The resolution provides the foundation for building a robust, secure and attractive securities market capable of becoming the economy's primary channel for long-term capital mobilisation.
According to the State Securities Commission of Viet Nam (SSC), many of the key targets set out in the Securities Market Development Strategy have already been achieved, while others are well within reach.
Further refining legal framework
Notably, by the end of May 2026, the number of securities trading accounts had surpassed 13 million, significantly exceeding the strategic target of 11 million accounts by 2030. Domestic retail investors continue to dominate the market, with more than 13% of the population now holding securities accounts. Total stock market capitalisation has reached over 10.6 quadrillion VND, while market liquidity remains among the highest in ASEAN. Meanwhile, both the bond market and the derivatives market have continued to develop steadily.
The global index provider FTSE Russell confirmed that Viet Nam will be upgraded from Frontier Market to Secondary Emerging Market status in September 2026, following several years on its watch list. Under the implementation roadmap, Vietnamese equities will be gradually incorporated into FTSE indices over a one-year period beginning in September 2026.
Deputy Minister of Finance Nguyen Duc Chi said that, following the FTSE upgrade, Viet Nam's next objective is to achieve promotion under MSCI's more stringent classification criteria, with particular emphasis on improving foreign investors' access to the market. Achieving this goal will require not only substantial upgrades to market infrastructure but also deeper reforms in foreign exchange regulations and foreign ownership limits. These reforms are currently being accelerated to meet international standards.
According to Bui Hoang Hai, Vice Chairman of the SSC, the regulator is preparing draft amendments to the Law on Securities, focusing on three key areas. These include further simplifying investment conditions and administrative procedures, establishing legal foundations for new financial market models in line with international trends, and updating regulations governing electronic trading, securities firms, investment funds and related activities.
Alongside institutional reforms, the State Securities Commission is also implementing measures to improve the quality of listed companies, maintain orderly market operations and strengthen enforcement against violations. These efforts aim to address pressing issues facing the market while supporting its development in a new phase of international integration.
Alongside institutional reforms, the State Securities Commission is also implementing measures to improve the quality of listed companies, maintain orderly market operations and strengthen enforcement against violations. These efforts aim to address pressing issues facing the market while supporting its development in a new phase of international integration. Under the current legislative timetable, the amended Law on Securities is expected to be submitted to the National Assembly during its October 2026 session. Preparatory work remains on schedule.
A boost from foreign portfolio investment
To attract greater foreign portfolio investment into Viet Nam's capital market, Resolution No. 10-NQ/TW sets out a comprehensive range of policy priorities. These include further strengthening the legal framework governing the securities market, bond market and financial intermediaries; accelerating the market upgrade process through substantive reforms to market accessibility; improving the quality and diversity of listed securities; enhancing information transparency; strengthening system safety; and safeguarding investors' legitimate rights and interests.
The resolution also calls for increasing the share of institutional and professional investors, expanding investment funds and improving market access for foreign investors. At the same time, it emphasises the need to upgrade trading, settlement, clearing and custody infrastructure, develop more effective risk management instruments and strengthen investor protection mechanisms. Together, these measures are expected to provide a significant impetus for the development of a modern, transparent and efficient capital market while reinforcing Viet Nam's international economic standing.
In a recent report, Mirae Asset Securities highlighted that Resolution No. 10-NQ/TW marks the first time Viet Nam has explicitly identified the simultaneous attraction of next-generation foreign direct investment (FDI) and foreign indirect investment (FII), alongside achieving a higher MSCI market classification, as central policy objectives.
Under this strategy, Viet Nam aims not only to attract foreign manufacturers but also to position itself as a market where international companies can raise capital, broaden their shareholder base and pursue long-term growth, thereby creating fresh momentum for foreign capital inflows.
Regarding foreign portfolio investment, Dominic Scriven, Chairman of Dragon Capital, recommended that the Government reduce corporate funding costs by encouraging foreign-invested enterprises to retain profits in Viet Nam rather than repatriating them, including through interest rate policies applicable to corporate US dollar deposits. He also proposed relaxing foreign ownership limits for companies outside sectors related to national security and continuing to strengthen the domestic institutional investor base to support the market's long-term sustainable development.
Meanwhile, Michael Kokalari, VinaCapital's Chief Economist, expressed optimism that numerous global investment funds managing hundreds of billions of US dollars are closely monitoring Viet Nam and stand ready to allocate capital to its markets in the near future. To capitalise on this anticipated wave of foreign investment, he argued that Viet Nam should secure an investment-grade sovereign credit rating from leading international agencies such as S&P Global Ratings, Moody's Ratings or Fitch Ratings.
He also called for accelerating the launch of the country's International Financial Centre, creating an additional channel for attracting global capital, and stepping up the equitisation of state-owned enterprises and initial public offerings to expand the scale and quality of listed assets, thereby enhancing the market's appeal to international investors.
