The Vietnam Stock Market (TSK) has gone through 25 years of formation and development, from an initial testing scale to a very important and main capital mobilization channel for businesses.
According to Ms. Pham Thi Thuy Linh - Head of the Stock Market Development Department, State Securities Commission (SSC), recent developments show that the market is entering a new phase with a legal and technical foundation gradually approaching international standards.
Ms. Linh said that in recent times, the market has received many positive signals such as FTSE Russell's upgrading in October, along with a series of major decisions related to the development strategy of upgrading securities to 2030, decisions on restructuring investors and developing the fund industry, and investment propaganda and training programs. The State Securities Commission, the Departments of Transaction and the Notary Company all have a specific roadmap to develop the market in a sustainable, attractive direction and strengthen confidence with investors as well as participating enterprises.
According to Ms. Linh, the new upgrade is just the beginning. When foreign investors enter the market, Vietnam needs to aim for international standards to integrate. In the next two months, the SPP plans to issue a document amending a number of regulations, allowing foreign investors to place orders through global brokerage companies. The management agency has had the first draft for participants to give comments and hopes that this year it will be issued in order to keep up with the progress before the upgrading assessment in March 2026.
Regarding the foreign ownership ratio, the State Securities Commission is proposing amendments to create conditions to increase the ownership ratio in enterprises, on the basis that ministries and branches review industries to reduce access restrictions, thereby opening up more space for foreign capital flows.
Ms. Linh said that there will soon be a document issued by the Government to regulate the listing of creative startups. This is a group of businesses with characteristics, often with good revenue, but due to large technology investment, the profit target in the initial stage is very difficult to meet the listing conditions. The new regulation will create a suitable framework to help these businesses access the capital market.
For IPO activities associated with listing, this content has now been implemented through Decree 245. The adjustment aims to reduce administrative procedures and create more favorable conditions for businesses to participate in the stock market.
According to the representative of the State Securities Commission, the upgraded market is an important milestone but there are many tasks. Management agencies are continuing to improve policies, develop products and infrastructure, and strengthen investor confidence to meet development requirements in the new period.
