According to Ms. Nguyen Hoang Yen - General Director of Mirae Asset Securities, the Vietnamese stock market in recent years has begun to shift from a "trading market" to a "capital market" in the true sense, with a focus on operational quality and the ability to connect medium and long-term capital flows.
An important change is that the market infrastructure and institutions have entered a stage of substantial reform, with the deployment of the KRX system, moving towards a centralized clearing and settlement (CCP) model, standardizing transaction mechanisms and risk management according to international practices. This is considered the foundation for the market to absorb large and long-term capital flows from global institutional investors.
Along with that, the quality of listed companies, especially the private sector, is having positive differentiation. More and more large private enterprises consider the capital market as a long-term development strategy, proactively improving management standards, financial transparency and building a sustainable growth story, instead of just considering listing as a short-term capital mobilization channel. The role of domestic and international institutional investors is also being strengthened, helping the market become more stable and gradually reduce short-term speculation.
After the Vietnamese stock market was upgraded to a secondary emerging market, Ms. Nguyen Hoang Yen said that competitive pressure on securities companies also changed accordingly. “This is not just a symbolic milestone, but the starting point for a completely new competitive period”.
With Mirae Asset, the preparation process for this stage has started from before, not with big announcements, but by silently upgrading technology infrastructure, risk management systems and operating methods to meet stricter standards of international institutional investors. Along with that is the gradual expansion of product and service portfolios, not only to serve short-term transactions, but also to accompany both investors and private enterprises in capital mobilization and financial management issues.
Looking at the period 2026 - 2030, Ms. Nguyen Hoang Yen assessed that private enterprises with the strongest capital mobilization and growth capacity will converge three factors: sufficiently large scale, sustainable, transparent business models and management capacity according to international standards. Areas expected to stand out include manufacturing, supporting industries and exports; infrastructure, logistics, energy and green transformation; along with technology, finance - consumption and high value-added services.
To make the stock market truly become an important medium and long-term capital channel for the economy, contributing to realizing the double-digit growth target from 2026 in the spirit of the 14th National Congress, Ms. Nguyen Hoang Yen believes that it is necessary to focus on three key policy groups.
First, accelerate and complete market infrastructure according to international standards, including KRX, CCP, more flexible trading mechanisms and legal frameworks for new products and goods, such as the listing of FDI enterprises. This is a prerequisite for the market to absorb large, long-term capital flows and reduce systemic risks.
Second, encourage private enterprises to participate in the capital market proactively and systematically, through policies to support listing, issuance of transparent bonds, as well as mechanisms to encourage corporate governance improvement, information disclosure and ESG standards.
Third, strongly develop domestic institutional investors, especially pension funds, insurance, and long-term investment funds. When long-term domestic capital flows are large and stable enough, the market will reduce dependence on short-term cycles and create a sustainable foundation for the private economic sector to develop.
