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Vietnam’s capital markets are recovering, creating clearer growth opportunities for VPBankS to accelerate its investment banking activities. Leveraging the scale of the parent bank’s ecosystem and a structured development plan, the company aims to expand its capabilities across advisory, underwriting, and distribution for both equity and debt offerings.
In the debt capital markets (DCM), after a strong 2025, corporate bond issuance in Q1 2026 reached about 30,600 billion VND, up 22% year-on-year. At the same time, the default rate fell to near 0%—the lowest level in years—signaling improved scale and quality and supporting investor confidence.
In the equity capital markets (ECM), following a wave of USD-denominated deals in 2025, many firms are planning IPOs in 2026 across multiple sectors, including consumer electronics and real estate. The 2026 issuance pipeline is also expected to be more diverse, with named issuers including Điện Máy Xanh (retail), Hoa Sen Home (real estate), LPBS, Kafi (Chứng khoán), DatVietVAC (entertainment), and Nhựa Hoa Sen (materials).
By end-2025, VPBankS’s equity was about 34,000 billion VND, ranking second in the securities sector. Total assets exceeded 73,000 billion VND.
On mergers and acquisitions (M&A), Grant Thornton reported that the number of deals in Q1 2026 declined versus the same period a year earlier, while total deal value increased. This points to a shift toward larger, more strategic transactions.
Capital is increasingly flowing toward sustainable sectors such as energy, infrastructure, manufacturing, and essential services. As markets rebound, demand for more sophisticated investment banking services is expected to rise, with a growing emphasis on transparency and deal structuring. This is likely to encourage issuers to seek advisory from institutions able to design appropriate funding strategies and connect with a broad investor base.
VPBankS’s Investment Banking Center has outlined a long-term strategy focused on high-quality human resources and effective risk governance to support growth. The firm is also investing in technology infrastructure and product development to strengthen post-issuance services and broaden investor reach.
In 2026, VPBankS plans to deepen its core activities, prioritizing high-quality corporate bond and equity underwriting, investment, and distribution, with a focus on leading companies that have solid and transparent fundamentals. The company also intends to expand M&A advisory in areas including industrial real estate, energy, infrastructure, and financial services to enhance its overall advisory capability.
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