Fund management sector aims for higher-quality development in new period

The Viet Nam Securities Depository and Clearing Corporation (VSDC), in collaboration with Finance and Investment Newspaper, and FiinGroup Joint Stock Company, launched the Viet Nam Fund Award 2026 (VFA 2026), a programme to rank securities investment funds in Viet Nam on September 22.

The programme aims to evaluate and honour securities investment funds in Viet Nam based on data, standardised methodology, and an independent assessment process, with the overarching goal of promoting transparency and raising standards in the fund management sector.

Total assets under management exceed 30 billion USD

After nearly 30 years of development, Viet Nam’s securities sector has cemented its vital role in the economy. The stock market has not only become an important channel for mobilising medium- and long-term capital, but has also increasingly driven the allocation of resources, boosting investment, and supporting the development of enterprises and the economy.

As Viet Nam aims for high and sustainable growth while accelerating infrastructure development, science and technology, innovation, digital transformation, and the green economy, the requirement for the financial market in general and the stock market in particular is not only to mobilise more capital, but more importantly to mobilise and allocate capital more effectively in a more targeted and sustainable manner. This creates significant space and potential for the fund management sector.

Speaking at the event, Chairwoman of the State Securities Commission Vu Thi Chan Phuong said the view of the Ministry of Finance and the State Securities Commission is that the development of the fund management sector must be placed within the overall process of financial market reform, capital market development, investor base restructuring, and investor training and capacity building.

This spirit is clearly reflected in Prime Ministerial Decision No. 1413/QD-TTg approving the project on comprehensive reform of Viet Nam’s financial market, which aims to build a modern, safe, transparent, and efficient financial market and improve its capacity to mobilise and allocate resources for the economy.

Decision No. 3168/QD-BTC of the Minister of Finance also clearly sets out tasks related to restructuring the investor base and developing the securities investment fund sector in a balanced, professional, and sustainable manner, while improving the scale, quality, and competitiveness of the sector.

As of the end of June 2026, Viet Nam had 43 fund management companies and 141 securities investment funds. Including entrusted investment portfolios, total assets managed by fund management companies reached around 846 trillion VND, equivalent to 32.5 billion USD.

According to the Organising Board, over the past decade, the fund management sector has maintained positive growth, with total assets under management by fund management companies increasing by more than 20% on average each year.

Notably, the development of open-ended funds and exchange-traded funds (ETFs) has helped diversify products, expand investment choices for investors, and foster professional investment.

Open-ended funds and exchange-traded funds (ETFs) currently account for about 80% of total net asset value, thanks to their advantages in liquidity, flexibility in portfolio allocation, and transparency.

Describing these results as an important foundation, Vu Thi Chan Phuong said the sector must continue renewing and improving its development quality in the new period.

“The goal is not only to increase the scale of assets under management, but more importantly to improve the quality of capital flows, governance capacity, professionalism, and the sector’s contribution to the development of the financial market and the economy,” the Chairwoman of the State Securities Commission emphasised.

Developing substantively, professionally, and sustainably

The Chairwoman of the State Securities Commission said the agency would focus on six major priorities to promote the substantive, professional, and sustainable development of the fund management sector.

First, the legal framework and policy mechanisms must continue improving to expand the development space for the fund management sector.

Accordingly, the State Securities Commission will continue reviewing regulations related to the organisation and operation of fund management companies, investment funds, distribution agents, and service providers, while creating conditions to develop a wider range of fund types and investment products suitable for people’s long-term savings and investment needs, as well as market development requirements.

Second, efforts must accelerate the restructuring of the investor base by increasing the proportion of institutional and professional investors.

This is a particularly important task as the market has recently been upgraded. The State Securities Commission will continue coordinating with units under the Ministry of Finance and market members to implement the objectives of Decision No. 1413/QD-TTg on comprehensive financial market reform, while realising the goals set out in Decision No. 3168/QD-BTC on investor restructuring and development of the securities investment fund sector.

The goal is not only to increase the number of institutional investors, but also to gradually form a more balanced and professional investor base capable of providing better long-term capital for the market.

Third, fund products must be diversified and professionalised, linked with the capital needs of the economy.

The head of the State Securities Commission said more products are needed to meet people’s long-term savings needs. At the same time, the sector must develop products capable of connecting capital sources with priority areas of the economy, such as infrastructure, innovation, digital transformation, green growth, and sustainable development.

Fourth, the competitiveness and operational standards of fund management companies must improve alongside the application of science and technology, transparency, and professional ethics.

Market opportunities can only be realised when fund management companies improve their internal capabilities. “Therefore, companies need to continue improving the quality of governance, risk management, analysis capacity, and portfolio management; focus on developing professional human resources, applying technology, and standardising operational processes in line with international practices,” the Chairwoman of the State Securities Commission said.

In particular, companies must trictly control risks related to asset valuation, liquidity, conflicts of interest, and management of investors’ assets, while placing investor protection and legal compliance at the centre of all operations of each fund management company.

Fifth, communication and knowledge dissemination for individual investors must expand.

This is a task that needs to be carried out regularly, with clear focus and over the long term. The State Securities Commission will coordinate with stock exchanges, VSDC, securities companies, fund management companies, associations, and press and media agencies to strengthen knowledge dissemination, training, and communication on fund products and financial investment.

Sixth, the sector must proactively integrate internationally and attract long-term investment flows from global financial institutions.

Viet Nam’s upgrade by FTSE Russell to secondary emerging market status allows the market to gain broader access to international capital flows. According to FTSE Russell, the process of joining the FTSE GEIS will be carried out in four tranches from September 2026 to September 2027.

“Therefore, we should not only aim to attract index-tracking investment flows, but also gradually attract active and long-term capital from investment funds, asset management companies, and major financial institutions around the world,” the Chairwoman of the State Securities Commission emphasised.