Illustrative photo by Dantri/Dtinews.
Bui Hoang Hai, vice chairman of the State Securities Commission, told the Vietnam Capital Market Outlook Forum 2026 on December 12 that the regulator is committed to widening market access for foreign investors. Measures include allowing direct trading through global brokerage firms and improving information sharing across market institutions.
He said the commission has held frequent meetings with foreign investors and international financial organisations to gather feedback and adjust policies in line with global standards.
Hai highlighted Vietnam’s 2025 upgrade by FTSE Russell from frontier to secondary emerging, calling it a recognition of more than two decades of reforms and a catalyst for further structural improvements.
Under government direction, the Ministry of Finance and the commission will continue pushing policies to build a safer and more sustainable market and enhance its role in mobilising medium and long term capital. Key priorities include removing barriers, expanding openness and meeting the higher criteria of FTSE Russell and MSCI.
A central focus is the introduction of a central counterparty clearing mechanism, expected to take effect in the first quarter of 2027. Hai said it will reinforce foreign investor confidence and boost system resilience by improving risk management and reducing contagion risks.
Infrastructure upgrades are also accelerating. The rollout of the KRX system has lifted market liquidity to more than VND 29 trillion (approximately USD 1.1 billion) per session, up from VND 13 to 14 trillion, while daily orders have climbed to three million. Hai said the surge requires continued system enhancement to ensure long term stability.
The commission is also broadening financial products, including infrastructure and green bonds, and promoting public offerings tied to listings. It aims to rebalance the investor base by increasing institutional participation, as retail investors currently account for 85 to 95 per cent of trading value, contributing to volatility and higher fundraising costs.
Regulators are strengthening supervision and market discipline while urging brokerages and fund managers to upgrade governance, technology and human resources.
Hai said 2025 also laid groundwork for Vietnam’s digital asset market. Building this market, he noted, requires secure ecosystems and strict standards for service providers along with greater investor responsibility. Amid rising fraud, the commission has completed a draft decree on administrative sanctions for digital asset violations, which is expected to be submitted to the government within two months.
He added that 2026 will mark a new stage of development as institutional reforms and the market upgrade take effect, strengthening the country’s capacity to mobilise long term capital. Three milestones in 2025, including the market upgrade, the creation of a legal corridor for digital assets and the completion of the framework for an international financial centre, will form the basis for stronger growth.
Nguyen Son, chairman of the Vietnam Securities Depository and Clearing Corporation, said the market will see major opportunities from 2026 as reforms in structure, risk management, technology and procedures align it more closely with international standards.
Luong Thi My Hanh, head of domestic asset management at Dragon Capital VietFund Management, said global experience shows that decisive state policies and private sector participation are essential for successful market development. She added that current conditions are favourable for fund managers to mobilise idle savings, helping citizens enter the market safely while supplying stable long term capital for economic growth.
