Crowdfunding activities are bustling again

Is the “IPO winter” over?

Sharing with the Bangkok Post (Thailand), Mr. Prasit Boondoungprasert, CEO of CP Foods (Thailand) revealed that there are signs that the IPO proposal of CP Vietnam Livestock Joint Stock Company is being considered. The company will start the IPO process as soon as it receives approval from the authorities. The listing in Vietnam is expected to provide a new source of funding and build CP's presence here.

CP Foods is not the only party placing high expectations on the Vietnamese capital market to raise capital to finance its projects. With the recent revival of the secondary market, public offerings of securities are recording a high success rate.

Since the beginning of the year, DNSE Securities Company has completed the public offering of bonds, raising VND300 billion. VietinBank has issued two lots of bonds with terms of 8 years and 10 years with a total issuance value of VND4,000 billion, successfully distributing the entire offering volume to more than 1,300 investors. VPS Securities Company has raised VND5,000 billion and is the organization that has raised the largest amount of capital from this channel since the beginning of 2025.

In addition, BVBank successfully distributed 97% of the bonds offered. LPBank also completed the mobilization of VND3,000 billion, although most of the bonds were distributed to the issuing agency. Most recently, SHB and MB have just completed the issuance with successful distribution rates of 94% and 98.8%, respectively, mobilizing VND2,350.6 billion and VND2,198.6 billion, respectively.

Currently, HDBank is offering bonds to the public with a total mobilization value of VND5,000 billion in two terms of 7 years and 8 years, with the registration period from March 3 to March 24. This bank plans to mobilize a total of VND10,000 billion in the first 3 quarters of 2025.

Kien Long Bank is offering bonds to the public with a total mobilized value of VND800 billion. The bonds have a term of 7 years with a floating interest rate calculated by the reference interest rate plus a margin of 1.6%/year. The registration period for purchase is from March 20 to April 29.

In the stock market, many businesses have completed and announced plans to offer shares to existing shareholders. Accordingly, Yeah1 increased its capital to more than VND1,900 billion after completing the offering of 54.8 million shares to 5,793 shareholders, thereby earning VND548 billion.

In early March 2025, Dat Xanh Group announced the successful mobilization of a share offering, despite the forecasted difficult market context. Accordingly, 150.1 million shares, with an issue price of VND 12,000/share, were purchased by more than 20,000 investors.

In addition, the wave of subsidiaries/member companies of listed enterprises raising capital through issuing shares to the public and listing shares on the stock exchange promises to be more exciting this year. Masan Consumer Joint Stock Company (Masan Consumer) has received approval from shareholders to cancel its stock trading on UPCoM to list on HoSE.

Previously, this "giant" in the consumer goods industry offered more than 326.8 million shares to the public at an offering price of VND10,000/share. Masan Consumer's direct parent company, Masan Consumer Holdings Company Limited, bought more than 69.2 million newly issued MCH shares and sold a large number of purchase rights, thereby reducing its ownership ratio after the issuance from 92.65% to 70.4%.

Perfecting the legal framework to protect investors

To achieve the economic growth target of 8%, it is estimated that Vietnam needs more than 4 quadrillion VND in capital. According to Minister of Finance Nguyen Van Thang, to promote growth, the capital market is an important mobilization channel.

One of the key tasks of the securities industry in 2025 is to continue perfecting the legal framework, including decrees and documents guiding the Securities Law.

After Law No. 56/2024/QH15 amending 9 laws on the finance and budget sector was passed, the authorities are continuing to solicit comments on amending Decree 155/2020/ND-CP detailing the implementation of a number of articles of the Securities Law. Regarding the issuance of bonds to the public, the Decree is expected to specifically stipulate the debt ratio conditions.

Along with that, all cases of issuing bonds to the public must have a credit rating. This regulation, according to the drafting agency, is to help businesses get acquainted with the culture of credit rating, and to increase openness and transparency in public bond offering activities.

According to Mr. Dang Thanh Cong, Director of Northern Investment Banking Services, KB Securities Joint Stock Company, the above regulations will create significant pressure on businesses and consulting organizations to meet the new conditions. However, changes in the law will improve the quality of "goods" in the market, help investors feel more secure when investing and promote market development in the future.