Vincom sale a one-off, but good for Vietnam

There are not many firms in a similar position in Vietnam, and its circumstances mean its capital raising may not be replicable by other issuers. But it is still good news for the market.

The progress of Vietnam as an investment destination and a capital market has been among the most erratic in the region over the last 20 years, with fervour regularly replaced by bearishness and back again. But a string of deals suggest that the market may be developing a level of depth and stability.

The latest is the $708 million initial private offering by Vincom Retail, which priced near the top of its range on October 27.

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