By Phuong Nguyen and Francesco Guarascio

HANOI (Reuters) -Vietnam’s IPO market is heating up, fuelled by a share rally, regulatory changes and a credit splurge, but has failed to stir fresh interest from foreign investors despite the prospect that the market could be upgraded by index provider FTSE Russell.

Last week brokerage Techcom Securities, a unit of private lender Techcombank raised $410 million, pointing to a company valuation of $4 billion and marking one of Vietnam’s largest initial public offerings in recent years.

That was worth nearly half the value of the combined 36 IPOs so far this year in Malaysia, Southeast Asia’s largest IPO market based on the value and number of deals, according to data provider LSEG Workspace.

Vietnam-focused private equity fund Dragon Capital for

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