The stock market is shifting its focus from meeting standards to operating stably.

With the Vietnamese stock market officially upgraded to a secondary emerging market by FTSE Russell, the workload for regulators and market participants is considered enormous.

Investors monitor stock market developments at the HOSE exchange. (Illustrative photo: Hua Chung/TTXVN)

Speaking to the press, Mr. Bui Hoang Hai, Vice Chairman of the State Securities Commission, said that the upgrade was the result of many synchronized reform efforts; in which, the guiding role of the Government and the Ministry of Finance was decisive.

According to the Vice Chairman of the State Securities Commission, the upgrading of the market is of particular interest to and closely supervised by the Government and the Ministry of Finance, aiming to build a modern stock market that becomes a key channel for mobilizing medium and long-term capital for the economy . This unified direction helps increase the effectiveness of inter-agency coordination, promptly resolving legal, infrastructure, and operational bottlenecks, thereby strengthening the confidence of investors and international rating agencies.

Based on this, the entire securities industry has implemented a series of reform solutions in accordance with the Party and State's guidelines and policies. The State Securities Commission has focused on perfecting the legal framework, enhancing market transparency, improving access for foreign investors, and modernizing infrastructure to international standards. Simultaneously, the regulatory body has proactively strengthened policy dialogue with rating agencies and global investors to affirm its commitment to reform and improve the assessment of the Vietnamese market.

Another important factor highlighted is the close coordination between ministries and agencies, especially the State Bank of Vietnam, in developing and issuing regulations related to the activities of foreign investors, along with support from the World Bank, FTSE Russell experts, and the international investor community. In addition, the collaboration of domestic and international news agencies and media outlets has also contributed to the upgrade process.

Notably, according to Mr. Bui Hoang Hai, the key factor is the positive transformation from market participants themselves. Securities companies have proactively upgraded their technology systems, financial capacity, and risk management; including the implementation of trading solutions that do not require sufficient funds upfront – a crucial criterion in rating upgrades. Listed companies are also increasingly focusing on improving corporate governance, complying with information disclosure standards, especially bilingual information disclosure, thereby improving their ability to access and attract long-term international capital flows.

Entering 2026 – the year when Vietnamese stocks are officially included in the FTSE emerging market index – the State Securities Commission has identified this as a crucial stage to transition from "meeting the criteria" to "operating stably and sustainably". Accordingly, the regulatory body will continue to comprehensively implement the tasks outlined in the Project to upgrade the Vietnamese stock market, as stipulated in Decision No. 2014/QD-TTg.

Key tasks include: continuing to improve the legal framework in a consistent manner, in line with international practices; perfecting technical and operational mechanisms, expanding the role of global securities companies, and researching and implementing a consolidated account model; and accelerating the upgrading of trading infrastructure, focusing on the central clearing counterparty model and the automatic information exchange mechanism between securities companies and custodian banks.

The State Securities Commission will focus on expanding the supply and diversifying the market through the development of new products, improving the quality of information disclosure and corporate governance of listed companies. Dialogue with domestic and foreign investors, rating agencies, and international financial institutions will also continue to be maintained to promptly receive feedback and adjust policies accordingly.

Given that individual investor transactions still account for a large proportion, the State Securities Commission has identified restructuring the investor base as a key task to enhance market sustainability. Accordingly, the Investor Restructuring and Fund Industry Development Plan will be implemented to encourage individual capital to participate in the market through professional institutions, diversify fund products and distribution channels, and establish professional ethical standards for the fund industry.

Simultaneously, training and knowledge dissemination for investors have been intensified to enhance their decision-making capacity and risk management. The State Securities Commission has issued a plan for disseminating knowledge and training investors, innovating implementation methods, strengthening the application of technology, and coordinating with media agencies and market participants.

Regarding the growing interest from global investment funds, the Vice Chairman of the State Securities Commission stated that many large institutions such as Vanguard, BlackRock, UBS, and State Street have given positive assessments, increased contact, and prepared procedures to be ready to disburse funds after FTSE Russell's reviews. Against a backdrop of macroeconomic stability and a clear reform roadmap, the Vietnamese stock market is gradually improving its ability to receive large-scale capital flows, aiming for transparent, sustainable, and long-term development.

Source: https://baotintuc.vn/thi-truong-tien-te/thi-truong-chung-khoan-chuyen-trong-tam-tu-dat-chuan-sang-van-hanh-on-dinh-20260117213934031.htm