Upgrading to a higher league is the first step on a long journey.
Speaking at the Vietnam Capital Market Outlook Forum 2026, Vice Chairman of the State Securities Commission (SSC) Bui Hoang Hai emphasized that the upgrade by FTSE Russell is the result of more than two decades of continuous reform. This is not only a technical step forward, but also an affirmation of the quality and attractiveness of the Vietnamese market in the eyes of international investors.
However, Mr. Hai argued that upgrading the market status only opens a new phase. Market development requires a balance between policies, products, and the quality of investors. He particularly emphasized the role of institutional investors, especially foreign investors, in raising the standards of transparency and market governance.
Mr. Bui Hoang Hai, Vice Chairman of the State Securities Commission (SSC) - Photo: VGP
According to the leaders of the State Securities Commission, protecting investors begins first and foremost with their own knowledge. A sustainable market must be built simultaneously on a synchronized legal framework, clear product mechanisms, and widespread investor training programs.
In the near future, the State Securities Commission and the Ministry of Finance will implement many solutions to improve market safety and efficiency. Among them, the Central Counterparty Clearing and Settlement (CCP) mechanism, expected to be operational from Q1/2027, is anticipated to be a breakthrough in controlling systemic risk and building greater confidence for foreign funds.
Regarding infrastructure, after the KRX system became operational, market liquidity increased significantly, averaging over 29,000 billion VND per session. This necessitates further upgrading of processing capacity and expansion of product offerings, especially green bonds, infrastructure bonds, and long-term financial instruments.
New expectations from international capital flows.
Mr. Pham Luu Hung, Director of SSI Investment Analysis and Consulting Center, shared that the reaction of foreign investors shows that confidence in the Vietnamese market is improving significantly. Unlike previous years, this year many international organizations came to Vietnam immediately after the upgrade announcement, including major US brokerage firms. Some funds that had previously withdrawn have also returned to explore opportunities.
However, according to Mr. Hung, what the market is interested in is not just the upgrade in ranking, but what Vietnam will continue to do to move towards MSCI standards. Of the 18 criteria set by MSCI, Vietnam has met 10. The CCP mechanism is expected to help address many remaining issues, especially the foreign ownership limit. Mr. Hung said that Vietnam's foreign ownership limit has exceeded $90 billion, a fairly high figure in the region.
Beyond policy, Mr. Hung emphasized the role of listed companies: they must raise governance standards, ensure transparency of information, and improve the quality of reporting to meet the requirements of global investors.
Dr. Le Minh Nghia, Chairman of the Vietnam Financial Consulting Association - Photo: VGP
Dr. Le Minh Nghia, Chairman of the Vietnam Financial Consulting Association, believes that 2025 is a pivotal year with three important foundations. According to him, these are: the Vietnamese stock market officially being upgraded by FTSE Russell to a "secondary emerging market"; the initial formation of a legal framework for crypto assets with the Law on Digital Technology Industry and Government Resolution 05/2025/NQ-CP; and the National Assembly's issuance of Resolution 222/2025/QH15 on an international financial center in Vietnam, paving the way for the development of a regional financial center model.
According to Dr. Nghia, these are the "foundations" that will help the capital market enter a new phase of development with greater confidence and determination.
From a policy perspective, Mr. Nguyen Duc Hien, Deputy Head of the Central Policy and Strategy Committee, noted that the capital market plays a particularly important role, especially in the context where bank credit cannot increase indefinitely due to inflation risks and macroeconomic instability.
Mr. Nguyen Duc Hien, Deputy Head of the Central Policy and Strategy Committee - Photo: VGP
According to Mr. Hien, the capital market needs improvement in both its "products" and mechanisms. Businesses that do not yet meet the listing requirements can raise capital through bonds linked to assets or credit ratings. Regarding stocks, the issues of foreign ownership and IPO regulations need further adjustment to align with the goal of upgrading the market rating.
Mr. Hien also emphasized the opportunities presented by digital assets and blockchain, but stressed that implementation needs to be cautious, with pilot programs conducted step by step, but without delay.
From a technological perspective, Phan Duc Trung, Chairman of the Vietnam Blockchain and Digital Asset Association, stated that the legal framework for digital assets is gradually taking shape. However, for digital assets to become a significant source of capital, four factors need to be synchronized: human resources, technology, legal framework, and compliance.
Dr. Can Van Luc, Chief Economist of BIDV , member of the National Advisory Council on Financial and Monetary Policy - Photo: VGP
According to Dr. Can Van Luc, chief economist of BIDV, Vietnam is entering a new phase with many global changes, requiring a growth model that balances speed, quality, and sustainability.
Mr. Luc argued that Vietnam needs to invest more in science and technology, while also upgrading its capital market to mobilize long-term resources.
"Currently, equity capital accounts for only about 10% of GDP, while banks still supply the majority of capital to the economy. This shows that the capital market still has huge room for development," said Dr. Can Van Luc.
Mr. Minh
Source: https://baochinhphu.vn/tu-nang-hang-den-hanh-trinh-phat-trien-ben-vung-con-nhieu-thach-thuc-102251212194116015.htm
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