Efforts to upgrade the stock market and build an international financial center

(Chinhphu.vn) - The synchronous implementation of legal reforms, mechanisms and inter-sectoral coordination shows the Government's great determination. However, effective implementation of policies will be the key factor. Moreover, positive assessments from international organizations and expectations of upgrading the stock market in the coming time are the driving force for Vietnam to become an attractive destination in the region.

Establishment of a comprehensive international financial center in Ho Chi Minh City

Accelerating reforms to upgrade the market

According to the Ministry of Finance , regarding the issue of upgrading Vietnam's stock market, the rating organization FTSE Russell highly appreciated the recent reforms. In particular, Circular 68/2024/TT-BTC, effective from November 4, 2024, and Circular 18/2025/TT-BTC, issued on April 26, 2025, removed the pre-deposit mechanism, helping the market get closer to international standards. In addition, the deployment of the KRX information technology system, the issuance of new circulars on registration, custody, clearing, payment, and the legal corridor for the new trading mechanism were also highly appreciated.

FTSE Russell's annual market classification results are expected to be announced on October 7, 2025. In addition, in August, the Ministry of Finance continued to implement many important solutions to create a favorable experience for foreign investors when participating in the market.

First of all, the Ministry of Finance has submitted to the Government a Decree amending and supplementing a number of articles of Decree No. 155/2020/ND-CP. Notably, public companies must complete the notification of foreign ownership ratio within 12 months from the effective date of the Decree, in order to ensure information transparency. At the same time, the Ministry of Finance also coordinated with ministries and branches to amend the Investment Law and guiding documents, aiming to increase the foreign ownership ratio in industries not related to security and defense. From there, the maximum foreign ownership ratio in public companies will be increased.

In parallel, the Ministry of Finance is closely coordinating with the State Bank in amending Circular 17/2024/TT-NHNN. This Circular is expected to bring more advantages to foreign investors, such as: allowing authorization for financial institutions to open, close and use payment accounts; not requiring consular legalization for account opening documents; not requiring biometrics when opening accounts electronically and when withdrawing money; allowing the use of the SWIFT system; minimizing requirements for documents and signatures. Therefore, when issued, the Circular will make an important contribution to facilitating international capital flows.

Implementing the resolution on the International Financial Center

On June 27, 2025, the National Assembly passed Resolution No. 222/2025/QH15 on the International Financial Center (IFC) in Vietnam, effective from September 1, 2025. On August 1, 2025, the Prime Minister issued Decision No. 1646/QD-TTg establishing the Steering Committee on IFC. On the same day, the Steering Committee issued Decision No. 114/QD-BCĐTTTC with an action plan for implementation.

According to the Ministry of Finance, the agency is currently drafting two important decrees. One is the decree on the establishment of the International Financial Center in Ho Chi Minh City and Da Nang City, guiding the provisions of Resolution 222/2025/QH15. The other is the decree on financial policies in the International Financial Center, including regulations on taxes, incentives, securities, insurance, capital markets and financial center members.

Regarding the decree on the establishment of the International Arbitration Center, the Ministry of Finance has requested the People's Committees of Ho Chi Minh City and Da Nang City to develop local-related content. On this basis, the Ministry has sent Document No. 12354/BTC-DTNN dated August 12, 2025 to seek comments from 7 ministries, 2 localities, the Vietnam International Arbitration Center, and the Vietnam-Germany University, and has widely posted it to solicit public opinion.

On August 28, 2025, after synthesizing opinions from ministries, localities and relevant agencies, the Ministry of Finance sent Document No. 13414/BTC-DTNN to the Ministry of Justice requesting appraisal of the draft decree on the establishment of the International Financial Center. The Ministry is currently completing the dossier to submit to the Government for consideration in accordance with the correct order and procedures.

Mr. Minh

Source: https://baochinhphu.vn/no-luc-nang-hang-ttck-va-xay-dung-trung-tam-tai-chinh-quoc-te-102250905210252034.htm