On December 12, 2025, the Vietnam Financial Consulting Association (VFCA) in collaboration with Vietnam Finance Magazine hosted the “Vietnam Capital Market Outlook 2026” forum, themed “Breakthrough on a New Foundation.”
Speaking at the forum, Mr. Bùi Hoàng Hải, Vice Chairman of the State Securities Commission (SSC), emphasized that the upgrade is not merely a technical assessment but also an international recognition of over two decades of efforts to build a safe, transparent, and internationally aligned securities market.
“The upgrade affirms the quality, reliability, and attractiveness of Vietnam’s capital market, while fueling further comprehensive reforms,” stated the SSC leader.
Under the Government’s guidance, the Ministry of Finance and SSC will continue implementing solutions to develop the securities market in a stable, safe, transparent, and sustainable manner. This will solidify its role as a primary medium- and long-term capital mobilization channel for the economy and enhance international integration.
Key priorities include removing barriers to increase market openness, meeting higher FTSE Russell upgrade criteria, and progressing toward MSCI standards. A foundational step is implementing a central counterparty clearing mechanism (CCP).
The SSC aims to launch CCP by early 2027, bolstering foreign investor confidence and enhancing the financial system’s resilience. “Only with CCP can we control systemic risk and prevent risk contagion across financial market segments,” Mr. Hải stressed.
Concurrently, regulators will expand foreign investor access, allowing direct trading through global brokers, improving custodian bank-securities company connectivity, and exploring more flexible trading mechanisms aligned with international standards.
Explosive Liquidity, Technology Infrastructure Must Lead Alongside Investor Restructuring
A key highlight of the speech was modernizing information technology infrastructure, especially given the market’s rapid growth.
According to the SSC Vice Chairman, before the KRX system’s deployment, market liquidity averaged 13-14 trillion VND/session with 500,000-700,000 orders/day. Post-implementation, average trading value surged past 29 trillion VND/session (over $1 billion), among the region’s highest, with orders peaking at 3 million/day.
“The market’s rapid scaling necessitates continued technology infrastructure upgrades to meet new development phase trading and settlement demands,” Mr. Hải noted.
On another market aspect, the SSC leader candidly acknowledged that individual investors currently account for 85-90% of trading value, heightening market volatility compared to peers. This increases capital costs as investors demand higher risk premiums.
Therefore, restructuring the investor base by increasing institutional and professional investor participation is a key focus. Concurrently, the SSC will enhance management and oversight capabilities, ensure market discipline and transparency, and encourage securities firms and fund managers to improve governance, technology investment, and human resources.
Laying the Legal Foundation for the Digital Asset Market
Mr. Bùi Hoàng Hải also noted that 2025 is pivotal for establishing Vietnam’s digital asset market framework. The Government’s Resolution 05 provides initial legal groundwork, enabling proactive engagement with new financial trends under controlled conditions.
Developing the digital asset market involves more than creating trading platforms; it requires building a secure, comprehensive ecosystem with service providers meeting high financial, technological, and risk management standards.
Amid rising crypto-related fraud, the SSC has finalized administrative penalty draft regulations, expected for Government approval soon, while strengthening anti-money laundering coordination to ensure financial system safety.
The SSC Vice Chairman stated that 2026 will mark a new development phase for Vietnam’s capital market as upgrade achievements and digital asset legal frameworks synergize, playing a vital role in resource mobilization and allocation for the economy.
“The Ministry of Finance and State Securities Commission are committed to partnering with financial institutions, businesses, investors, and experts to build a stable, modern, and efficient Vietnamese capital market,” Mr. Bùi Hoàng Hải affirmed.
Vietnam Officially Establishes Regulatory Board for Cryptocurrency Asset Trading Market
In response to the practical demands of regulatory oversight, investor protection, and safeguarding national financial security, the establishment of the Cryptocurrency Asset Trading Market Management Board is recognized as a timely and appropriate step, aligning with current management trends and requirements.
IR Awards: December 2025 Disclosure Schedule Highlights
Discover the key financial events shaping December’s stock market: the PMI release, November’s socio-economic report, FOMC meeting outcomes, futures contract expirations (VN30, VN100), and the VNM ETF portfolio announcement and effectiveness.
Penalties Imposed on Multiple Companies for Bond-Related Violations
The State Securities Commission (SSC) Inspectorate has recently issued several administrative penalty decisions against businesses, with many violations related to bonds.
CEO of HSC Sells Only 1% of Registered Shares as Market Price Falls Below Expectations
On October 29th, shareholder Lê Anh Quân executed a sell order for 4,000 shares of Ho Chi Minh City Securities Corporation (HSC), falling significantly short of the initially registered 350,000 shares. The reason cited for this discrepancy was the stock price being lower than expected.
National Securities Falls Short of Acquiring Full 10 Million SAM Shares as Registered
Due to market prices falling short of expectations, National Securities has successfully acquired only over 5.1 million shares of SAM out of the 10 million shares initially registered for purchase.
