Hanoi (VNA) - Vietnam's stock market is poised to capitalise on significant opportunities brought by Resolution 68, which opens a new growth horizon for the private sector. To fully leverage these advantages, experts emphasise that businesses must proactively enhance corporate governance and foster innovation.
At the seminar on opportunities for listed enterprises and public companies under Resolution 68, Vu Thi Chan Phuong, Chairwoman of the State Securities Commission, highlighted the swift implementation of this strategic directive. Just two weeks after Resolution 68 was issued, the National Assembly and the Government respectively passed Resolution 198 and Resolution 139, timely and coordinated actions reflecting the government’s commitment to institutionalising policies that promote private sector growth.
Phuong expressed strong confidence in the positive impact that Resolution 68 will have, especially on listed enterprises and public companies. As the private sector gains momentum, the number of listed firms is expected to rise, providing investors with more high-quality investment options and improving the overall quality of the capital market.
Among the eight key solution groups outlined in Resolution 68, the second group focuses on institutional improvement, particularly in supporting enterprises to enhance governance capacity, ensure transparency, and improve access to financial resources. Phuong emphasised that strong and transparent corporate governance linked to modern management practices is a strategic driver for business growth and sustainability. It enhances competitiveness, facilitates capital mobilisation, and supports long-term development.
Vietnam’s stock market has recorded strong growth, with 1,740 listed and public companies actively trading across two exchanges, making it one of the best-performing markets in Southeast Asia. However, sustainable development and potential market upgrading require not only regulatory efforts but also the active participation of listed companies themselves. Good "products", i.e., quality stocks, attract both domestic and foreign investors. Therefore, sound corporate governance and transparent disclosures are essential for ensuring that stocks are both credible and investable.
The State Securities Commission endorsed the upcoming launch of the “Breakthrough in Corporate Governance Initiative (BCGI)” in July. This initiative aligns with the spirit of Resolution 68, to elevate corporate governance standards and help businesses unlock their potential. It is supported by international financial institutions, the Ministry of Finance, and the Prime Minister’s Private Sector Development Research Board.
Phuong expressed her hope that listed companies will actively support and participate in the BCGI to collectively move toward modern governance standards, contributing to a more stable and sustainable capital market in Vietnam.
According to VIOD Chairwoman Ha Thu Thanh, the BCGI aligns closely with Resolution 68’s second solution group. Sustainable businesses require modern governance models, heightened awareness among boards and management, and a culture of transparency to meet the expectations of investors, partners, and the market. The initiative focuses on enhancing governance capabilities, assessing and standardising current governance models, advising on board structures and compliance systems, training leaders on corporate governance, and connecting enterprises with ESG-focused experts and investors.
Phan Duc Hieu, a standing member of the National Assembly's Committee for Economic and Financial Affairs and Senior Advisory Board Chair at VIOD, provided further insight into supportive policies under Resolution 68. He emphasised that the investment environment and legal framework are undergoing robust reforms to remove institutional bottlenecks. Key measures include improving law enforcement, simplifying administrative procedures, and reducing costs for businesses.
Looking ahead to 2025, Hieu underlined the importance of boosting economic growth, supporting business production, maintaining macroeconomic stability, and continuing institutional reform. He stressed the need to eliminate the “if it cannot be managed, ban it” mindset and to accelerate decentralisation and delegation of power.
Resolution 68 marks a turning point for Vietnam’s private sector. For listed companies, it presents both an opportunity and a call to action, to modernise, to lead with integrity, and to rise sustainably in a competitive global economy./.
