On July 21, 2025, the State Securities Commission (SSC) in collaboration with the Singapore Stock Exchange (SGX) organized the Workshop "Depository Certificates - New Investment Opportunities and Tools for Vietnamese Securities Investors".
The workshop attracted a large number of direct and online participants from experts, representatives of securities companies, securities investment fund management companies, and listed enterprises.
The workshop was organized for management agencies, exchanges and market members to exchange and share experiences to expand opportunities to access international capital markets in the form of depository certificates.
The 2019 Securities Law has created a legal foundation for the offering of securities by Vietnamese issuers abroad; Decree No. 155/2020/ND-CP detailing a number of articles of the Securities Law provides detailed guidance on the conditions and procedures for registering the offering and listing of securities abroad, including depository certificates; Circular No. 119/2020/TT-BTC of the Ministry of Finance also provides regulations on the transfer of ownership of securities for the issuance or cancellation of depository certificates...
This is an important legal foundation for Vietnam to gradually deploy and develop overseas offering and listing (including offering and listing of depository certificates) in a systematic and professional manner.
Speaking at the opening of the workshop, Mr. Vu Chi Dung, Head of the Legal and External Affairs Department, State Securities Commission, said that after more than two decades of development, the Vietnamese stock market has made important strides in terms of scale, quality and depth.
In the context of strong globalization, promoting the offering and listing of securities abroad, especially through tools such as Depository Receipt (DR), is an inevitable requirement, not only to expand international capital mobilization channels but also to help Vietnamese enterprises improve their position in the international financial market; at the same time, creating conditions for global investors to have easier access to Vietnamese enterprises.
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| Mr. Vu Chi Dung, Head of Legal and External Affairs Department, State Securities Commission delivered the opening speech at the Workshop. |
The representative of the State Securities Commission shared that in the coming time, the State Securities Commission will continue to perfect the synchronous legal framework, closely coordinate with international financial organizations, major stock exchanges in the world , experts... to promote support for Vietnamese enterprises, ensuring that the DR offering and listing process takes place smoothly, transparently and effectively.
Sharing about the orientation of developing new products in the Vietnamese market, Mr. Nguyen Quang Thuong - Deputy General Director of Vietnam Stock Exchange (VNX) added that Vietnam has a legal basis for issuing and listing depository certificates on Vietnamese stocks abroad and in fact, the initial implementation has been successful.
Currently, depository certificates on Vietnamese stocks have been issued in the Thai market. In the coming time, VNX will continue to promote bilateral cooperation activities with SGX, including promoting cooperation in sharing experiences in developing new products and technologies and coordinating with SGX to deploy DR issuance on Vietnamese stocks in Singapore.
Presenting at the workshop, Ms. Bernice Tan - Vice President of Singapore Exchange provided an overview of the SGX stock market as well as shared experiences in building a legal and technical framework, implementing, operating and managing depository certificate products; the coordination between SGX and Exchanges in the ASEAN region in issuing inter-exchange depository certificates.
According to Ms. Bernice Tan, the issuance of inter-exchange depository receipts will leverage existing market infrastructure to achieve liquidity connectivity between ASEAN markets.
The depository receipt model benefits the domestic ecosystem by expanding opportunities for retail investors, intermediaries and issuers. At the same time, depository receipts will promote liquidity in the domestic and underlying markets.
Source: https://baodautu.vn/chung-chi-luu-ky---co-hoi-moi-cho-nha-dau-tu-chung-khoan-viet-nam-d337244.html
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