By the end of 2026, Vietnam’s entire stock market  -  encompassing about 2,000 listed and registered trading companies  -  must complete the transition to publishing corporate disclosures in English, according to the Vietnam Securities Depository and Clearing Corporation (VSDC).

Speaking at the August 14 conference “Legal framework and capital mobilization solutions for businesses” in Ho Chi Minh City, Dr. Ta Thanh Binh, General Director of VSDC and Arbitrator at the Vietnam International Arbitration Center (VIAC), noted that liquidity on the Vietnamese stock market has been rising sharply.

In July alone, the average daily trading value exceeded 32 trillion VND (around USD 1.26 billion), with recent sessions surpassing 50 trillion VND (about USD 1.97 billion). This reflects growing investor interest, particularly from foreign funds, in raising capital through securities.

Binh said the main driver of the market’s strong momentum is investor expectation that Vietnam’s stock market will be upgraded in classification. Such an upgrade would improve the market’s image and, most importantly, attract larger allocations from major global investment funds  -  which only channel substantial capital into developed and emerging markets, not frontier markets like Vietnam.

Over the past two years, authorities have worked to address shortcomings to meet upgrade criteria. Vietnam has already satisfied “hard” requirements such as market capitalization, liquidity, and the number of large-cap companies, and has largely met “soft” criteria that facilitate foreign investment.

Binh highlighted recent reforms: foreign investors are no longer required to have full funds available at order placement but only by the settlement date (T+2); account opening is now fully automated with no hard-copy documents required upfront; and accounts can be opened in just one working day. Authorities also plan to raise foreign ownership limits in companies beyond current levels.

Regarding market transparency and corporate governance, VN30 companies are already required to publish disclosures in both Vietnamese and English. Stock exchanges, VSDC, and large companies now provide updates in both languages, making information accessible to foreign investors. The mandatory English disclosure rule will be extended to all listed and registered trading firms by late 2026.

The State Securities Commission is also working with international organizations and the business community to offer training, certification, and conferences aimed at improving corporate governance. Many listed companies have already achieved governance standards aligned with international norms.

“I look forward to a decisive move from FTSE Russell in September regarding Vietnam’s potential upgrade, which could give the stock market and economy a major boost,” Binh said.

She added that total capital mobilization via the stock market in the first half of 2025 reached more than 250 trillion VND (about USD 9.85 billion), with bond issuance showing strong growth compared to 2024. Foreign capital inflows have surged, reflecting high expectations for Vietnam’s market prospects.

Tran Chung