The stock market will witness a qualitative change.

(NLĐO) - In 2026, the stock market will not only maintain its growth momentum, but more importantly, enhance its depth and sustainability.

2026 marks not only the milestone of the Vietnamese stock market entering a new standard for emerging markets, but also the 30th anniversary of the securities industry's establishment and development (November 28, 1996 – November 28, 2026). At 30 years old, the market is expected to continue making new strides on its journey of strong, high-quality, sustainable, and integrated development.

The Chairman of the State Securities Commission hopes that the capital market in general and the stock market in particular will witness a qualitative change.

On the occasion of the Lunar New Year 2026 (Year of the Horse), Ms. Vu Thi Chan Phuong, Chairwoman of the State Securities Commission (SSC), spoke with the press about the highlights of 2025 and the industry's direction in the pivotal year of 2026.

- Reporter: Looking back at 2025, what are the most notable milestones of the Vietnamese stock market, Madam?

+ Ms. Vu Thi Chan Phuong : In 2025, the global stock market will be strongly impacted by geopolitical and macroeconomic fluctuations. However, with the close guidance of the Government, the Ministry of Finance , and the cooperation of market participants, the Vietnamese stock market will still record many positive results.

Ms. Vu Thi Chan Phuong, Chairperson of the State Securities Commission

The first highlight was the successful launch and operation of the new information technology system - the KRX system. This is a market-wide technology platform that helps increase scale, ensure security and stability, and pave the way for the development of new products and services.

A more significant milestone is the announcement by FTSE Russell that Vietnam has met all criteria and been upgraded from a frontier market to a secondary emerging market. This is the result of comprehensive reforms in legal frameworks, infrastructure, and accessibility for foreign investors.

On that foundation, the market experienced impressive growth. By December 31, 2025, the VN-Index reached 1,784.49 points, a 40.9% increase compared to the end of the previous year. The average daily trading value reached VND 29,201 billion, a 39% increase. Market capitalization reached VND 9,985.77 trillion, equivalent to 86.7% of the estimated GDP in 2024. The number of investor accounts exceeded 11.6 million, surpassing the target set for 2030. If I were to choose a phrase for 2025, I would say: "Breakthrough - Growth - Integration".

- You just mentioned that the Vietnamese stock market has been upgraded to a secondary emerging market. What opportunities and pressures does this bring?

Upgrading to the next level is a historic turning point after years of improving institutions, infrastructure, and enhancing transparency. But it also marks the beginning of a deeper integration process with higher standards.

We expect that the capital market in general and the stock market in particular will witness a qualitative change. The market will not only welcome high-quality foreign capital, but also demand higher standards of corporate governance and transparency.

This will create further impetus for regulatory bodies, market participants, businesses, and investors to improve themselves, contributing to taking the stock market to a new level of development and making a stronger contribution to the national economy .

Entering the "emerging playing field" will bring higher demands on corporate governance, financial capacity, infrastructure, products and services, and especially information disclosure. This requires all parties—from regulatory bodies and intermediaries to listed companies and investors—to "raise their own standards."

Improving our ranking is both motivating and stressful. The results at each stage depend on whether we can transform that pressure into motivation.

- 2026 is considered a pivotal year in the new phase of capital market development. What key actions will the securities industry prioritize to strengthen investor confidence and improve market quality?

+ This year marks the 30th anniversary of the industry's establishment, and the requirement is not only to maintain growth, but also to enhance its depth and sustainability.

The focus is on perfecting a comprehensive, transparent legal framework that conforms to international practices; and maintaining and improving the quality of the upgrade criteria. The State Securities Commission will implement the tasks according to Decision 2014/QD-TTg dated September 12, 2025, of the Prime Minister on the Project to upgrade the Vietnamese stock market and the implementation plan of the Ministry of Finance.

Building on the KRX platform, we continue to modernize our technology infrastructure, coupled with comprehensive digital transformation. The Central Clearing Partner (CCP) mechanism is identified as a crucial step, expected to be operational in early 2027.

In addition, there is the need to classify and reorganize the stock market; and to develop new markets such as carbon trading markets, cryptocurrency markets, and specialized markets for innovative startups.

Inspection and supervision work continues to be strengthened, while administrative procedures are reformed, the quality of corporate governance is improved, and the investment fund industry is developed, encouraging institutional and long-term investors to participate in the market.

- In order for the market to truly become the primary channel for capital flow for businesses and the economy in the new phase, what key solutions will the securities industry implement, Mr. Chairman?

+ The stock market continues to affirm its position as an important channel for mobilizing medium and long-term capital for the economy. In the coming period, the regulatory authorities will promote IPOs associated with listing; encourage FDI enterprises to participate in the market; and coordinate the development of mechanisms for offering bonds to the public for project enterprises under the public-private partnership model and infrastructure bonds.

The goal is to effectively mobilize capital for key projects, while diversifying products and investor base in a balanced and sustainable manner.

I believe that, given the stable macroeconomic environment, the guidance of the Government, and the proactive preparation of regulatory agencies, the Vietnamese stock market will continue to strongly attract large capital flows from both domestic and foreign sources, contributing more effectively to the economy.

- At the milestone of 30 years of formation and development, could you share what goals and expectations the securities industry has set for the new phase of development?

+ In 2026, the market will transition from "meeting the criteria" to "operating stably and sustainably" according to emerging market standards. At the same time, this is an opportunity to look back on 30 years of development and growth.

We are determined to be united, proactive, and creative in order to contribute more effectively to economic growth as the country enters a new era. That is the most meaningful gift we can give to the industry on its 30th anniversary.

With a solid foundation established in 2025 and a clear direction for the coming period, the Vietnamese stock market is expected to continue its stable and sustainable development, deserving to be an important pillar of the financial market and a prime example of 30 years of reform and integration in the Vietnamese securities industry.

Source: https://nld.com.vn/chu-tich-uy-ban-chung-khoan-thi-truong-chung-khoan-se-chung-kien-su-thay-doi-ve-chat-196260220080220636.htm