After nearly 40 years of renovation, our country has achieved many great achievements, the economy has developed in all aspects, and Vietnam's position has continuously improved in the international arena. Among those proud results, there is a mark of success from the strategic vision of our Party and State when we determined to build a stock market, aiming to create a channel for mobilizing medium and long-term capital for the economy.
Aspiration to build Vietnamese stock market
In 1996, the Government issued Decree No. 75-CP establishing the State Securities Commission. In 1998, the Prime Minister signed Decision No. 127/1998/QD-TTg establishing the Ho Chi Minh City Securities Trading Center and the Hanoi Securities Trading Center, establishing a development model, policy framework and human resources to realize the aspiration of building the Vietnamese stock market.
The old building at the corner of Phan Chu Trinh and Trang Tien streets with ancient French architecture, the official headquarters of the Hanoi Stock Exchange Center, 20 years ago gathered creative and enthusiastic people, immediately started preparing the technology system and necessary technical conditions, proactively applying advanced technology solutions, suitable for Vietnam's conditions, and effectively supporting the development of trading markets.
On March 8, 2005, the Hanoi Stock Exchange was inaugurated and put into operation, officially accompanying the Ho Chi Minh City Stock Exchange to organize the operation of 2 Stock Exchange Centers in two major cities of the country and bringing the Vietnamese stock market into the economy.
The stock auction was the first activity implemented at the Hanoi Stock Exchange Center. The auction for equitization of the Postal Equipment Factory on March 8, 2005 opened the auction program held at the Stock Exchange Center, transparent and objective, effectively supporting the equitization process of state-owned enterprises. Up to now, the Hanoi Stock Exchange (HNX) has successfully organized 594 auctions, mobilizing more than 92 trillion VND. Of which, there are 315 auctions for equitization of state-owned enterprises and many large enterprises such as Vietnam Insurance Corporation, Vietnam Steel Corporation, Vietnam National Petroleum Corporation, Electricity Corporation - Vinacomin, Vietnam Engine and Agricultural Machinery Corporation, BIDV Bank, etc.
Only 4 months after its inauguration, on July 14, 2005, the Hanoi Stock Exchange Center put into operation the listed stock trading market. The initial trading system was rudimentary, only applying negotiated transactions, then continuously upgraded, adding many new modern features, continuous order matching, remote trading and then online trading. In particular, the Core I5 version completed in 2013 was a major step forward in technology bearing the Vietnamese mark, allowing the integration of order matching technology on the cache memory, capable of processing 20-30 million orders per session at a speed of 15,000-20,000 orders per second.
In terms of listing scale, starting with the first 6 enterprises in 2005, by the end of May 2025, the market had 311 enterprises with a capitalization of 350 trillion VND, an increase of 183 times, liquidity of 1,100 billion VND/session, an increase of 273 times compared to the opening time. The market gathers many large-scale enterprises with strong brands such as Vietnam Oil and Gas Technical Services Corporation, Vicostone Joint Stock Company, Tien Phong Plastic Joint Stock Company, TNG Investment and Trading Joint Stock Company, Petrolimex Petrochemical Corporation, Vietnam National Reinsurance Corporation, Bim Son Cement Joint Stock Company... including hundreds of enterprises listed immediately after equitization.
In 2009, in order to give more initiative in management and international integration, the Prime Minister issued a Decision to convert the Hanoi Stock Exchange Center into the Hanoi Stock Exchange, operating under the model of a single-member State-owned limited liability company with 100% of charter capital owned by the State, with the Ministry of Finance as the owner's representative.
In 2009, in order to give more initiative in management and international integration, the Prime Minister issued a Decision to convert the Hanoi Stock Exchange Center into the Hanoi Stock Exchange.
On June 24, 2009, the Hanoi Stock Exchange was officially launched and put into operation with a new model. With more autonomy in operations, the Hanoi Stock Exchange has continuously strived to improve the quality of operations, improve the listed stock trading system, promptly deploy the UPCoM trading system and meet the urgent requirements of businesses and investors.
The UPCoM market has been operating since June 2009, expanding the organized trading market for unlisted securities, while creating effective capital mobilization opportunities for public companies. The market size has grown strongly, from only 10 initial enterprises, after 15 years, UPCoM has nearly 900 enterprises, including large-scale enterprises with strong brands such as Vietnam Airports Corporation, Colusa-Miliket Foodstuff Joint Stock Company, Hai Phong Port Joint Stock Company, Da Nang Port Joint Stock Company... Currently, the market capitalization of UPCoM has reached over 1,360 trillion VND, equivalent to nearly 12% of GDP. Liquidity on UPCoM in 2025 will reach 789.5 billion VND/session, 200 times higher than in 2009.
Over the past 20 years, listed and registered enterprises on HNX have mobilized more than 380 trillion VND in par value, effectively supporting investment in development and business expansion.
In 2009, HNX continued to put into operation a specialized government bond trading system, meeting the specific requirements of government bonds. In 2015, HNX launched the online government bond trading system and the online bidding system on the internet, helping members and investors save significant time and costs when participating in the market. The value of bonds mobilized through bidding increased sharply, reaching a total of more than 3.3 million billion VND after 15 years. In particular, the interest rate of bonds mobilized through bidding tended to decrease, helping to save thousands of billions of VND for the state budget.
The bond term has been extended, helping to reduce debt repayment pressure on the state budget and ensure the safety and sustainability of national finances. Secondary bond trading activities are electronically conducted according to standard procedures, contributing to creating a transparent and modern playground for financial institutions. Therefore, the market size has grown strongly, reaching approximately 20% of GDP by the end of 2024, with bond liquidity reaching 12 trillion VND/session.
