Bad week for Vietnam stock investors

It’s turning out to be a busy week for capital markets in Vietnam but not for investors in Vietnamese stocks.

Vietnam Airlines is scheduled this Friday to complete its long-awaited initial public offering. That's after global snacks producer Mondolez International announced on Tuesday that it would acquire 80% of BKD, a subsidiary of Vietnam’s Kinh Do Corporation, subject to shareholder approval.

However, investors in Vietnamese stocks are excluded from both deals. The amount of Vietnam Airlines that will be freely floated is just over 3% and the shares have already been sold to a pair of local banks.

The BKD sale, meanwhile, only...