On May 18, 2025, the State Bank of Vietnam issued Circular No. 03/2025/TT-NHNN dated April 29, 2025, regulating the opening and use of Vietnamese dong accounts for foreign indirect investment activities. Circular No. 03/2025/TT-NHNN will take effect from June 16, 2025.
Fig. 1: Screenshot of the official announcement of Circular No. 03/2025/TT-NHNN
The Ministry of Finance has collaborated with the State Bank of Vietnam to replace Circular No. 05/2014/TT-NHNN, issued on March 12, 2014, to materialize the goal of upgrading Vietnam’s stock market. In the nine groups of solutions and roadmap that the SSC proposed in March 2025, the authority has implemented most of the solutions to realize the market upgrade goal. Specifically, 7 out of 9 solutions have been implemented, including the group related to Circular 68: (1) foreign room, (2) information disclosure, and (3) NPF solutions; the group of solutions on policies: (4) establishing a dialogue group and (5) amending regulations on opening FII accounts; as well as the group of solutions on infrastructure technology: (6) deploying KRX and (7) operating the electronic trading system between securities companies and the central depository (STP).
According to BSC, the remaining two solutions are the implementation of OTA, expected before August 2025, and the operation of CCP, planned for 2026. The realization of Circular No. 03/2025/TT-NHNN and the OTA solution, deployed by VSDC, will greatly facilitate foreign investors’ participation in Vietnam’s stock market.
Fig. 2: Screenshot of BSC Research’s report on Vietnam’s stock market reform progress
Looking back at Saudi Arabia’s reform journey, BSC Research’s latest report suggests that Vietnam is gradually implementing solutions to move closer to its market upgrade goal.
In the base case scenario, BSC Research forecasts that Vietnam’s stock market could be considered for the MSCI watch list in June 2025 and receive an upgrade announcement from FTSE Russell in September this year.
Unlocking Vietnam’s Stock Market Potential: Marching Towards an Upgrade
In the base-case scenario, BSC Research forecasts that the Vietnamese stock market could be considered for inclusion in the MSCI Watch List as soon as June 2025, with a potential upgrade decision by FTSE Russell announced in September this year.
The Rise of the New Market: Are Domestic Stocks Leading the Charge?
In the midst of global turmoil, international investors are shifting their focus towards emerging markets with promising potential. Among these, Asia, and particularly Vietnam, stands out as an alluring destination.
The Power of Consumer and Retail Stocks: Unlocking Market Upgrades
In its latest report update, Bao Viet Securities (BVSC) expressed optimism about the business prospects of the Masan Group (HOSE: MSN) for 2025.
The Vietnamese Stock Market Index Soars: Outperforming the US and ASEAN Peers.
This is a positive sign for the market.
The Market’s Pulse: Insider Trading and Institutional Profits
The VN Index witnessed a net sell-off of 3.946 trillion VND, with a focus on matched orders, resulting in a net sell-off of 4.624 trillion VND.
