Under the direction of the Government, the Ministry of Finance , the State Securities Commission, the Ho Chi Minh City Stock Exchange coordinated with other units to organize the "Celebration of 25 years of operation of the Vietnamese stock market and launch of the new information technology system" this morning in Ho Chi Minh City.
KRX: A Transformation for Vietnam's Stock Market
The new information technology system invested by Ho Chi Minh City Stock Exchange (HOSE) officially went into operation on May 5, 2025, which is a unified, consistent platform that consolidates functions and Stock Exchanges, Vietnam Securities Depository and Clearing Corporation.
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| Ms. Nguyen Thi Viet Ha, Acting Chairwoman of Ho Chi Minh City Stock Exchange (HOSE) . Photo: Le Toan |
The new system promises to open a new era of modern and more efficient trading, approaching international standards, said Ms. Nguyen Thi Viet Ha, Acting Chairwoman of the Ho Chi Minh City Stock Exchange (HOSE).
According to the management agency, the implementation of the KRX system invested by HOSE has brought about a strong transformation for the Vietnamese stock market, which can lead to increased transaction speed and settlement time, paving the way for new trading products, increasing transparency and system safety, thereby helping to enhance investor confidence, especially foreign investors - thereby creating a foundation for the Vietnamese stock market to be on the list of market upgrades.
The Chairman of the Korea Stock Exchange (KSE) said that the project to build a new information technology system requires effort, has many challenges, has stages due to Covid and requires close coordination between relevant agencies of the two countries. The project started in 2016 and now is more than 8 years of continuous effort, a very long journey and has been successful.
The Korea Exchange has accompanied the development of Vietnam's capital market since its early days, such as accompanying and supporting the establishment of the Vietnam stock market; continuing to support the establishment of the Hanoi Stock Exchange (HNX). Both projects were successful.
And according to the Chairman, thanks to that long-term cooperation, the Korean Stock Exchange continues to be trusted to accompany the KRX Information Technology System project - through which, not only is it technical cooperation but also strengthens understanding and trust in the two sides' strategies and realizes valuable values through the KRX project cooperation.
The Vietnamese capital market is changing strongly, with new technology, expanding infrastructure, new scale and new products... The Chairman of the Korean Stock Exchange believes that the Vietnamese stock market will develop further and will always be a reliable partner, accompanying the Vietnamese capital market.
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| Mr. Luong Hai Sinh, Chairman of the Board of Members of Vietnam Stock Exchange (VNX) . Photo: Le Toan. |
Looking back at the first days of opening, the market had only 2 listed enterprises, 4 securities companies, capitalization only reached 0.28% of GDP, then by the end of June 2025: the market had over 1,600 listed enterprises and registered for trading; the capitalization scale of the stock and bond market reached nearly 100% of GDP; the average liquidity of the stock market in the first 6 months of 2025 reached over 21,000 billion VND/session; 82 securities companies and 43 fund management companies; and over 10 million securities investment accounts...
Mr. Luong Hai Sinh, Chairman of the Board of Members of the Vietnam Stock Exchange (VNX), said that the Vietnamese stock market is one of the most vibrant markets, with capitalization and liquidity among the top in the ASEAN region.
Upgrade: An Important Milestone, But Not the Final Destination
As one of the first two enterprises listed on the stock exchange, Ms. Nguyen Thi Mai Thanh, Chairwoman of REE Board of Directors, said that in 1992, when the Government issued Decree 102 on pilot equitization, we boldly seized the opportunity. And in December 1993, REE became the first enterprise to implement equitization in Vietnam.
After equitization, REE began to look for capital for development. At that time, capital still mainly came from bank loans. However, the 1998 Asian financial crisis pushed bank interest rates up to more than 20%. Faced with that challenge, REE asked the Ministry of Finance for permission to issue international convertible bonds worth $5 million, with an interest rate of 4.5% - and REE successfully issued them.
The lack of medium and long-term capital for economic development has urged the Party and the State to promote the establishment of a stock market. In July 2000, the Ho Chi Minh City Stock Exchange was officially established, and REE was the first enterprise listed on the market.
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| Ms. Nguyen Thi Mai Thanh, Chairwoman of REE Board of Directors . Photo: Le Toan |
"We believe that the stock market is not only an effective capital mobilization channel for businesses, but also a place that helps investors flexibly choose portfolios, creating liquidity for stock assets - contributing to promoting Vietnam's socialist-oriented market economy," said Ms. Mai Thanh.
Over the past 25 years, the Vietnamese stock market has grown steadily, overcoming many ups and downs, including two global crises in 2009 and recently due to geopolitical fluctuations. Currently, although capital mobilization channels have become more diverse - including banks, corporate bonds and issuing shares through the stock market - from the perspective of a listed company, REE sees that the banking channel still accounts for a large proportion, with interest rates at times higher than the regional average.
Regarding the channel of issuing shares through the stock market, Ms. Mai Thanh believes that this is a safe, transparent and sustainable method of capital mobilization. The Vietnamese stock market is aiming for upgrading, this is an opportunity for the business community and investors in the context of the country entering a new era with development aspirations, strong belief and high determination.
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| Mr. Don Lam - General Director and Founding Shareholder of VinaCapital Group . Photo: Le Toan |
Speaking at the ceremony, Mr. Don Lam - General Director and Founding Shareholder of VinaCapital Group said that the upgrade is an important milestone, but not the final destination. Market development aims at a larger goal: building a foundation for national financial autonomy. Looking back at the 25-year journey of formation and development, the Vietnamese stock market has achieved many important steps, of which three typical milestones can be mentioned:
(1) Building a modern trading platform with the successful operation of the KRX system, opening up space for new products, in line with global trends.
(2) Expanding scale and increasing market depth: With more than 10 million investor accounts, more than 1,600 listed companies and a capitalization of 300 billion USD, the stock market plays a key role in attracting medium and long-term capital. Liquidity has improved significantly, making Vietnam the market with the leading daily transaction value in ASEAN, reaching an average of over 1 billion USD.
(3) Promoting integration and attracting international investment capital: Reforms on foreign ownership limits and corporate governance have made the market more and more attractive to investors.
Entering a new development stage, the role of the capital market needs to be affirmed more clearly - not only as a tool to support growth, but also as a pillar in realizing long-term goals, especially promoting the growth of the private economic sector.
According to Mr. Don Lam, the 25-year milestone is not only an opportunity to look back on the past with respect, but also a moment to look forward to the future together. We understand that there is still much work to be done for the stock market to truly play its full role - not only as an effective capital channel, but also as a strategic foundation to create momentum for the economy. Because internal strength will be the measure of a country's self-reliance. A sustainable, effective and transparent capital market will be a tool for Vietnam to move closer to its goal of becoming a developed country by 2045.
Source: https://baodautu.vn/nang-hang-thi-truong-chung-khoan-cot-moc-quan-trong-nhung-khong-phai-dich-den-cuoi-cung-d342772.html
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