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Vietnam’s stock market is entering a pivotal phase as systemic improvements in governance, liquidity, and market accessibility come into focus ahead of the June 2026 MSCI review. Recent upgrades to trading infrastructure and regulation have reduced pre-funding requirements and improved foreign investor flexibility, while transparency and corporate governance rules are being tightened.
Liquidity remains strong, supported by high average daily turnover and broader participation from domestic retail investors. Returning foreign investors have also contributed to activity levels. While foreign ownership limits remain in place, interim solutions—such as non-voting depository receipts (NVDR)—are being studied. In parallel, procedures for opening accounts and transferring funds are being streamlined to make participation easier for foreign investors.
These changes are being viewed as part of a broader effort to align Vietnam’s market framework with international standards. SSI Research notes that Vietnam is highly likely to be added to MSCI’s watchlist for the June 2026 review, with a potential upgrade to emerging market status.
Vietnam currently meets 10 out of 18 MSCI eligibility criteria, with additional improvements underway. SSI Research highlights progress including an efficient Non-Prefunding mechanism, a CCP clearing path, and expanded VN30 index futures to support risk management.
Regulators and listed companies are also increasing English-language disclosures, which can improve information accessibility for international investors and global index providers.
In April 2026, actual foreign ownership on HOSE rose from 41.4% to 46%. The increase was supported by newly listed large-cap companies that provided 100% foreign room.
If Vietnam is upgraded, passive fund inflows could be significant. The article estimates that passive funds from global ETF providers could reach the tens of billions of US dollars, while active funds may also increase as Vietnam comes into view for large fund managers.
Estimated ETF flows based on FTSE indices are cited at around $1.3 billion, with large ETF providers such as Vanguard’s ETFs contributing materially.
Beyond trading activity, an MSCI upgrade could reduce corporate funding costs and support investment. It may also raise the compliance and performance bar for listed companies, encouraging further improvements in governance and transparency to support sustainable growth.
The upgrade is described as not an endpoint but an ongoing process. Even if progress is achieved, reforms will need to be sustained. The article also emphasizes that domestic investors remain central to building a resilient market that does not depend solely on foreign capital.
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