Race for Talent Is On as Bankers Brace for IPO Boom in Vietnam
(Bloomberg) — The potential for FTSE Russell to elevate Vietnam to emerging market status in September has investment banks hiring staff in anticipation of a big surge in initial public offerings.
Brokerage VnDirect Securities Corp. aims to increase headcount in its investment banking division by 20% to 30% over the next 12 to 18 months, while Vietcap Securities, which recently advised on VPBank Securities’ IPO, plans to expand its team by as much as 40% next year. That means keeping up with the tens of billions of dollars of stock outflows expected over the next two to three years.
Dragon Capital, Vietnam’s largest fund manager, predicts more than $40 billion in IPO revenue between 2026 and 2028 amid a developing economy and stock market. That’s a big jump from the $1.6 billion the companies raised from initial share sales this year and the biggest gain since 2018.
“We are actively expanding our investment banking division as this new wave is more evident than ever and is certainly not exaggerated,” said Quynh Cao, head of institutional business at VnDirect.
VPBank Securities, the brokerage unit of Vietnam Prosperity JSC Bank, raised $460 million in oversubscription in one of the biggest IPOs of the year. VPS Securities JSC, Techcom Securities and Vinpearl, the hospitality unit of Vingroup JSC, raised funds in 2025, with the stock VN Index up 37%.
Mobile World Investment Corp. and with Masan Group planning an IPO of its units, preparations for a first-time share sale look intense heading into 2026. Additionally, real estate company Gelex Infrastructure, as well as retail companies Golden Gate, Highlands Coffee and Sunhouse Group, plan to make their offers as soon as next year.
However, recruiting qualified employees in a growing but nascent market can be difficult for investment banks.
“Our biggest problem is just finding staff,” said Nguyen Thomas, chief global markets officer at SSI Securities Corp. “There are not many experienced people because there has been a drought for many years.”
Manpower is not the only constraint. Regulatory hurdles include restrictive foreign ownership limits in certain industries and a requirement for companies to show profits for two consecutive years before applying for an IPO.
In 2023, Pham Nhat Vuong, the country’s richest person, took his electric vehicle company VinFast Auto Ltd. public following its merger with a blank check company in the United States, in the largest IPO by a Southeast Asian company. Mekong Capital Ltd. Vietnam faces the tough task of keeping its top companies at home, with backed Gene Solutions planning an IPO on the Hong Kong or Singapore stock exchanges.
Vietnam addresses some of these issues. Companies now have just 30 days to list their shares after an IPO, compared to the previous 90 days, reducing the lock-up time for investors’ funds. This helps bankers persuade domestic and global investors to invest in local offerings.
Dragon Capital said Vietnam should actively strengthen its transition to emerging market status as a “selling point” to attract new listings. It was stated that the upgrade would create favorable conditions for a healthier IPO pipeline.
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