Vietnam's stock market before the upgrade jump

Mr. Bui Hoang Hai said that Vietnam has met most of the criteria for upgrading, with infrastructure, transparency and legality all improving. Foreign capital flows are expected to increase sharply in 2026 thanks to the continued removal of market barriers.

On December 9th, speaking at the Vietnam Mergers and Acquisitions (M&A) Forum 2025 organized by the Finance and Investment Newspaper, Mr. Bui Hoang Hai, Vice Chairman of the State Securities Commission, stated that in recent years, Vietnam has implemented comprehensive steps to modernize trading infrastructure, improve transparency, and enhance market quality. As a result, Vietnam is considered one of the most dynamic emerging markets, with very active capital raising and increasing participation from domestic and foreign investors.

Over the past year, we have also conducted a comprehensive review of relevant industry regulations to ensure that Vietnam continues to be an attractive destination for international capital. Simultaneously, corporate governance standards are being raised to meet the increasingly stringent requirements of global institutional investors.

Mr. Bui Hoang Hai, Vice Chairman of the State Securities Commission, shared his views at the Vietnam M&A Forum 2025. (Photo: Le Toan)

Looking ahead to 2026, Mr. Bui Hoang Hai believes that the Vietnamese stock market will enter a new phase of development.

Firstly, although Vietnam is currently still classified as a "frontier" country, technically we are very close to meeting the upgrade criteria. Several stocks are likely to be added to global indices. In fact, active investors have already begun preparing for this move, and we observe increasing interest from international funds.

Secondly, given global interest rate developments, particularly the potential for Fed policy adjustments, we expect capital flows into emerging markets – including Vietnam – to improve significantly in 2026.

The Vietnamese government has demonstrated its determination to review and reform all market-related sectors to facilitate development. Specifically, regulatory reforms will help make the IPO (initial public offering) process smoother, clearer, and less time-consuming.

New legal regulations (such as Decree 155) have facilitated the participation of foreign investors in the Vietnamese stock market, notably the removal of the requirement to register a trading code for indirect investors.

Regarding foreign ownership limits (FOL) – this is a topic of constant interest to the investment community. The government's goal is to mobilize all resources for economic development. Therefore, reviewing foreign ownership limits is a major and urgent task. Currently, the Ministry of Finance , together with the Securities Commission and relevant ministries and agencies, is conducting a comprehensive review of all sectors to eliminate or reduce FOL limits that are no longer appropriate, retaining only those limits that are truly necessary for sectors with specific characteristics or sensitivity.

For businesses, the Securities Commission and the Ministry of Finance encourage them to review their registered business lines to reduce those in which they do not yet conduct business. Overall, these reform and modernization efforts are helping Vietnam on its path towards becoming an emerging market.

Source: https://baodautu.vn/thi-truong-chung-khoan-viet-nam-truoc-buoc-nhay-nang-hang-d455217.html