Efforts to improve Vietnam's stock market

Upgrading the stock market is not the final destination, but the goal of the Government and the Ministry of Finance is to strongly reform so that the stock market becomes increasingly transparent and developed, helping investors to mobilize capital easily.

Sharing at the seminar "New capital flow driving force" organized by Finance - Investment Newspaper on July 23, 2025, representatives of the State Securities Commission and representatives of the Ho Chi Minh City Stock Exchange (HoSE) affirmed the development orientation of the Vietnamese stock market to be increasingly transparent, stable and effectively operated.

The ultimate goal is to elevate the stock market.

"Looking back at the early days of operation, we can see the development of the market," Mr. Bui Hoang Hai, Vice Chairman of the State Securities Commission shared at the seminar.

From only 2-3 listed companies in the early days, the stock market now has hundreds of listed companies with a capitalization of billions of dollars. In the ASEAN region, the Vietnamese stock market is the youngest compared to the Philippine stock market at 100 years, Malaysia at 65 years, Thailand at about 50 years...

However, up to this point, in terms of capitalization, the Vietnamese stock market is equivalent to Malaysia, slightly lower than Thailand and surpassing the Philippines. Even in the last trading week, the liquidity of the Vietnamese stock market topped the Southeast Asian region, even surpassing Thailand - a remarkable achievement.

Mr. Bui Hoang Hai, Vice Chairman of the State Securities Commission. Photo: Chi Cuong

Regarding the upgrading process, the Vice Chairman of the State Securities Commission (SSC) said that in recent times, the Government has implemented many reforms; including many strong reforms for the stock market. The management agency has removed many barriers and bottlenecks in the market. Up to now, the Vietnamese stock market has met the hard criteria for upgrading to an emerging market. The soft criteria still depend on the experience of foreign investors.

In recent times, the SSC has also maintained exchanges with foreign investors, investment funds, etc. Every week, the SSC meets with international investors to share their experiences in Vietnam. During the exchange, they expressed a positive attitude, highly appreciating the legal framework and the level of development of the Vietnamese stock market.

Mr. Hai added positive signals from the FTSE Russell meeting with the Prime Minister , FTSE Russell representatives acknowledged Vietnam's determination and strong reforms in economic development and capital markets.

"However, upgrading the stock market is not the destination, but the goal of the Government and the Ministry of Finance is to reform the market to make the stock market increasingly transparent and developed, helping investors to mobilize capital easily," Mr. Bui Hoang Hai emphasized.

Therefore, whether the goal of upgrading the stock market is achieved in September or not, the recent reforms and the determination to continue will benefit the market and investors. The representative of the State Securities Commission affirmed that upgrading is not the final goal, but the final goal is to improve the stock market, so that the stock market becomes increasingly transparent, stable, and operates effectively, giving investors the opportunity to seek profits for themselves.

Increase new products, new goods for the market

Also participating in the discussion, Ms. Tran Anh Dao, Acting General Director of the Ho Chi Minh City Stock Exchange (HoSE) also believes that in the coming time, there are foundations to look forward to the Vietnamese stock market being upgraded to an emerging market, with clear and unified policies to create momentum for private enterprises. The State Securities Commission, together with the Ministry of Finance and market members, are building the next foundation of the market, upgrading the trading system, improving procedures, linking IPOs with listings, etc. These are things worth looking forward to in the next stage.

Regarding capital flows, compared to 2-3 years ago when it was heavily affected by the Covid-19 pandemic, the internal strength of the business sector is now reviving and on the rise.  

Ms. Tran Anh Dao informed that currently on HoSE there are 390 listed enterprises, with a capitalization of more than 3 million billion VND, each industry has leading enterprises, representing the whole economy. The stock market has competed fairly with the banking channel in attracting capital for enterprises. When the Vietnamese stock market is upgraded, foreign capital will have a place to land and will also bring efficiency to the market and the economy.

Recently, HOSE has successfully deployed a new trading technology system for the entire market (KRX). This is the platform that HoSE will utilize when upgrading the market, along with CPP as well as other utilities of the system to better serve the market. With the current technical system, the launch of new products will also be shortened. HOSE is working with VDSC to map out a roadmap for the new product.

Regarding the new supply of goods, the Acting General Director of HoSE said that the State Securities Commission is planning to create better sources of goods, support businesses to list on the stock exchange with a new process, and with the new Decree 155, the process of linking IPO with listing will be implemented.

"In addition to the strict criteria on operating time, shareholders, corporate governance, and transparency, we are focusing on improving the quality and operating standards of the business sector, and having a comparable level with regional markets, thereby attracting foreign capital flows," said Ms. Tran Anh Dao.

Source: https://baodautu.vn/no-luc-nang-tam-thi-truong-chung-khoan-viet-nam-d339271.html