2018 was a special year for Vietnam’s stock market when Singapore, a major international financial hub, losts its crown as Southeast Asia’s top grossing market for initial public offering.

The Asia’s financial hub was brought down by Vietnam, which often does not cross the minds of stock investors. In fact, Vietnam is still considered as a developing market by major index providers while Singapore, is classified as a developed market.
Having said that, Singapore’s fall this year had little to do with Vietnam’s rise. Experts argued that the open economy of Singapore means it’s more prone to global developments and there were many companies delayed their listing plans in 2018.

‘Looking back in the second half of 2018, global trade wars, political tensions and volatile markets have inadvertently impacted economic sentiments, causing delays in the listing timeframe of some IPO aspirants’, said Tay Hwee Ling, Deloitte Southeast Asia and Singapore’s Global International Financial Reporting Standards and Offering Services Leader.

According to Baker & McKenzie, projected that Vietnam would raise the largest amount of IPO funds in Southeast Asia through 2021, with SIngapore and Thailand close behind as the Vietnamese government expected to sell its stake in more companies.

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