After years of failing to live up to expectations, Vietnam’s equity capital markets have reached a tipping point that could propel the country up the regional league tables if companies stay realistic about valuations and the government presses ahead with reform, say market players.
So far this year, Vietnamese companies have already raised more through initial public offerings than either the Philippines or Indonesia according to Dealogic and SP Global Market Intelligence figures see table one. Should Vincom Retail clear its record-breaking $680 million IPO later this week, Vietnam will also beat Malaysia too.
The new issuance momentum is coming from two directions.
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