Upgrading the Vietnamese stock market from frontier to emerging market is a key goal in the Stock Market Development Strategy to 2030, with a specific milestone set for 2025. Vice Chairman of the State Securities Commission (SSC) Hoang Van Thu affirmed: "The implementation of this goal is being vigorously implemented according to the direction of the Government and the Ministry of Finance, with efforts in many aspects".
One of the key requirements is to complete the legal basis, technical infrastructure according to international standards and create a transparent and favorable investment environment for foreign investors. The Ministry of Finance has issued Circular 68 on deposit transactions, which is considered a preparation step for the establishment of a central clearing compensation (CCP) payment model. This is one of the points that we are trying to improve, said Mr. Thu.
Along with that, Circular 18 (amended Circular 119) and Circular 96 on information disclosure have also been issued to synchronize with the new trading system KRX - a technology platform that has officially operated since May 5, 2025 and is currently operating stably, without recording any technical problems.
In addition to the scope of the financial sector, the institutional improvement process also has close coordination from the State Bank, with the issuance of Circular 03 to simplify procedures for foreign investors when opening transaction accounts.
Legally, the State Securities Commission is urgently completing the draft Decree amending Decree 155 under the 2024 Securities Law. In particular, an important content is to clearly stipulate the CCP model not only applicable to the derivatives market but also the underlying stock market. This is a factor that international rating organizations such as FTSE Russell and MSCI are particularly interested in.
Another point that is not considered attractive enough for international investors is the regulation on foreign ownership ratio. The draft amendment to Decree 155 will also add content related to this limitation, in the direction of greater expansion and equality. We want to clearly demonstrate the Government's open stance and recognize the active role of foreign investors in the Vietnamese stock market, said Mr. Hoang Van Thu.
With a series of legal documents issued and being finalized, along with a modern transaction system, the representative of the State Securities Commission said that the requirements for the upgrade target have basically been met. In particular, authorities have also actively promoted investment, increased direct dialogue with international funds and organizations to update information and accurately reflect the current situation of the Vietnamese market.
With current efforts, along with the approach and the ability to dialogue positively, we believe that rating organizations will agree with the upgrading of the Vietnamese stock market in the upcoming September 2025 review, Mr. Hoang Van Thu shared.
