On the afternoon of July 30 in Hanoi, the Ministry of Finance coordinated with Lao Dong newspaper to organize a workshop on "Upgrading the stock market, expanding capital mobilization channels for the economy".
In his opening speech, Mr. Bui Hoang Hai - Vice Chairman of the State Securities Commission emphasized: Currently, Vietnam has more than 10 million investors participating in the stock market. Market liquidity is at the highest level in the region, surpassing some markets that have been developed for more than 70-100 years.
As of July 21, 2025, the VN-Index reached 1,485.05 points, up 7.9% compared to the end of the previous month and up 17.2% compared to the end of 2024. The market capitalization of the three stock exchanges HOSE, HNX and UPCoM reached VND 8,214 trillion, equivalent to USD 328.5 billion, accounting for 71.4% of estimated GDP in 2024. The bond market also recorded a listing scale of VND 2,503 trillion (USD 100 billion), equivalent to 21.7% of GDP.
“These figures show that the stock market is gradually asserting its role as an effective medium- and long-term capital mobilization channel, alongside the commercial banking system,” Mr. Bui Hoang Hai assessed.
At the workshop, Ms. Pham Thi Thuy Linh - Head of the Securities Market Development Department, State Securities Commission, presented solutions and orientations to meet the upgrading criteria according to international rating organizations such as FTSE Russell and MSCI. Accordingly, Vietnam has issued necessary legal documents, meeting all 9 criteria of FTSE Russell for secondary emerging markets.
In particular, to address two previously unmet criteria, “payment cycle (DvP)” and “failure transaction costs”, the Ministry of Finance issued Circular 68/2024/TT-BTC and Circular 18/2025/TT-BTC. The trading system that does not require sufficient funds at the time of placing an order (NPF) has been deployed at 10 securities companies and 10 custodian banks, achieving more than 90,000 transactions with a value of more than VND 20,000 billion.
Ms. Pham Thuy Linh said that out of hundreds of thousands of NPF orders executed, only 4 failed transactions were recorded and all were processed effectively. The proportion of transaction value under the NPF mechanism accounts for about 50% of transactions by foreign investors.
In addition, bilingual Vietnamese-English information disclosure for listed companies has been widely implemented, helping to increase transparency and access for international investors.
On May 5, 2025, the KRX information technology system officially went into operation. This is a system that synchronizes transaction, registration, custody, clearing and payment functions, connecting the two exchanges, payment banks and depository members. After nearly 3 months of operation, the system has been operating stably, without any serious errors.
The KRX system paves the way for the implementation of new products such as pending securities trading, intraday trading, derivatives, CCPs (central clearing counterparties), listed bonds and financial instruments according to international standards.
Mr. Nguyen Son - Chairman of the Board of Members of Vietnam Securities Depository and Clearing Corporation (VSDC) said that the CCP model has been operating effectively in the derivatives market since August 10, 2017. On that basis, VSDC is coordinating with the State Securities Commission to develop a CCP mechanism for the underlying stock market, expected to be put into operation from the first quarter of 2027.
One of the products that the market is looking forward to is intraday trading and selling securities waiting to be returned. However, Mr. Nguyen Son said that caution is needed when implementing this because of the potential risk of insolvency if market members do not control it well.
International practice shows that in the US - where there are strict requirements for investors - only about 10% of investors make a profit from day trading. Therefore, the implementation time in Vietnam will be carefully considered, with priority given to selling pending securities first, when the technology system and control mechanism are stable.
In addition, the management agency also plans to implement midday trading to extend trading hours, reduce early session pressure and approach international practices.
In the coming time, the State Securities Commission will continue to implement solutions to increase the depth and diversify market products: Developing green bonds and construction bonds; promoting IPOs associated with listing; encouraging FDI enterprises to list; building a carbon credit trading floor and capital for startups.
The draft amendment to Decree 155/2020/ND-CP also proposes requiring enterprises to disclose the maximum foreign ownership ratio to facilitate international investors to participate in the market when upgrading.
In addition, the State Securities Commission and the State Bank also amended regulations related to the opening and use of payment accounts for foreign investors such as Circular 03/2025/TT-NHNN and Circular 17/2024/TT-NHNN, to simplify procedures and ensure anti-money laundering requirements.
The upgrade not only contributes to attracting large-scale, stable and long-term foreign capital flows, but also creates a strong driving force for financial market reform, contributing to the development of the private economy and enhancing national competitiveness. This is a strategic goal, within the orientation of developing the Vietnamese stock market until 2030 according to Decision 1726/QD-TTg of the Prime Minister .
Source: https://nhandan.vn/nang-hang-thi-truong-chung-khoan-tao-luc-hut-dong-von-quoc-te-post897527.html
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