Amending the Securities Law, cutting 50% of administrative procedures and compliance costs
Speaking at the opening ceremony at the Vietnam Investment Forum 2026 - Summer Summit organized by VietnamBiz on the afternoon of June 11, Mr. Bui Hoang Hai - Vice Chairman of the State Securities Commission (SSC) said that Vietnam is facing an important historical moment.
The Party, National Assembly and Government have determined to bring the country into a new stage of development with a higher and more sustainable growth rate. To realize this goal, the need to mobilize and allocate resources for development investment is very large.
In that context, the stock market is no longer simply a financial channel but is expected to become the "capital artery" of the national economy.
To promote this role, the SSC is focusing on implementing 6 key groups of solutions to develop the market in a more transparent, efficient and sustainable direction.
Regarding institutional improvement, the SSC is coordinating with ministries and sectors to amend the Securities Law to improve management efficiency, protect investors, and cut 50% of administrative procedures and compliance costs. The management agency is also drafting Decrees on private placement of bonds and ensuring bond payments to promote this market.
Regarding the goal of upgrading the market, Mr. Bui Hoang Hai said that after FTSE Russell announced the roadmap for 2025, in April 2026, they confirmed maintaining the roadmap to put Vietnamese stocks into the index basket in September this year.
The longer-term goal is to be recognized by MSCI as an emerging market. To meet the upgrade criteria, the SSC aims to put the central compensation partner system (CCP) into operation no later than early 2027. This is considered an important condition for rating agencies to consider upgrading the Vietnamese stock market.
In addition, the mechanisms of total account trading, pre-funding, and global brokerage connection are being actively implemented. According to leaders of the SSC, the management agency has recorded an unprecedented level of interest from many large-scale international investment funds, including Vanguard Group, BlackRock, and national investment funds, in the Vietnamese market.
In the group of synchronous supply-demand development solutions, on the supply side, the SSC is promoting equitization, divestment and encouraging large FDI enterprises to participate in IPOs, listings, and continue to develop the bond market in a more transparent direction.
On the demand side, special attention is paid to developing institutional investors through new types of funds such as pension funds, real estate funds, and money market funds.
Notably, on the KRX system platform, the SSC will deploy more new products and markets. Among them, the carbon credit market is expected to be put into operation in June 2026.
After that, we will continue to develop the market for innovative businesses and the cryptocurrency market. According to Mr. Hai, there are currently 5 organizations participating in contributing capital to invest in technology infrastructure for this field.
In parallel with that, the SSC is implementing a project for a comprehensive monitoring system and a centralized data warehouse for the entire industry to improve the efficiency of market management and supervision. This agency is also completing the legal framework for electronic transactions through the draft amendment of Circular 134.
In addition to solutions on institutions, products and infrastructure, the SSC identifies improving corporate governance quality and building an investment culture as one of the key tasks. Training and knowledge improvement activities for investors will continue to be promoted to form a community of investors with long-term vision and self-defense capabilities in the market.
Completing conditions for market upgrade
Sharing more about the market upgrade roadmap, Mr. Nguyen Son - Chairman of the Members' Council of Vietnam Depository and Clearing Corporation (VSDC) said that Vietnam has met the criteria set by FTSE Russell to be considered for upgrading to the secondary emerging market group. Not only that, many requirements of large international investment funds and investment organizations have also been met or exceeded.
In addition to the goal of upgrading according to FTSE Russell, Vietnam is also aiming to be recognized by MSCI as an emerging market. According to Mr. Nguyen Son, instead of the 2030 milestone as previously targeted, this process can be accelerated, around 2028 or 2029 if the necessary conditions are completed on schedule.
One of MSCI's important requirements is to have an independent legal entity operating the central counterpart mechanism (CCP) to manage risks and protect the interests of market members. The organization also sets requirements for the overall account model.
Mr. Son said that VSDC has completed important preparation steps for the CCP system. For the total account model, VSDC is coordinating with international organizations such as IFC and working groups to research and select models suitable to Vietnam's practical conditions for implementation in the near future.
