A capital runway for the private sector

The transition from a bank-centric model to a more balanced capital market framework is becoming imperative to enable the private sector to scale in the era of digital transformation and the green transition.

- By Ha Truc

At a workshop on the private sector economy held in Hanoi on May 6, Le Thi Viet Nga, vice chairwoman of the State Securities Commission (SSC), said the regulator is preparing amendments to the Securities Law, expected to be implemented this year.

According to Nga, the upcoming revisions will focus on removing unnecessary business conditions, streamlining administrative procedures, and enhancing market operations towards greater transparency and efficiency.

“The SSC is also concurrently studying a range of new mechanisms and financial products, including the development of green bonds and payment guarantee mechanisms, as well as finalising the legal framework for bond issuance to support public-private partnership projects, while considering the expansion of foreign ownership limits in non-sensitive sectors,” said Nga.

“We clearly define that the stock market must serve as a backbone for the private sector, enabling enterprises to access capital while improving corporate governance towards a more professional and modern standard,” she added.

Economic expert Nguyen Duc Kien noted that repeated amendments to the law reflect the evolving nature of market conditions and regulatory understanding. “Key policy directions for the amendments have already been outlined. The remaining issue lies in implementation. In my view, the critical point is to build a legal framework based on enterprise classification, rather than applying a one-size-fits-all approach,” said Kien.