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Speaking at a regular press conference on July 2, Chi said that the Ministry of Finance (MoF) has been working with relevant ministries and agencies to complete a legal framework and organise market operations. The amendment and supplementation of legal regulations to meet the criteria set by internationals rating organisations have been carried out synchronously.
“The basic requirements for upgrading the market have been met. We have made significant progress like information transparency, reforming the legal corridor, and modernising the transaction and payment system. These fundamental factors play an important role in building trust with international investors,” he emphasised.
However, in addition to technical criteria, the deputy minister said that the feeling and practical experience of foreign investors participating in the Vietnamese stock market are the key points that rating organisations are interested in. These include the convenience of implementing investments, the ability to access the market, and clarity, transparency, and efficiency in resolving problems.
"The upgrade will open the door to large-scale foreign capital flows. Therefore, creating stronger conditions for foreign investors is a key and decisive factor," Chi emphasised.
The State Securities Commission (SSC) is working with relevant agencies to accelerate the removal of existing barriers and shortcomings. Many contents have been included in the specific implementation roadmap, like improving the account opening mechanism, foreign ownership regulations, payment and remittance procedures, ensuring transparency, and protecting investors' rights.

Hoang Van Thu, vice chairman of the SSC, said that the MoF had issued regulations on margin trading which have already been put into operation. Foreign institutional investors have highly appreciated this effort.
"Circular 68 is just a premise for a larger task, which is to establish a central clearing mechanism. We are completing this task," Thu said and added that the MoF had also issued amendments to a circular on depository, clearing, and settlement, as well as a circular on information disclosure to ensure compatibility. This supports a stock market upgrade and is consistent with the KRX system that has been in operation since May.
Moreover, the SSC and the State Bank of Vietnam have issued a circular on minimising administrative procedures for foreign investors, especially in procedures for opening payment transaction accounts.
However, Thu said that there are still some factors that need to be improved, such as avoiding misunderstandings about the central clearing model. Besides it, foreign investors are concerned about ownership ratios of organisations listed on the stock market.
"Decree 155 will also amend and supplement this point so that foreign investors can see that the Vietnamese government is really open and the activities of foreign investors in the Vietnamese stock market are equal," he added.
International rating organisations will announce the assessment results in September. Chi believed that, with the high determination of the government, the MoF, and the entire financial and securities system, the Vietnamese stock market could be upgraded soon.
"The upgrade of the Vietnamese stock market is not only an important technical milestone but also a strategic mark in the development of the financial market. This is a necessary step to making the market a key medium- and long-term capital channel for the economy, reducing dependence on bank credit," the deputy minister said.
The MoF highlighted that upgrading the market will bring harmonious benefits to all parties. Investors will have more quality options, and Vietnam will have more resources for socioeconomic development.
"Our goal is to develop the stock market quickly, sustainably, and in line with the strategic direction approved by the government. We are committed to continuing to accompany investors, improve the investment environment, and enhance market quality, thereby creating a solid foundation for the Vietnamese stock market to enter the group of emerging markets," Chi said.

Robust reforms, upgraded trading infrastructure, and easing investor concerns in Vietnam are paving the way for a long-awaited upgrade to emerging market status.

Morgan Stanley Capital International Inc. (MSCI) noted that Vietnam's stock market has seen several developments over the past year in its Global Market Accessibility Review released on June 23.

Preliminary earnings reports from major firms are painting a brighter picture for the stock market, with strong performances in the banking, logistics, construction, and consumer sectors fuelling investor confidence.