According to a report by Vietnam State Securities Commission Chairwoman Vu Thi Chan Phuong at a working session with Finance Minister Nguyen Van Tuan on May 26, total funds raised through the stock market in the first four months of 2026 reached nearly $3.4 billion, while corporate bond issuance approached $2.42 billion, up 52% and 42% respectively year-on-year.
Vu Thi Chan Phuong said: 'According to a review of shareholder meeting resolutions, it is estimated that in the remaining time of 2026, about $16.82 billion will be raised through the stock market. Some large enterprises are preparing capital increase plans and IPO listings this year.'
Regarding market reclassification, FTSE Russell has confirmed the upgrade of Vietnam's stock market to emerging market status effective September, with about 30 Vietnamese stocks to be included in its benchmark index.
MSCI Upgrade Expectations Fuel Vietnam Stock Market Rally
According to the chairwoman of the State Securities Commission, international institutions have also started opening accounts to deploy funds into the Vietnamese market. Among them, Vanguard Group, one of the largest investment management companies in the US, is expected to invest at least $1.5 billion.
Improving product quality, upgrading technology infrastructure, and increasing the supply of listed securities remain key priorities to attract more capital inflows into the stock market.
Investors are still waiting for new catalysts for market reclassification, especially the prospect of an MSCI upgrade.
Earlier, many securities company executives and market analysts predicted that Vietnam could be added to the MSCI upgrade watch list as early as June this year.
According to its schedule, MSCI will release the 2026 Global Market Accessibility Review on June 19 and the 2026 Annual Market Classification Review on June 24.
Truong Quang Minh, Director of Retail Client Research at Yuanta Securities Vietnam, said market reclassification will be an important milestone, especially in attracting foreign investment inflows into Vietnam's capital market.
Truong Quang Minh noted: 'Foreign investors are still net sellers. Apart from international market volatility, the Vietnamese stock market is entering a pre-upgrade phase, prompting some frontier market funds to gradually divest. However, positive effects are expected to return.'
Vietnam's stock market has made significant progress in recent years, including the launch of the KRX trading system and the implementation of a pre-funding exemption mechanism for foreign investors.
Additionally, the Ho Chi Minh City Stock Exchange encourages listed companies to disclose information in English starting from 2026 to improve market transparency.
The central counterparty clearing model, planned for 2027, is another notable move expected to attract foreign capital and meet MSCI requirements.
Truong Quang Minh predicts that Vietnam's GDP growth target of 10% by 2030 is achievable as long as the debt market and capital market operate efficiently.
Foreign capital remains an important driver of the stock market, with overseas investors holding 14.25% of total market capitalization.
Retaining foreign investment helps improve the balance of payments, stabilize exchange rates, and create greater flexibility for monetary policy.
In the long run, Truong Quang Minh explained the importance of an MSCI upgrade. Since the number of investment funds using MSCI benchmarks far exceeds those tracking FTSE indices, capital inflows into Vietnam's stock market could increase significantly.
The implementation of the central counterparty clearing system in 2027 will be an important stepping stone to advance this process.
As of May 2026, Vietnam has met 10 of MSCI's 18 criteria and is close to meeting 17 of the 18 qualitative requirements needed to be placed on the watch list. However, before actual upgrade, the market must first go through an observation period of about two to three years.
Importantly, Truong Quang Minh emphasized that Vietnam's sovereign credit rating is another key factor. Further credit rating upgrades could bring the country into the 'investment grade' category, potentially leading to huge capital inflows into its capital market.
