Vietnam Opens Stock Market to Foreign Firms in Major Modernisation Drive

HANOI – Vietnam has reached a consensus to allow large foreign-invested enterprises (FIEs) to conduct initial public offerings and list on the country’s stock exchanges, with several major candidates already preparing applications, a top regulator confirmed.

The policy is a key component of a broader government effort to upgrade Vietnam’s capital markets and increase their appeal to global investors, said Bui Hoang Hai, vice chairman of the State Securities Commission (SSC). Speaking at the Vietnam Investment Forum on June 11, he said the move was “expected to broaden the supply of quality stocks and further enhance the attractiveness of Vietnam’s capital market to both domestic and international investors.”

The initiative is one of several reforms aimed at modernising the country’s financial infrastructure. According to Hai, the SSC and the Ministry of Finance are working with the Vietnam Exchange to launch a carbon credit trading market, which could begin operating as early as this month. Authorities are also developing roadmaps for an innovation enterprise trading platform and a digital asset market.

Regarding digital assets, the securities regulator has granted initial approval to five organisations to establish operating entities and invest in technology infrastructure. Once these firms complete their capital contributions and technological systems, Vietnam could launch its first official digital asset market.

Further technical upgrades are also in progress. The SSC expects to introduce a series of new market indices after September to diversify investment funds and provide additional benchmarks for fund managers. A central counterparty clearing (CCP) mechanism is also being deployed and is expected to be operational by early 2027 at the latest. Other modern trading mechanisms being introduced include omnibus accounts, the removal of pre-funding requirements, and enhanced connectivity with global brokerage firms.

Hai noted that foreign investor interest in Vietnam’s stock market has reached an “unprecedented level.”

“In addition to passive investment institutions such as major global index-tracking funds including Vanguard, BlackRock, State Street, UBS, and JP Morgan, we have also received strong interest from sovereign wealth funds, national investment funds, and active fund managers from various countries,” he said.

The SSC views the stock market as evolving beyond a conventional investment channel to become a critical source of capital for the broader economy. Vietnam’s equity market capitalisation currently stands at around 80 per cent of GDP. Including government and corporate bonds, the total size of the capital market is estimated at 110-120 per cent of GDP.