Vietnam IPO Wave Drives Hiring Surge Ahead of FTSE Market Upgrade

Vietnam’s investment banks are expanding hiring in anticipation of a major Vietnam IPO wave after FTSE Russell confirmed in October it will upgrade Vietnam to secondary emerging-market status effective 21 September 2026, pending a March 2026 review.

VnDirect plans to lift investment-banking headcount 20%–30% over the next 12–18 months, while Vietcap may increase staffing by up to 40% next year.

Dragon Capital forecasts more than USD40bn in IPO proceeds during 2026–2028, a sharp rise from the USD1.6bn raised in 2025.

Recent offerings include VPBank Securities’ roughly USD480m IPO and VPS Securities’ USD460m listing as the VN Index gained about 37% in 2025.

Bankers warn the Vietnam IPO wave is constrained by a shortage of experienced investment bankers and regulatory hurdles including foreign-ownership caps and a two-year profit requirement for many prospective issuers.