Hanoi (VNA) – Vietnam’s stock market will pursue six strategic directions to improve its legal framework, modernise trading infrastructure, diversify products and broaden its investor base following its status upgrade by FTSE Russell to secondary emerging market, according to Hoang Van Thu, Vice Chairman of the State Securities Commission (SSC).
Addressing a seminar marking 30 years of Vietnam’s securities industry, organised by the Economics – Finance Magazine under the Ministry of Finance (MOF) in Hanoi on October 21, Thu said the market has progressively strengthened its legal framework, organisational structure and infrastructure, while diversifying products and expanding its investor base to enhance its capital-mobilisation capacity.
Despite being a relatively young market in the region, Vietnam’s stock market has developed a full range of market structures and intermediary institutions, with a scale comparable to that of major markets in the region, he noted.
As of September 30, 2026, the stock market’s capitalisation reached 10.3 quadrillion VND (398.2 billion USD), equivalent to 80.2% of estimated GDP in 2025. The number of investor accounts rose from around 3,000 in 2000 to nearly 14.1 million or 13.8% of the population at the end of September 2026, exceeding the target of 11 million accounts by 2030.
Thu said the FTSE Russell upgrade recognised Vietnam’s reform efforts and improvements to its legal framework and infrastructure. It also created opportunities to attract international capital and increase the country’s presence in global investment portfolios, while raising requirements for transparency, market access and risk management.
As Vietnam pursues double-digit economic growth, the stock market is expected to become a more important channel for medium- and long-term financing, helping reduce relative dependence on bank credit.
Under the stock market development strategy to 2030, the SSC has identified six priorities: improving the legal framework by simplifying administrative procedures and easing business conditions to attract investment; enhancing market openness, transparency and international integration, including introducing a central clearing counterparty (CCP) mechanism for cash equities in 2027; modernising technology infrastructure and trading systems to ensure safe, stable operations and accommodate large capital flows; diversifying products and financial services, including green bonds, derivatives and new listing opportunities; restructuring the investor base by expanding investment funds and encouraging individual investors to invest through professional institutions; and strengthening market supervision, transparency and sustainability while protecting investors’ legitimate rights and interests.
Luong Hai Sinh, Chairman of the Vietnam Stock Exchange (VNX), outlined three groups of measures: diversifying products, upgrading information technology infrastructure and improving clearing and settlement mechanisms, and strengthening supervision to ensure stable and transparent market operations.
VNX is studying depositary receipts and cross-border trading, working with FTSE Russell on new indices, preparing to introduce VN30 index options and researching gold derivatives and gold exchange-traded funds (ETFs). It is also considering higher corporate governance standards, increased free-float requirements and adjustments to foreign ownership limits. VNX and the exchanges are studying the CCP mechanism and omnibus trading accounts, alongside enhanced transaction and cross-market surveillance.
Luong Thi My Hanh, Head of Domestic Asset Management at Dragon Capital Vietnam, highlighted the need to develop the investment fund industry as financing demand rises.
Dragon Capital estimates Vietnam’s investment needs for 2026-2030 at around 1.46 trillion USD, nearly double the figure for 2021-2025. By the end of 2025, net assets held by investment funds totalled about 99 trillion VND, or 0.8% of GDP, while bank deposits reached approximately 16.5 quadrillion VND, equivalent to 128.5% of GDP.
Dragon Capital aims to raise investment funds’ net assets to 5% of GDP by 2030, increase the number of fund certificate holders to 2.5 million, and establish 500 investment funds. It proposed studying personal income tax exemptions for investments in open-ended funds held for at least five years, expanding fund distribution through commercial banks and strengthening financial education, including personal finance in high school curricula.
The company called for coordinated implementation of tax, distribution and financial education policies, with defined implementation periods to assess their impact.
Pham Thu Phong, Editor-in-Chief of the Economics – Finance Magazine, said the ongoing National Assembly session will consider amendments to the Securities Law to improve the legal framework for capital markets and simplify administrative procedures.
He described the FTSE Russell upgrade as recognition of reform efforts and cooperation among market participants, opening a new chapter for Vietnam’s position on the global finance map.
The new position creates new momentum and new impetus, but also marks the starting point of a new competition in quality, standards and, most importantly, investor confidence, Phong stressed./.
VNA