Faltering secondary markets and high valuations do not appear to be deterring investors as they continue to take advantage of primary market deals to build sizable equity positions in Vietnam.
The underlying equities market may be under pressure, but demand for Techcombank's IPO remains strong, meaning slim allocations for investors keen to play Vietnam's growth story.
The private equity firm is set to invest over $370 million in Techcombank to tap into growing middle-class demand for banking services, just as foreign banks sell out of local peers.