A year for more responsible capital

Vietnam is recasting its capital market as a primary allocator of long-term capital, underpinning infrastructure, industrial upgrading, innovation, and the green transition.

- By Ha Truc

The fund management industry is enabling individuals to access the capital market in a safer manner

(Photo: Le Toan)

Three milestones are set to define Vietnam's capital market in 2026: the expected stock market upgrade in September, a more enabling legal framework, and the accelerated development of an international financial hub, collectively strengthening its role as a conduit for long-term capital.

According to Nguyen Son, chairman of the Board of Directors of the Vietnam Securities Depository and Clearing Corporation, the capital market boasts significant opportunities as reforms related to market structure, risk governance, technological upgrades, and the standardisation of operational processes are rolled out in a coordinated manner.

"This environment creates new advantages for Vietnam to move closer to the standards of developed markets, while enhancing the role of the financial market in supporting economic growth, enterprise development, and the attraction of long-term capital," he said. "For Vietnam's stock market, 2026 is particularly significant as it will be the first year of official reclassification under FTSE standards, while also laying the groundwork for meeting higher FTSE benchmarks and, further ahead, MSCI standards."

Luong Thi My Hanh, director of Domestic Asset Management at Dragon Capital, noted that the experience of developed economies shows that successful capital market transitions are driven by decisive state policies, with a focus on creating incentive mechanisms that motivate the private sector to play its role.