Dat Bike Repays Convertible Loan to PIDG
Dat Bike has repaid its convertible loan to InfraCo, the project development arm of infrastructure development and finance organization PIDG. InfraCo provided the Vietnamese electric motorbike manufacturer with $4 million in 2024 to expand production and its retail network. The repayment ends PIDG’s investment in the company. The interest rate, repayment amount and other financial terms have not been disclosed.
The repayment follows Dat Bike’s $26 million Series B funding round, co-led by F.C.C. and Rebright Partners. The company raised $22 million in September 2025 and secured another $4 million in March 2026. PIDG also helped Dat Bike revise its financing arrangements during the fundraising process.
Dat Bike electric motorbikes ready for shipment as market demand grows. | Source: Vietnamnet
Dat Bike used the InfraCo loan to upgrade its battery production line, factory equipment and warehouse facilities, while expanding its retail network from four to 70 stores. Alongside financing, PIDG supported the company with governance, operations and impact monitoring.
VinFast Deal Dominates September M&A Value
A ceremony marking VinFast’s first shipment of electric cars to the United States at MCP Port in the Dinh Vu–Cat Hai Economic Zone, Hai Phong, in 2022. | Source: Nhip Song Thi Truong (Markettimes)
Audit and business advisory firm Grant Thornton Vietnam reported 30 mergers and acquisitions (M&A) announced in Vietnam in September 2026. Of these, 23 transactions had a combined estimated value of $1.74 billion. Four deals involving restructuring or related parties accounted for 70.7% of that total. The largest was VinFast Vietnam’s agreement to acquire all shares in Ngoc Hoi Real Estate Investment Joint Stock Company for approximately $1.2 billion, representing nearly 69% of the month’s recorded M&A value.
Excluding restructuring and related-party transactions, consumer goods and metals and mining led M&A activity by value. Consumer goods deals totaled approximately $183.8 million, largely driven by the nearly $179 million sale of shares in Thanh Thanh Cong Bien Hoa by TTC Investment and Huynh Bich Ngoc. Metals and mining transactions reached approximately $124.8 million, including Elmet Group’s agreement to acquire a 4.99% stake in Masan High-Tech Materials from Masan Horizon.
Share acquisitions also made foreign investors major shareholders in Vietnamese companies. Sojitz spent approximately $40.5 million on shares in Taseco Air Services, becoming its second-largest shareholder with a 27.64% stake. At Mutosi, Ariston Group acquired an 83% stake, while Mekong Capital exited its investment and management retained the remaining 17%.
VIFC Targets First Transactions in November
The Vietnam International Financial Center (VIFC), which operates in Ho Chi Minh City and Da Nang, aims to begin financial transactions in November 2026. Initial activity will focus on raising and providing medium- and long-term capital. Priority will go to transactions where capital providers and recipients have already established contact and discussed their needs.
The Ministry of Finance will work with Ho Chi Minh City and Da Nang to develop financial products based on demand from investment funds, investors and businesses. For each product, the ministry will review who will implement it, which regulations need to be issued and what oversight is appropriate. Deputy Prime Minister Nguyen Van Thang has required VIFC’s supervisory authority to be operational before transactions begin.
The Vietnam International Financial Center in Ho Chi Minh City launched in February 2026, ahead of its target to begin financial transactions in November. | Source: Thanh Nien
According to the Ministry of Finance, Ho Chi Minh City and Da Nang have allocated staff, funding, premises and technology infrastructure for VIFC. Banks, securities firms, asset managers and investors have signed memoranda of understanding, made commitments or submitted applications to participate. The ministry has also held direct discussions with several commercial banks and financial institutions to identify transactions that could proceed during the initial phase.
Vietnam Encourages Foreign-Invested Companies to List
The State Securities Commission is encouraging foreign-invested companies with sound finances and strong governance to list their shares on Vietnamese stock exchanges. High-growth and innovative businesses are also being encouraged to raise capital through the securities market. The aim is to provide medium- and long-term funding for production expansion, technology upgrades and digital transformation.
The regulator will support public share and bond offerings and exchange listings, while developing additional financial products to give businesses more fundraising options. It will also step up efforts to attract domestic and foreign investment funds and institutional investors to increase the supply of long-term capital.
A conference explaining listing and trading registration requirements for foreign-invested businesses. | Source: Chinh Phu
A central counterparty (CCP) mechanism is expected to launch in the cash securities market in early 2027. Under this mechanism, a clearing organization stands between buyers and sellers and assumes settlement obligations to both sides, ensuring buyers receive the securities and sellers receive payment in full for matched trades.
For businesses, the State Securities Commission recommends stronger governance, internal controls and risk management. Companies should disclose complete, accurate and timely information about their operations and finances so investors can monitor and assess their performance. The regulator also recommends maintaining a sound financial structure and developing clear, viable business strategies.
Companies Must Demonstrate Results After an IPO
KAFI Securities says companies need to demonstrate how effectively they use capital through their business results after an initial public offering (IPO). Investors should compare actual performance with the targets announced before fundraising, focusing on revenue, profit, return on equity (ROE) and return on assets (ROA).
Experts and business representatives at a panel discussion on October 21, 2026. | Source: Tuoi Tre
According to KAFI, companies need three elements in place before an IPO: transparent finances and governance, a business model with growth potential, and a plan for using the proceeds. The capital allocation plan should specify how the funds will be spent. After raising the money, companies should report how they actually allocated and used it, allowing investors to compare execution with the original plan.
KAFI also noted that steep declines in some shares from their IPO prices have made investors more cautious about new offerings. Separately, lower market liquidity has affected the amount of capital available for IPOs. Even so, KAFI said some companies have recorded profit growth of 30% to 40% after raising capital and expanding their operations.
Genesia Ventures is an early-stage venture capital firm operating in Japan and Southeast Asia, with a strong belief in the long-term potential of Vietnam’s digital economy. Beyond providing capital, the fund actively supports startups through strategic guidance and connections to a broader regional network.