Vietnam's stock market moving toward sustainability, professionalism: exec

The quality of investors in Vietnam has significantly improved as more and more investors start to adopt asset management strategies and disciplined investing, instead of merely engaging in short-term trading, said Nguyen Hoang Yen, chairwoman of Mirae Asset Securities.

At the "Financial Street" talk show on Monday, Yen stated that this July marks a special occasion for the stock market as it commemorates the first-ever trading session on July 28, 2000, which officially marked the establishment of Vietnam’s stock market.

Over the past 25 years, the market has achieved numerous milestones. It has increasingly become a vital medium- and long-term capital mobilization channel for the economy, especially as the country enters a new era of national rise, she commented.

According to Yen, the Vietnamese stock market has undergone a strong transformation, evolving from a nascent market into one of the most important capital mobilization channels for the economy.

The market capitalization has surpassed VND6,000 trillion ($229.6 billion), equivalent to about 62% of GDP - a major leap from its early days when only a few dozen companies were listed.

Notably, in the first half of 2025, despite concerns over global tariff tensions and tightening policies in major economies, Vietnam’s stock market has shown an impressive recovery.

She identified three core domestic factors driving this momentum, including flexible monetary policy with interest rates maintained at low levels; positive business results from key sectors such as industrial real estate, consumer goods, and technology; and strong domestic capital flows, particularly from individual investors.

"We can now consider the stock market not only as a channel for medium- and long-term capital mobilization but also as a barometer reflecting the health, confidence, and prospects of Vietnam’s economy," Yen remarked.

She noted that a major highlight in the market’s development is the increasing quality of listed companies. Currently, 15 Vietnamese companies have reached billion-dollar valuations with sustainable growth roadmaps, operating professionally and transparently in line with international standards.

The government has also encouraged listed companies to push forward with equitization and foster the emergence of more billion-dollar enterprises.

These efforts, she added, will help Vietnam move closer to "emerging market" standards, enhancing transparency, efficiency, and competitiveness. This transformation will not only increase the market's appeal to international capital but also lay a strong foundation for a potential market status upgrade in the near future.

Improved investor quality over 25 years

Yen emphasized that both domestic and foreign investors have been key drivers of the sustainable growth of Vietnam's stock market over the past 25 years. In particular, the number of domestic individual investors has grown rapidly with improved knowledge and skills.

As of mid-2025, the number of securities accounts surpassed 10 million. In May alone, over 190,000 new accounts were opened - the highest monthly figure in the past year.

Importantly, this growth isn't just in numbers but in quality, as more investors are adopting asset management approaches and disciplined investing rather than short-term trading. This is a positive sign indicating that the market is moving toward greater sustainability and professionalism.

According to Yen, the stock market reflects the transformation of the economy. In this "era of national rise," the market must embody a new stature: more dynamic, globally integrated, and modern.

This will be demonstrated through enhancing the quality of listed companies; embracing the development of emerging sectors such as technology, AI, fintech, renewable energy, logistics, and smart consumer goods; and continuing to reform market infrastructure and trading systems.

The operation of the new KRX trading system, the launch of a Central Counterparty Clearing House (CCP), and the introduction of products like T+0 trading, short selling, and diversified derivatives will be key steps toward international standards and attracting high-quality capital, she said.

Experience from markets like South Korea shows that a combination of government reforms, the application of financial technology, and a focus on core enterprises can help not only grow the stock market but also drive national economic development, she added.

The VN-Index, tracking the performance of the Ho Chi Minh Stock Exchange (HoSE), increased by 13.4 points to 1,415.46 on Tuesday.