Dien May Xanh IPO poised to be 2026's first blockbuster deal

Vietnam’s stock market in 2026 is at a “historic crossroads” as it officially moves into Emerging Market status, according to FTSE Russell. The milestone follows a strong 2025, when the VN-Index rose more than 40% and average daily liquidity reached a record high of 26.45 trillion VND per session.

FTSE Russell upgrade and potential foreign capital inflows

The Emerging Market designation is expected to act as a catalyst for foreign participation. The article notes that the upgrade can open opportunities to attract foreign capital amounting to billions of USD from index funds and major international financial institutions.

IPO momentum in 2025 and the pipeline for 2026

Supporting this shift, Deloitte’s Southeast Asia IPO Market 2025 report cited in the article shows that 2025 saw total capital raised from major deals reach USD 1 billion—27 times the 2024 level. IPO market capitalization also reached USD 7.7 billion, up 57 times year-on-year.

In the context of returning international capital, the article says leading firms with strong positions in finance, retail, technology, agriculture, and real estate are expected to be primary destinations for funds. It adds that these companies’ financial quality can create “scarce value” for institutional investors and help reset price discovery across the market.

Policy support to shorten IPO timelines

The article links improved IPO execution to supportive policy, including Decree 245. It states that this can shorten IPO processing and listing time from 90 days to 30 days, which it says would improve market depth and transparency.

Key listings expected to shape sentiment

Looking ahead to 2026, the article says the roster of companies preparing to list is becoming more active, naming Highlands Coffee, DatVietVAC, beGroup, and Golden Gate. Their presence is expected to reset valuation standards, unlock long-term capital, and strengthen confidence among international institutional investors.

Dien May Xanh (DMX) highlighted as a major deal

Among the deals mentioned, the article identifies Dien May Xanh (DMX) as the “opening salvo” that could steer market sentiment. It cites an offering size of up to 1.1 billion shares.

The article describes DMX’s IPO timing as opportune, noting that the market is “hungry” for industry-leading companies with superior financial strength to attract USD billions in capital following the upgrade. It adds that, with its strong position and solid financials, DMX is expected to become a new blue chip upon listing and drive momentum for the broader market and the retail sector.