Resolution 68 creates new momentum for the stock market

The stock market is reflecting expectations that the private sector will continue to be the main driver of growth.

Breakthrough policy for the private sector

According to a financial analyst, when the private economy develops strongly, the stock market will benefit from many aspects. First of all, the increase in the number of listed enterprises will attract domestic and foreign capital flows, increasing liquidity and market size. International investment funds, which are looking for opportunities in emerging markets, will not be able to ignore Vietnam - a potential destination with a rising private sector.

When supportive policies on capital, land, and technology are implemented, we can expect a wave of strong private enterprises, ready to step onto exchanges such as HOSE, HNX, or UPCoM.

In fact, after a strong correction in April 2025, the Vietnamese stock market recorded a positive recovery in the first half of May. The VN-Index surpassed the 1,260-point mark, with 4/5 trading sessions in the week from May 5-9 closing in the green, thanks to the excitement from the official operation of the KRX system. Most recently, the first 2 trading sessions of this week recorded a significant increase and the market is conquering the 1,300 mark again.

As in the first trading session of this week (May 12), the VN-Index reversed its decline and soon returned to the uptrend zone, closing up 1.26% thanks to the pull of leading stocks in the private sector, especially VIC - the stock of Vingroup Corporation. Not only VIC, TCB and FPT contributed the most to the index's uptrend. Buying power increased sharply right after the news that the US and China agreed to reduce taxes to 30% in the next 90 days. This development triggered a wave of positive sentiment, pushing the index up sharply and closing firmly in the uptrend zone.

Analyzing more closely the role of large private enterprises and their stocks on the Vietnamese stock market, Ms. Cao Thi Ngoc Quynh - Director of Institutional Clients - VNDIRECT Securities Joint Stock Company said that the current developments show that stocks of some large private enterprises are truly the locomotives and pillars for the stock market, typically stocks of the Vingroup group. In the context of the VN-Index moving sideways since the beginning of the year, these 3 stocks have contributed more than 90 points to the market. In addition, stocks of some large private enterprises have also had positive developments since the beginning of the year, such as the private banking group (Techcombank, Sacombank, SHB), Gelex stocks, stocks of Thanh Thanh Cong Group... These stocks all have impressive growth rates from 30% to over 100%.

Resolution 68 also specifically emphasizes the urgent need to upgrade and restructure the stock market, develop the insurance market, and perfect regulations on corporate bonds to improve quality and expand stable, low-cost capital mobilization channels for the private economy. In addition, research is needed to develop a legal framework for securitization of debt.

Money flows back into the stock market

2025 is forecast to be a challenging year, however, many experts believe that the Vietnamese stock market is still an attractive destination for investors, based on the strong economic recovery and growth, many "open" policies of the Government for foreign investors, and increasingly positive improvements in market quality towards transparency, safety and health. Specifically, the recovery of production and the development of domestic consumption will be the foundation to promote the stock market to flourish.

According to Ms. Cao Thi Ngoc Quynh, there has been a clear change in the guiding viewpoint on the private economy in the recent statements of the leaders of the Government and ministries, departments and sectors and concretized by Resolution 68 of the Politburo. Resolution 68 has affirmed the role and position of the private economy as an important driving force of the national economy, and at the same time clearly stated the expansion of private enterprise participation in important national projects. The State proactively has a policy of ordering, limited bidding or designated bidding or has preferential policies to encourage the private economic sector to participate with the State in strategic areas, projects and key scientific research tasks.

According to Ms. Quynh, industries such as energy, construction materials, infrastructure and technology will benefit and have breakthroughs when enjoying preferential development policies as well as participating in major national projects such as the North-South high-speed railway project, urban railway, renewable energy projects and digital transformation projects...

In addition, the Government is promoting the removal of difficulties and obstacles in more than 2,200 projects with a total capital of nearly 6 million billion VND, which will contribute to improving the business environment and promoting growth in the Banking, Real Estate and Construction sectors.

The Government’s support measures include expanding the credit guarantee fund for small and medium-sized enterprises (SMEs) to at least VND50 trillion, implementing green credit lines with preferential interest rates, providing 200% tax incentives for Research and Development (R&D) activities and labor training, and developing domestic venture capital through the State-private co-investment model.

The Government will also launch the “Vietnam Global Champions” program to support 50 potential enterprises in mergers and acquisitions (M&A) consulting, political risk insurance, and priority access to trade negotiations; increase the localization rate to at least 60% for the electronics, automobile, and textile industries through preferential tax packages for components.

According to the expert from VNDirect, if effectively implemented, Resolution 68 can help build a three-tier private sector ecosystem, including leading large corporations - satellite small and medium enterprises (SMEs) - and innovative startups, positioning this sector to become a central pillar of the Vietnamese economy by 2045.

According to analysts, to turn these expectations into reality, the implementation of Resolution 68-NQ/TW requires great synchronization and determination. The business environment needs to be transparent, control the risk of financial fraud, and support private enterprises to access resources fairly. When the private economy truly takes off, that will be the day when the Vietnamese stock market not only grows strongly domestically, but also makes its mark on the regional financial map.

Source: https://thoibaonganhang.vn/nghi-quyet-68-tao-dong-luc-moi-cho-thi-truong-chung-khoan-164122.html