During the opening of the conference titled "Issuing Securities - A Driver for Economic Growth" on July 7, the Chairman of the State Securities Commission (SSC), Vu Thi Chan Phuong, emphasized that Vietnam is entering a new development phase. The country aims to maintain double-digit economic growth and become a high-income nation by 2045. Achieving this goal requires not only improving the institutional framework and fostering innovation but also effectively mobilizing social resources for development investment.

Phuong noted that while the banking system primarily meets short-term capital needs, the stock market has advantages in mobilizing medium and long-term funds for businesses. Through securities issuance, capital can be allocated to companies with clear development strategies, good management capabilities, and effective capital use, thereby enhancing the efficiency of resource allocation in the economy.

Moreover, the SSC Chairman highlighted that raising capital through the stock market not only provides financial resources for businesses but also encourages better management quality, enhances transparency, and accountability, which in turn increases credibility and expands access to both domestic and foreign investors. This approach also reduces dependence on short-term capital sources.

From an economic perspective, each successful issuance contributes to expanding production capacity, boosting investment, creating jobs, increasing labor productivity, and directly contributing to GDP growth. Recently, the Ministry of Finance and the SSC have implemented various measures to refine the legal framework, streamline administrative procedures, modernize market infrastructure, and enhance management and oversight efficiency. As a result, Vietnam's stock market continues to develop positively, reaffirming its role as a crucial channel for medium and long-term capital mobilization.

By 2025, the total capital mobilized through stock and corporate bond issuances is expected to exceed 763 trillion VND. In the first half of 2026, the value of stock issuance reached 114 trillion VND, a 67% increase compared to the same period last year, while the value of corporate bond issuance was nearly 149 trillion VND, matching the same period in 2025. These results reflect the growing investment expansion needs of businesses and the increasing confidence of investors in the development prospects of Vietnam's stock market.

Phuong also discussed Vietnam's upgrade by FTSE Russell from a frontier market to a secondary emerging market in 2025, stating that this elevation will enhance the position of Vietnam's stock market, broaden access to international investment capital, improve liquidity, diversify the investor base, and facilitate businesses in raising medium and long-term funds. However, she cautioned that the upgrade merely opens opportunities; the ability to convert these opportunities into actual capital inflows heavily relies on the quality of the issuing companies.

"International investment funds can only disburse when the market has many companies that are of adequate size, well-managed, transparent, effectively using capital, and offering investment products that meet investors' needs," Phuong stated. The SSC Chairman emphasized that alongside continuing to improve the institutional framework and enhancing market operational quality, encouraging companies to proactively raise capital through stock and bond issuances will be crucial in transforming the upgrade opportunity into real capital inflows, thus supporting economic growth and enhancing national competitiveness.

Phuong further noted that after a year of implementing Decree 245/2025/ND-CP, which amends and supplements Decree 155/2020/ND-CP, many new regulations have proven effective. Administrative procedures have been simplified, and processing times have been shortened, with the IPO process linked to listing now taking about 30 days, making it easier for businesses while ensuring transparency and management requirements.

Regarding the corporate bond market, on June 5, 2026, the government issued Decree 200/2026/ND-CP on the issuance and trading of privately placed corporate bonds. Phuong highlighted that the core of this decree aims to balance two objectives: facilitating businesses' access to medium and long-term capital for production and business while enhancing the quality of issuing companies, increasing the responsibility of market participants, and ensuring transparency and proper capital usage.

"When companies issue transparently, manage well, use capital appropriately, and fulfill commitments to investors, they benefit from enhanced credibility, reduced capital mobilization costs, and expanded access to both domestic and international funding sources. This is also a vital foundation for the stable and sustainable development of Vietnam's stock market, aligning with international standards," Phuong concluded. The SSC plans to continue supporting the business community, facilitating capital mobilization activities, promoting the development of new products, enhancing market quality, and expanding access to both domestic and foreign capital flows.