Vietnam’s stock market will pursue six strategic directions: improving the legal framework, modernising trading infrastructure, diversifying products and expanding its investor base. State Securities Commission Vice Chairman Hoang Van Thu made the statement after FTSE Russell upgraded Vietnam to secondary emerging market status.
He spoke at a seminar in Hanoi on October 21 marking 30 years of Vietnam’s securities industry. The event was organised by Economics – Finance Magazine under the Ministry of Finance. Thu said the market had steadily strengthened its legal framework, organisational structure and infrastructure while diversifying products and expanding its investor base to increase its capital mobilisation capacity.
Although relatively young compared with other markets in the region, Vietnam’s stock market now has a full range of market structures and intermediary institutions. Thu said its scale is comparable to that of major regional markets.
As of September 30, 2026, market capitalisation had reached 10.3 quadrillion VND, or 398.2 billion USD. That was equivalent to 80.2% of estimated 2025 GDP. The number of investor accounts rose from about 3,000 in 2000 to nearly 14.1 million, or 13.8% of the population, at the end of September 2026. The figure exceeded 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. This could reduce the market’s relative dependence on bank credit.
Under the stock market development strategy to 2030, the State Securities Commission identified six priorities. They are improving the legal framework by simplifying administrative procedures and easing business conditions to attract investment; increasing market openness, transparency and international integration, including the introduction of a central counterparty mechanism for cash equities in 2027; modernising technology infrastructure and trading systems for safe, stable operations and 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. 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 central counterparty mechanism and omnibus trading accounts, along with 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, investment funds’ net assets 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 Economics – Finance Magazine, said the ongoing National Assembly session would consider amendments to the Securities Law to improve the capital market legal framework 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.
Phong said the new position created fresh momentum but also marked the start of competition over quality, standards and, most importantly, investor confidence.
Sources: VietnamPlus / Vietnam News Agency