In 2017, HNX put the derivatives market into operation, contributing to the completion of the structure of the Vietnamese stock market with three important functions: capital mobilization, capital allocation and risk diversification. The first derivative product was the VN30 index futures contract, which was welcomed by the market immediately after being put into trading, demonstrating the selection of products in accordance with international practices and suitable for the needs of the domestic market.
In 2019, 5-year government bond futures contracts, and in 2021, 10-year government bond futures contracts continued to be put into trading, in line with the government's orientation on the roadmap for developing the derivatives market.
After more than 7 years of operation, the market has grown steadily, trading has been active and attracting more and more investors to participate in the market. There are currently more than 2 million derivative securities trading accounts, an increase of 800 times compared to the time of opening. The market size has increased by an average of 28%/year. The market has played a role in dispersion, risk prevention, and is an effective investment channel.
In 2023, the Ministry of Finance entrusted HNX with the task of building a trading system for privately issued corporate bonds. After only 9 months of "racing against time", the system was put into operation on July 19, 2023. For the first time, private corporate bond trading is centrally managed, transparent, and risks are limited for investors, especially individual investors.
After 2 years of operation, the privately issued corporate bond trading system has been operating safely and smoothly. The market size has grown rapidly, with 1,207 bond codes of 258 issuers currently registered for trading, with a total value of VND 950 trillion. Liquidity reached VND 4,807 billion/session, 4 times higher than the average in 2023.
A strong bridge between businesses-investors-management agencies
As an intermediary organization in the market, members trading stocks, bonds, and derivatives on the Hanoi Stock Exchange have made positive contributions to the development of the stock market, acting as an effective bridge, supporting businesses and the investing public.
At the time of its opening, the Hanoi Stock Exchange had only 10 initial trading members. In the next development phase, market members grew in both quantity and scale of operations. From providing only brokerage services, members supported the market in investment consulting, asset management and providing derivative products. At the same time, trading members also supported the market monitoring agency, detected and recommended timely handling of violations, protected the rights of investors and maintained market stability.
During the market operation, HNX pioneered in implementing activities to promote corporate governance for enterprises, through programs to assess the quality of information disclosure of enterprises, raise awareness of listed enterprises on information disclosure and transparency, ensure timely and complete provision of information to all shareholders. Thereby, it also raises awareness of investors about shareholders' rights to enterprises, towards the long-term interests of the company and contributes more to the economy and society.
With the motto of market management and operation "public - fair - effective", HNX always attaches importance to transaction supervision, risk management and ensuring information transparency to build a stable market platform, contributing to strengthening investor confidence, improving the quality of listed enterprises, and accompanying management agencies to perfect the legal framework for the capital market.
With the motto of market management and operation "public - fair - effective", HNX always attaches importance to transaction supervision, risk management and ensuring information transparency.
It can be said that 20 years is not a long time for the development of a Stock Exchange, but it is a historical period, successfully building a Stock Exchange with many stable markets operating on a modern technology platform. The markets at the Hanoi Stock Exchange have shown their role as an effective capital mobilization channel for the Government and enterprises, a fair and transparent investment channel for investors. 20 years with proud marks, the Hanoi Stock Exchange has been honored to receive many noble awards from the Party and the State, including the First Class Labor Medal, Second Class Labor Medal, Third Class Labor Medal, Emulation Flag of the Prime Minister, etc.
The achievements of HNX are, above all, the result of the comprehensive, profound and timely guidance and direction of the Party, Government, Ministry of Finance, State Securities Commission, Vietnam Stock Exchange (VNX), together with the coordination and assistance of relevant ministries, branches, units, press and media agencies and the enthusiastic support of market members, the business community and the investing public.
In the coming period, our country's economy is undergoing strong changes, the policy of developing the private economy is established as one of the strategic pillars according to Resolution 68 of the Central Executive Committee, the Vietnamese stock market is facing many opportunities for strong development thanks to the reasonable management policy and determination of the Party and Government, HNX clearly understands its mission.
With the youthful energy of 20 years old, full of desire for innovation, desire for dedication, and with the strength of solidarity, by inheriting and promoting the inherent tradition, HNX commits to continue to improve market quality, develop new products, promote digital technology, strengthen corporate governance, protect investors, and promote transparency - publicity - efficiency in all stages of operation. HNX will continue to be a solid bridge between enterprises - investors - management agencies, constantly contributing to the development of the stock market, the national finance and the common prosperity of the country.
Speaking at the ceremony to celebrate the 20th anniversary of the opening of HNX, Chairwoman of the State Securities Commission Vu Thi Chan Phuong acknowledged and appreciated the efforts of HNX in particular and the securities industry in general throughout the nearly 30-year journey of building and developing the market.
From a starting point with extremely limited resources, technology, and inadequate awareness of businesses and the investing public, HNX has constantly innovated, promoted the spirit of initiative and creativity, gradually mastered the core technology system from design to operation, promoted listed businesses, diversified products and markets, disseminated knowledge to the investing public, and spread public and transparent standards in capital mobilization activities.
The State Securities Commission believes that HNX, with its youthful energy of 20 years old, full of enthusiasm and desire for innovation, with the strength of solidarity and inheritance, promoting its inherent traditions, will continue to improve the quality of market management and operations, develop many new products, promote digital technology, strengthen corporate governance activities, and protect investors. HNX will continue to be a solid bridge between businesses - investors - management agencies, constantly contributing to the development of the stock market and the national financial system.
Source: https://nhandan.vn/20-nam-khai-truong-hoat-dong-hnx-khat-vong-cong-hien-post888999.html
Comment (0)