Upgrading the stock market, rearranging the trading market according to the roadmap, putting KRX into operation, piloting a carbon trading floor... are not easy tasks expected to be implemented/completed in 2025.
Upgrading the stock market, rearranging the trading market according to the roadmap, putting KRX into operation, piloting a carbon trading floor... are not easy tasks expected to be implemented/completed in 2025.
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Milestone Series
“The upgrading target must be implemented and achieved this year. This is a task that cannot be delayed or missed, and is a new step forward for the market to attract billions of dollars from foreign investors,” Deputy Minister of Finance Nguyen Duc Chi especially emphasized this requirement and strong determination and assigned the task to the securities industry at the gong-beating ceremony to open the spring of 2025 at the Ho Chi Minh City Stock Exchange (HoSE) on the 6th day of Tet (February 5).
The Stock Market Development Strategy to 2030 clearly states that we will strive to achieve the goal of upgrading from a frontier market to an emerging market by 2025. In 2024, Circular 68/2024/TT-BTC marks an important step forward, removing legal bottlenecks and meeting FTSE Russell's upgrading criteria.
According to Ms. Vu Thi Chan Phuong, Chairwoman of the State Securities Commission, the implementation of trading services without requiring foreign institutional investors to deposit money in advance shows convenience, meets transaction needs and ensures safety and transparency from market members and related parties. Along with that, the Securities Law (amended) taking effect from the beginning of 2025 adds many regulations to meet the standards for upgrading the market.
In the best-case scenario, when the steps in the roadmap to upgrade Vietnam's stock market go smoothly, experts expect to receive positive assessments from FTSE in the stock market classification report issued in March 2025 and the official upgrade can be made in September 2025, after 7 years on the upgrade review list.
2025 is not only a milestone for the goal of upgrading the market. July 1, 2025 is the starting date for the roadmap to reorganize the trading markets for stocks, bonds, derivatives and other types of securities.
Accordingly, from that time on, the Hanoi Stock Exchange (HNX) will no longer accept applications for new stock listings from organizations, instead the Ho Chi Minh City Stock Exchange (HoSE) will do so. At the same time, HoSE will complete the acceptance of stocks from organizations listed on HNX by the end of 2025 at the latest and stocks from organizations registered for trading on HNX by the end of 2026 at the latest.
The roadmap for restructuring the trading market was first stated in Circular 57/2021/TT-NHNN, then had to be postponed according to Circular 69/2023/TT-NHNN when the mid-2023 milestone was missed. After the restructuring, HoSE will be the place to trade stocks, fund certificates, and covered warrants.
Meanwhile, HNX will be the place to organize the market for trading government bonds, government-guaranteed bonds, local government bonds; organize the market for trading listed corporate bonds; organize the market for trading individual corporate bonds and trading derivative securities contracts.
Along with that, HNX will build and provide domestic carbon trading floor services. This is a place to trade greenhouse gas emission quotas and carbon credits, opening up a way to buy and sell a new and necessary type of "commodity".
Need to sprint
For the domestic carbon market, according to assigned tasks, HNX will operate the floor according to professional requirements on market organization and management and technical conditions and standards presided over by the Ministry of Natural Resources and Environment, in coordination with the Ministry of Finance and relevant ministries, branches and agencies.
According to international and domestic organizations, Vietnam has many opportunities for FTSE Russell to upgrade its market according to the roadmap. 
Ms. Vu Thi Chan Phuong, Chairwoman of the State Securities Commission
Although the official launch date is 2029, the carbon exchange will be piloted from June 2025 to the end of 2028. There will be a lot of work to be done in the next nearly 5 months for this sandbox model to be launched, especially when the green classification category is still in a pending state.
Regarding the restructuring of the stock exchange market, one of the reasons for the delay of 2 years is that this work must be linked to the implementation of the new stock market information technology system. Along with the determination to upgrade, the management agency said that the new information technology system (KRX) has reached the final testing stage and is determined to operate this year.
With the goal of upgrading the market, Ms. Vu Thi Chan Phuong believes that Vietnam has many opportunities for FTSE Russell to upgrade according to the roadmap. Although the market upgrade depends on the objective assessment of international rating organizations through the practical experience of foreign investors, the Ministry of Finance and the State Securities Commission are continuing to work with relevant ministries and branches to coordinate to propose solutions to meet the upgrading criteria, implementing many solutions to create more favorable conditions for foreign investment activities.
Completing the legal framework and policies for stock market development is also a key task. In particular, integrating IPO and listing with shortened procedures in the revised Decree can support and promote the listing activities of enterprises.
Along with the “sprint” efforts from the management agency, the market needs the joint efforts of its members to “make a splash”. Many “newcomers” listed on the stock exchange or transferred from UPCoM in the new year such as Binh Son Refining and Petrochemical, Vinpearl, and Masan Consumer will be high-quality “goods”, creating a new breeze for the market.
Source: https://baodautu.vn/chung-khoan-chay-nuoc-rut-cho-cac-muc-tieu-lon-d245018.html
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