies such as Thaco Auto, Bách Hoá Xanh, Golden Gate, Highlands Coffee, TCBS, Misa, VNPay, Viettel IDC, Long Châu Pharmacy, Datviet Vac, and Galaxy Media, forecasting that these corporations will make the Vietnamese stock market more attractive, drawing capital from both domestic and international investors.

According to Tuấn, while the expectation of an upgrade was previously a key focus, investors have become less reactive to this news as the plan nears reality, projected for September 2025. He estimates that starting from 2027, around $17-18 billion could flow into Vietnam’s stock market, triggering a boom in IPO activities.

Huỳnh Minh Tuấn, Chairman of FIDT, also confirmed that from 2026 to 2027-2028, Vietnam could witness trillions of VND pouring into the market.

“There are forecasts that around $5 billion will be invested in funds that track the FTSE index, followed by $15-20 billion aligned with MSCI standards,” Tuấn detailed. However, he emphasized that a mere upgrade is not enough. "Being upgraded from a frontier to an emerging market is like a town being upgraded to a city—it must come with infrastructure investments in electricity, roads, schools, and hospitals."

He concluded that instead of just recycling a few hundred existing stocks, the market will likely see a wave of corporate IPOs, adding new assets and liquidity to Vietnam’s stock exchange.