Hanoi (VNA) - The State Securities Commission (SSC) is working intensively with ministries and stakeholders to settle remaining issues and improve foreign investor access, a critical step ahead of the expected review in September, Deputy Finance Minister Nguyen Duc Chi said at the Ministry of Finance (MoF)’s press conference on July 2.
Chi stated that upgrading Vietnam’s stock market is not just a technical milestone in the financial market's development process, but a strategic move toward developing a modern, transparent financial system that aligns the interests of the State, investors, and businesses.
He reaffirmed the Government’s target of achieving an upgrade by 2025, which is being pursued systematically and with thorough preparation. In recent months, the ministry has worked closely with relevant agencies to enhance both the legal framework and market infrastructure. As a result, the majority of key criteria for reclassification have now been met.
The official noted that while technical benchmarks are vital, international rating agencies also weigh the experience and sentiment of foreign investors. Once upgraded, the stock market will attract significant foreign capital, making it essential to ensure smooth access and efficient operations for international participants.
Hoang Van Thu, SSC Vice Chairman, detailed the rollout of the Securities Market Development Programme to 2030, endorsed by the Prime Minister. Under this initiative, the SSC has proactively improved legal and operational systems, with several key reforms already in place.
Notably, Circular No. 68/2023/TT-BTC on margin trading has received strong support from institutional investors. Reforms have also been made to regulations on custody, clearing and settlement, and information disclosure, ensuring alignment with the new KRX technology system, which launched on May 5 and is operating smoothly and reliably.
In collaboration with the State Bank of Vietnam, the MoF and SSC have also simplified account-opening procedures for foreign investors, a crucial move to enhance the investment climate and demonstrate Vietnam’s commitment to financial market openness.
Despite progress, some issues remain. Amendments to Decree No. 155/2020/ND-CP are underway to clarify the use of a central counterparty clearing model for the entire market, not just the derivatives sector. In addition, foreign ownership limits in listed firms are being reviewed to make them more transparent and flexible.
Authorities are also deepening engagement with international investors and rating agencies, showcasing reform progress and addressing feedback. The SSC is coordinating with the World Bank and other global institutions to ensure that Vietnam’s achievements are accurately represented in international assessments.
The SSC is preparing to introduce omnibus account structures to support investment fund clearing and is finalising a comprehensive report for submission to rating agencies by August, ahead of the anticipated September review./.
VNA
