Vingroup JSC VIC.HM is Vietnam's largest property developer. As of late February, Vingroup has selected four foreign banks to assist in the $1 billion listing of its residential property business, Vinhomes. These banks are Citigroup (C  ), Credit Suisse (CS  ), Deutsche Bank (DB  ), and Morgan Stanley (MS  ).

Vingroup's development has relied upon strong Vietnamese economic growth, which was 6.8% as of 2017. Vietnam's economy has boomed due to a combination of heightened domestic demand, record-breaking export earnings, and government-driven economic reforms. Vinhomes plans to offer "serviced apartments and villas" to those who dwell in the largest Vietnamese cities. Presently, Vinhomes runs 10 projects, and a total of approximately 18,000 apartments, villas, and shophouses. Notable properties include Hanoi's Vinhomes Royal City and Ho Chi Minh City's Vinhomes Dong Khoi.

Vingroup claims it seeks to push forward on new strategic initiatives for its residential development branch, including an offering for capital markets and other corporate transactions. Its move will continue the trend towards IPOs in Vietnam, in a wave of privatization. Share listings are driving a huge spike in Vietnam's benchmark stock index, the .VNI, which rose roughly 50% in 2017. The .VNI is currently the strongest in Asia.

Vingroup's IPO listing follows 2017's Vincom Retail JSC VRE.HM listing. Vincom is the largest shopping mall operator in Vietnam, and falls under the Vingroup aegis. GIC (NSE: GICRE) and Franklin Templeton (BEN  ) have both participated in Vincom's IPO, which has generated the global publicity required to garner other international investors' interest in Vietnam. Of these investors, bigger investors gravitate towards the private sector, and the IPO market primarily sees activity in the consumer, property, and financial sectors. In 2017, Vingroup's shares rose 83%, taking its market value to roughly $9.1 billion.