Increasing listing of FDI enterprises: Expecting a new breeze for the stock market

On December 9th, the State Securities Commission (SSC) held a conference to disseminate information on the listing and trading registration of foreign-invested economic organizations, aiming to provide relevant information on IPOs associated with the listing and registration of public companies.

Speaking at the conference, Ms. Vu Thi Chan Phuong, Chairwoman of the State Securities Commission, said that 2025 was a very impressive year, marking important milestones in the stock market's 25-year journey of building and developing the stock market, a result of the determined efforts of the Party and Government , along with the joint efforts of market participants.

Ms. Vu Thi Chan Phuong, Chairwoman of the State Securities Commission, speaks at the conference. Photo: Nguyen Minh

Notably, 2025 also marks a historic milestone: after the launch of the KRX system – signifying a significant development in the market's trading infrastructure – and on October 8th, FTSE announced the upgrade of the Vietnamese stock market from a frontier market to a secondary emerging market.

This represents a significant effort from the regulatory authorities in perfecting the policy mechanisms to meet the requirements of domestic and foreign investors, from building infrastructure for transactions to clearing and settlement, improving the quality of service provided by securities companies and market participants, and especially the efforts of listed companies in information transparency and corporate governance.

This effort has been recognized; it's been a long process, but the Chairman of the State Securities Commission also emphasized that maintaining the ranking will be even more important as the diversity of goods on the market is increasingly required, and the transparency of information from listed companies is also crucial. When foreign investors participate in the Vietnamese stock market, it is the shares of high-quality listed companies that will attract them.

The upgrade is just the beginning. As the market enters a new phase, it must continue to develop in depth, diversify its listed goods, and adhere to higher international standards. In this process, the participation of foreign-invested economic organizations is crucial.

In the initial period, from 2003 to 2017, the market had 11 FDI enterprises listed on the Vietnamese stock market. Currently, the number remains at 10, including 6 listed on HoSE, 1 on HNX, and 3 registered for trading on UPCoM. "In terms of quantity and scale, the FDI group still accounts for a very small proportion compared to the 1,600 enterprises in the market, failing to reflect the true potential of this group," Ms. Phuong said.

Currently, the Vietnamese stock market has 10 foreign-invested enterprises listed/registered for trading.

Currently, many FDI enterprises have been present in Vietnam for a long time, are profitable, and wish to list on the Vietnamese stock market. Over the past period, the State Securities Commission (SSC) has consulted with ministries and agencies to resolve obstacles, and will continue to consider listing these FDI enterprises on the Vietnamese stock exchange.

The Chairman of the State Securities Commission also emphasized that, given the current cross-listing practices in the market, such as Vinfast's listing on Nasdaq, there is no reason why foreign-owned businesses that have been present in Vietnam for a long time cannot list on the Vietnamese stock market. The most important factors are management and supervision from state agencies and the efforts of the businesses themselves.

Ms. Vu Thi Chan Phuong expects that the participation of FDI enterprises will significantly contribute to creating a richer and more diverse range of goods on the market, increasing its attractiveness to international investors. In particular, with the banking, finance, and real estate sectors currently dominating the market, the influx of large-scale, high-quality FDI enterprises will increase investor choices and help restructure market share, increasing the size of manufacturing enterprises and creating a more balanced representation of listed companies.

With these objectives in mind, the State Securities Commission has implemented many solutions to create more favorable conditions for businesses and investors.

In particular, Decree 245 has had a positive impact on the market, shortening the time required for IPOs and listings. Previously, it took a considerable amount of time for shares to be listed after an IPO, resulting in missed opportunities for both businesses and investors. After Decree 234 and the revised process for combining IPOs with listings, this time has been reduced to just 30 days, allowing businesses to submit applications simultaneously to both the Commission and the Stock Exchange. Recently, 4-5 businesses have completed their IPOs, and this December, an additional 3 businesses will be listed on the HoSE within just 30 days of their IPOs.

Source: https://baodautu.vn/tang-niem-yet-doanh-nghiep-fdi-ky-vong-lan-gio-moi-cho-thi-truong-chung-khoan-d454767.html