Sep 14, 2026 · 10 min · 7 segments
After more than 5 years of implementation, the Securities Law 2019 has contributed to creating a relatively complete legal framework for the Vietnamese stock market. However, the current economic…
Looking at the draft law as a whole, three consistent objectives stand out as shaping this revision.
First, reforming administrative procedures and business conditions.
Second, promoting innovation and digital transformation in the securities sector.
And third, expanding capital-raising tools to help the capital market become a more important channel for medium- and long-term financing in the economy.
Not tighter control, but fewer barriers.
One of the most notable features of the draft is a spirit of administrative reform running through nearly every proposed change.
According to the draft's supporting documents, this revision is taking place as the government rolls out its program to cut and simplify administrative procedures and business investment conditions under Resolution No. 66.16-2026, NQCP.
The Ministry of Finance has identified one of its core policies as codifying already approved plans to reduce business conditions in order to create a stable, long-term legal basis.
Specifically, the draft proposes eliminating certain conditions for securities depository operations conducted by commercial banks and foreign bank branches.
Requirements such as proving profitability in the most recent fiscal year, meeting minimum capital adequacy ratios, or submitting documentation proving technical infrastructure would all be removed from the registration process.
Similarly, for payment banking activities and securities transactions, several business conditions are also proposed for reduction, shifting the approach from pre-approval checks to post hoc oversight.
This approach reflects a broader shift in state management thinking.
Rather than requiring businesses to prove multiple conditions up front just to obtain a license, regulators would instead strengthen oversight throughout the course of operations.
This is a modern regulatory trend already widely adopted in developed markets.
If passed, this could be one of the rare instances in which a securities law amendment is aimed not at adding more compliance obligations, but at reducing compliance costs for businesses and financial institutions.
Looking at the draft law as a whole, three consistent objectives stand out as shaping this revision.
First, reforming administrative procedures and business conditions.
Second, promoting innovation and digital transformation in the securities sector.
And third, expanding capital-raising tools to help the capital market become a more important channel for medium- and long-term financing in the economy.
Not tighter control, but fewer barriers.
One of the most notable features of the draft is a spirit of administrative reform running through nearly every proposed change.
According to the draft's supporting documents, this revision is taking place as the government rolls out its program to cut and simplify administrative procedures and business investment conditions under Resolution No. 66.16-2026, NQCP.
The Ministry of Finance has identified one of its core policies as codifying already approved plans to reduce business conditions in order to create a stable, long-term legal basis.
Specifically, the draft proposes eliminating certain conditions for securities depository operations conducted by commercial banks and foreign bank branches.
Requirements such as proving profitability in the most recent fiscal year, meeting minimum capital adequacy ratios, or submitting documentation proving technical infrastructure would all be removed from the registration process.
Similarly, for payment banking activities and securities transactions, several business conditions are also proposed for reduction, shifting the approach from pre-approval checks to post hoc oversight.
This approach reflects a broader shift in state management thinking.
Rather than requiring businesses to prove multiple conditions up front just to obtain a license, regulators would instead strengthen oversight throughout the course of operations.
This is a modern regulatory trend already widely adopted in developed markets.
If passed, this could be one of the rare instances in which a securities law amendment is aimed not at adding more compliance obligations, but at reducing compliance costs for businesses and financial institutions.
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