Enterprises raising capital: Expectations for a new growth cycle

Massive Capital Increases

VPS Securities is preparing to hold an extraordinary general meeting of shareholders in October 2025 to discuss new strategic decisions, with the major theme being its IPO plan. According to disclosed documents, VPS will propose issuing 710 million shares at a ratio of 1:1.25 (each existing share will receive 1.25 bonus shares), thereby raising its charter capital from VND 5.7 trillion to VND 12.8 trillion.

SSI Securities also plans to offer up to 415.6 million shares to existing shareholders at VND 15,000 per share. After this issuance, its charter capital will rise to VND 24.9349 trillion. Earlier, the company completed a private placement of more than 104 million shares, bringing its capital to VND 20.759 trillion.

Tien Phong Securities (ORS) is preparing to issue 287.9 million shares to TPBank at VND 12,500 per share. The issuance aims to increase charter capital and supplement working capital for business operations. If successful, ORS’s charter capital will rise from nearly VND 3.360 trillion to more than VND 6.2393 trillion.

After more than three years without new issuance, Ho Chi Minh City Securities Corporation (HSC) announced on June 9 its plan to issue nearly 360 million shares at VND 10,000 per share to existing shareholders in order to expand margin lending and proprietary trading. Accordingly, HSC’s charter capital will rise from VND 7.208 trillion to VND 10.808 trillion.

A series of other firms, such as JB Vietnam Securities (JBSB), Xuan Thien Securities (XTSC), Thien Viet Securities (TVS), Rong Viet Securities (VDSC), and LPBank Securities (LPBS), are also actively planning capital increases.

At the same time, the market is witnessing a strong wave of IPOs from securities companies. Techcom Securities (TCBS) recently conducted an IPO of more than 231 million shares at VND 46,800 per share. The IPO attracted 26,220 investors who registered to buy over 575 million shares — 2.5 times the amount offered. TCBS’s charter capital is expected to increase from VND 20.8016 trillion to VND 31.6016 trillion after the IPO.

Immediately following TCBS’s high-profile IPO, VPBank Securities (VPBankS) also approved an IPO plan of up to 375 million shares, equivalent to 25% of its outstanding shares. After the deal, VPBankS is expected to raise its capital from VND 15 trillion to up to VND 18.75 trillion.

In the real estate sector, fundraising activities are equally bustling. Development Investment Construction Corporation (DIG) has revived plans to issue 150 million shares to existing shareholders. Dat Xanh Group (DXG) plans a private placement of more than 93 million shares, among other examples.

Not only are firms offering more shares to fund projects, but they are also accelerating capital increases to pay down debt. For example, Novaland Group (NVL) intends to issue approximately 320 million shares to repay VND 8.7 trillion in debt, as well as hundreds of millions of shares at various issuance prices. Similarly, Hoang Anh Gia Lai Group (HAG) plans to issue 210 million shares in exchange for VND 2.52 trillion of debt.

Expectations for a New Growth Cycle

According to Mr. Le Hong Khang, Director of Analysis at credit rating agency FiinRatings, the stock market’s recent record highs and surging liquidity have created an ideal environment for enterprises to carry out fundraising plans. Statistics show that listed companies plan to raise VND 198.7 trillion in 2025, of which about VND 56.2 trillion was raised in the first seven months alone.

This means around USD 5.4 billion remains to be mobilized before the end of the year. Of this, commercial banks are expected to account for USD 2.3 billion, with the remainder spread across other industries. A favorable market environment is also prompting more enterprises to pursue listings.

According to Dragon Capital, IPO volume could reach USD 47.5 billion over the next three years, with leading names across consumer, finance, manufacturing, and services sectors.

Beyond corporate fundraising needs, Vietnam’s 2025–2030 infrastructure development push will also require massive capital. According to the World Bank, approved infrastructure spending for 2025 is USD 32.2 billion — up 20% from 2024. Key sectors include transportation and energy, accounting for over 80% of planned public investment.

Experts note that the wave of capital increases not only reflects efforts by companies to align with liquidity flows, but also shows expectations of improved business prospects and a transition into a new growth cycle. These expectations are further supported by the potential upgrade of Vietnam’s stock market status and higher economic growth targets.