Việt Nam targets deeper reform, emerging-market consolidation in 2026, finance minister says

Việt Nam targets deeper reform, emerging-market consolidation in 2026, finance minister says

Việt Nam’s finance minister has pledged to accelerate reforms to strengthen the country’s stock market in 2026, as authorities seek to consolidate its newly upgraded emerging-market status and mobilise capital for an ambitious new phase of economic growth.

Finance Minister Nguyễn Văn Thắng (fourth from right) and officials at the Spring opening gong ceremony for the Year of the Horse 2026 trading session at the Ho Chi Minh Stock Exchange on Tuesday. — VNA/VNS Photo

Speaking at the Tết (Lunar New Year) opening gong ceremony at the HCM Stock Exchange (HOSE) on Tuesday, Finance Minister Nguyễn Văn Thắng said the market is expected to develop “more strongly, professionally and in deeper integration” this year.

The event, held on the eighth day of the first lunar month, marks the first trading session after the Tết holiday and is traditionally seen as setting the tone for the year ahead.

Thắng said 2026 carries particular significance as it opens a new development cycle for the economy and coincides with the 30th anniversary of Việt Nam’s securities industry, established in 1996.

He said the focus now is on enhancing transparency, operational quality and resilience as the market transitions more firmly into the ranks of emerging economies.

Despite global headwinds in 2025, including geopolitical tensions and volatile trade conditions, Việt Nam maintained macroeconomic stability, he said.

Gross domestic product expanded 8.02 per cent last year, exceeding the target set by the National Assembly.

The stock market mirrored that strength. The benchmark VN-Index rose more than 40 per cent year-on-year in 2025, ranking among the world’s top-performing indices.

Average daily trading value reached more than VNĐ29 trillion (US$1.1 billion), up 39 per cent from a year earlier.

Total market capitalisation climbed to nearly VNĐ10 quadrillion, equivalent to 86.7 per cent of estimated 2024 GDP.

Authorities are aiming to lift that figure to at least 100 per cent of GDP in 2026, underscoring the government’s strategy of deepening capital markets as a channel for long-term financing.

A key milestone cited by officials was the decision by global index provider FTSE Russell to upgrade Việt Nam from frontier to secondary emerging market status.

The move is expected to attract additional passive and active foreign investment flows, broaden the investor base and improve market depth.

The ministry also highlighted the rollout of a new information technology platform, known as KRX, designed to modernise trading, clearing and settlement infrastructure.

Reform agenda

Thắng outlined a reform agenda that includes refining the legal framework, maintaining and advancing market classification standards, accelerating digital transformation and expanding product offerings. 

Planned initiatives include developing carbon credit trading, digital asset markets and a dedicated trading platform for innovative start-ups, as well as promoting green and infrastructure bond issuance.

He also called for stronger supervision and enforcement to safeguard transparency and investor confidence, alongside expanded international cooperation to align regulations more closely with global best practices.

Vũ Thị Chân Phương, chairwoman of the State Securities Commission of Việt Nam, said 2026 would mark a shift from “meeting eligibility criteria” to ensuring stable and sustainable operations under emerging-market standards.

“Our task is not only to sustain growth momentum, but to build a market that is transparent, resilient and capable of adapting to deeper international integration,” she said. 

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