VietNam Holding (VNH) has published its monthly investor report for November, pointing to growing traction in Vietnam’s capital market reforms and a notable pick-up in initial public offering (IPO) activity.
The company said the clearest signal was two large securities offerings that together raised roughly US$1 billion, with Techcom Securities raising US$410 million and VPBank Securities raising US$482 million. Techcom Securities was reported as being oversubscribed 2.5 times.
VietNam Holding also noted commentary from Deloitte suggesting the deals helped drive a more than 50% increase in regional IPO proceeds. The report argues that fresh capital is helping build market infrastructure as Vietnam progresses towards emerging market status and potentially attracts a wider pool of global capital in 2026.
The company highlighted structural themes discussed at the recent Dynam investor conference, including infrastructure modernisation, a faster digital economy, demographic advantages and supply chain repositioning. It also referenced analysis around Vietnam’s FTSE upgrade, which it said could broaden the investor base through index-tracking funds, improve liquidity and support valuation re-ratings.
On the macro backdrop, VietNam Holding noted third-quarter GDP growth of 8.2%, in line with the government’s 8% target. Total trade through November exceeded US$839 billion, with exports up 16.1% and a trade surplus of US$20.5 billion, while disbursed foreign direct investment reached US$23.6 billion, up 8.9% and described as a five-year high.
Equity markets “took a bit of a breather” in November, with sentiment consolidating as liquidity normalised and investors reassessed valuations. Against that backdrop, VietNam Holding said its portfolio declined modestly during the month, with previously leading positions - particularly in banks and financial services - seeing consolidation after a strong year-to-date run, although year-to-date performance remained positive.
Finally, the company reiterated its focus on governance and transparency, highlighting three 5-star scores in the latest Principles for Responsible Investment (PRI) Transparency Report for Policy Governance & Strategy, Listed Equity and Confidence-Building.
View from Vox
Vietnam’s message remains consistent: strong growth data is now being matched by market plumbing that looks increasingly capable of supporting bigger capital raisings. If the IPO window stays open, it can reinforce the case for deeper institutional participation as reforms continue.
For VietNam Holding, the modest November pullback reads more like consolidation after a strong run than a change in direction. Going forward, stock selection and discipline will matter more as liquidity normalises.