HÀ NỘI — The stock market needs more high-quality listings, greater foreign investment and stronger transparency to achieve the goal of raising about VNĐ5.4 quadrillion (US$208.7 billion) in medium-and-long-term capital for the economy in the 2026-40 period as the country targets double-digit growth, a conference has been told.

The target represents a major step-up in the stock market’s role in financing business expansion, infrastructure development and other long-term investment needs, while helping diversify funding sources and reduce businesses’ reliance on bank credit.

At the conference marking 30 years of Việt Nam’s securities industry on October 21, experts said Việt Nam’s stock market has evolved from a fledgling trading venue into a key part of the national financial system over three decades, with the next priority being to improve capital allocation, listing quality and financing sustainability.

From two stocks at its first trading session on July 28, 2000, the market had expanded to 1,547 listed and registered-trading stocks and fund certificates, alongside 482 listed bond codes, by the end of September 2026. Investor accounts rose from around 3,000 to nearly 14.1 million, surpassing the 2030 target of 11 million.

Stock market capitalisation exceeded VNĐ10.3 quadrillion on September 30, equivalent to 80.2 per cent of estimated 2025 GDP, while the listed bond market was valued at VNĐ2.94 quadrillion, the Ministry of Fiance’s figures showed.

Total capital mobilised through the securities market reached VNĐ731.6 trillion in the first nine months of 2026, up 85.6 per cent year-on-year, including nearly VNĐ564.6 trillion raised by businesses, an increase of 15 per cent.

Việt Nam’s promotion by FTSE Russell to secondary emerging-market status in September marks another milestone, opening opportunities to attract international institutional investment and funds tracking global indices.

The upgrade, however, was only the beginning, Hoàng Văn Thu, deputy chairman of the State Securities Commission (SSC) said. The market needs stronger corporate governance, greater transparency, improved risk management and more reliable market infrastructure, he said.

Priorities for market development

Thu said the focus be on refining the legal framework, simplifying administrative procedures and reducing unnecessary business conditions to make it easier for companies to raise capital and attract foreign investment.

The SSC aims to improve market accessibility and openness in line with international standards with a planned introduction of a central counterparty (CCP) clearing mechanism for the cash equity market under a 2027 roadmap while strengthening dislosure standards.

The market’s technology infrastructure will be further modernised to ensure safe and stable operations, Thu added.

Efforts will be enhanced to promote a more diverse range of listed securities and investment products, including encouraging large, financially sound companies to list, promote the equitisation of State-owned enterprises and develop policies allowing foreign-invested companies to conduct initial public offerings linked to domestic listings.

Authorities are also studying infrastructure bonds, green and sustainable bonds, and new derivatives such as options and additional futures contracts.

Vietnam Exchange Chairman (VNX) Lương Hải Sinh said that total social investment demand in the 2026-30 period is projected at about VNĐ38.5 quadrillion, of which the stock market is expected to mobilise around VNĐ5.4 quadrillion.

Product diversification, infrastructure upgrades and stronger market surveillance are major solutions for the market’s next phase of development, Sinh added.

The exchange was preparing to introduce VN30 index options and studying the establishment of a dedicated trading platform for innovative start-ups as well as gold-related derivatives, gold exchange-traded funds (ETFs), depositary receipts and cross-border trading mechanisms.

VNX is working with FTSE Russell to develop new and specialised indices that could attract global funds tracking specific market segments while completing the transfer of all listed shares from the Hanoi Stock Exchange to the HCM Stock Exchange, Sinh said.

Developing domestic investment funds will also be important to channel savings into long-term financing, said Lương Thị Mỹ Hạnh, director of asset management for the domestic business at Dragon Capital Vietnam.

Dragon Capital estimates Việt Nam’s investment needs will reach $1.46 trillion in 2026-30, nearly double the level in the previous five-year period.

Yet investment funds held net assets of only around VNĐ99 trillion at the end of 2025, equivalent to 0.8 per cent of GDP, compared with bank deposits of VNĐ16.5 quadrillion, or 128.5 per cent of GDP.

Hạnh proposed considering personal income tax exemptions for investments in open-ended funds held for at least five years, expanding fund distribution through commercial banks and improving financial education. — VNS