Vietnam Drafts Securities Law Overhaul to Modernise Capital Markets

HANOI – Vietnam’s Ministry of Finance is refining a draft law to amend and supplement articles of the Securities Law, with plans to submit the legislation to the 16th National Assembly during its second session in October.

The proposed amendments are designed to address pressing issues that have emerged from market practice and to fortify the legal foundations for a modern, transparent capital market that is integrated with international standards.

The legislative initiative follows Government Resolution No.66.16/2026/NQ-CP, dated April 7, which focused on reducing and simplifying administrative procedures related to business and production. Based on a comprehensive review of the practical implementation of the current Securities Law, the Ministry of Finance proposed including the amendments in the 2026 legislative programme.

To facilitate the drafting process, the State Securities Commission of Vietnam (SSC) convened a workshop on June 15 to solicit feedback on the draft law. The event served as a forum for stakeholders directly affected by the proposed changes to exchange views and contribute recommendations, strengthening the theoretical and practical underpinnings of the legislation.

In his opening remarks, SSC Vice Chairman Bui Hoang Hai emphasised that improving the legal framework for the securities market has consistently received high-level attention from the Party, the National Assembly, and the government. He noted the goal is to foster sustainable market development, drive economic growth, support international integration, and achieve Vietnam’s objective of a stock market upgrade.

“After more than five years of implementation, the 2019 Securities Law and its guiding regulations have established a relatively comprehensive, coherent and unified legal framework for securities transactions and the stock market,” Hai said. “The legal framework has timely institutionalised the Party’s and the state’s policies and guidelines, helping to ensure that the market operates in a fair, transparent, open and secure manner while protecting the legitimate rights and interests of investors.”

He acknowledged that securities regulations have been continuously reviewed to meet evolving regulatory demands. The National Assembly previously enacted Law No.6/2024/QH15, and both the government and the Ministry of Finance have amended guiding documents to address practical impediments and bolster investor confidence.

However, Hai pointed out that new challenges have arisen from digital transformation, innovation, and the push to develop the private sector and build a modern capital market. These emerging issues are not fully addressed by the current Securities Law.

“The continued amendment and supplementation of several provisions of the Securities Law are necessary to address urgent practical issues, meet the stock market development requirements in a new phase, respond to international integration needs, keep pace with the rapid IT development, and enhance the effectiveness of state management in the securities sector,” Hai stated.

He outlined three major policy groups at the core of the draft law. The first focuses on further simplifying business investment conditions and administrative procedures in the securities sector. The second aims to establish a legal basis for new market concepts aligned with international trends, such as regulatory sandbox mechanisms and institutions for guaranteeing bond payments. The third group involves amending and supplementing regulations concerning electronic transactions, stock market practitioners, the operations of securities trading organisations, investment funds, and policies to ensure a high-quality workforce for the industry.

During the workshop, market participants, international organisations, and experts provided commentary on key provisions, including information disclosure, simplification of stock offering procedures, electronic transactions, and the proposed regulatory sandbox.

The SSC affirmed that it will compile, study, and fully incorporate the feedback from the workshop, along with written comments from other ministries, agencies, and businesses, to finalise the draft law. The amendments are expected to advance the legal framework toward a more modern, transparent, and sustainable model, contributing significantly to Vietnam’s goal of achieving a stock market upgrade in the coming years.