At the conference titled "Securities Issuance – A Driver of Economic Growth," held by the State Securities Commission of Vietnam (SSC) on the morning of July 2, participants said capital market development, particularly the corporate bond market, must be accompanied by greater transparency and stronger market discipline to unlock funding for economic growth.
An SSC representative said that following a period of significant market volatility, restoring investor confidence requires greater transparency in information disclosure, improved risk-pricing mechanisms and stricter post-issuance supervision. The Government has issued Decree No. 200/2026 on private placements of corporate bonds in the domestic and international markets.
The decree is expected to strike a balance between facilitating corporate fundraising and strengthening oversight to protect investors.
The regulation also introduces several key reforms aimed at raising market standards and strengthening deterrence. Companies are permitted to temporarily use undisbursed funds to purchase certificates of deposit to optimize capital efficiency, provided the funds are managed separately and used only for their intended purposes.
To better control risks, Decree No. 200/2026 raises issuance standards by imposing limits on debt-to-equity ratios, requiring companies to maintain stronger financial capacity. It also establishes separate trading mechanisms for individual and institutional investors to provide better investor protection.
Market discipline has also been strengthened through new provisions on handling violations, compensating damages and clarifying the supervisory responsibilities of the Ministry of Finance, the State Securities Commission of Vietnam and local authorities.
Speaking at the conference, Chairwoman Vu Thi Chan Phuong of the State Securities Commission of Vietnam said regulators are implementing a comprehensive set of measures, ranging from improving the legal framework to modernizing market infrastructure, to establish the capital market as a key pillar of the country's financial system.
Capital mobilization through the securities market has continued to show positive results. In 2025, total funds raised through share offerings and private corporate bond issuances reached VND763.5 trillion. By mid-June 2026, equity issuance had reached VND114.1 trillion, up more than 67 percent from the same period a year earlier, while private corporate bond issuance totaled VND148.8 trillion, unchanged from the corresponding period of 2025.
According to the SSC chairwoman, Vietnam's recent upgrade by FTSE Russell to Secondary Emerging Market status presents significant opportunities for the country's stock market to attract greater international investment.
She said the upgrade would enhance the market's credibility, improve liquidity, diversify the investor base and provide Vietnamese companies with better access to medium- and long-term funding at reasonable costs.
