Vietnam’s securities regulator is stepping up pressure on listed companies to improve governance, financial reporting and disclosure as the country pushes toward a 2030 upgrade target for its stock market, a move that could broaden investor participation and make it easier for companies to raise long-term capital.
Vietnam market upgrade push boosts governance scrutiny
The State Securities Commission says stronger corporate governance, audited accounts and more transparent information are now central to rebuilding trust in the market, not just a box-ticking compliance exercise. The message matters for foreign and domestic investors alike because higher standards can reduce information gaps, lower perceived risk and support valuations in a market still trying to deepen liquidity and attract more stable capital.
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SSC Chair Vu Thi Chan Phuong said the legal framework for governance and financial reporting has improved in recent years, with the regulator working alongside international groups on accountability, shareholder protection and disclosure standards. But she said too few listed companies fully apply best-practice governance, underscoring room for further reform.
The regulator also flagged weaknesses in reporting quality. More than 10% of companies in 2024 and 2025 received audit opinions other than a clean, unqualified result, while some firms still showed post-audit number changes, incomplete notes on material items and inconsistent data. For investors, that raises the cost of due diligence and keeps a discount on market confidence, especially in smaller names where disclosure quality can be uneven.
The SSC said it will intensify inspections, surveillance and penalties for violations, while also pushing audit firms to lift standards. That combination of tougher enforcement and broader professional training from the finance ministry, SSC, VACPA and VIOD is designed to strengthen market discipline ahead of Vietnam’s longer-term push to make its bourse more open, safer and more efficient.
For investors, the key issue is whether the campaign translates into better reporting, cleaner audits and more reliable earnings visibility — conditions that typically support deeper foreign flows and a lower risk premium. The next test will be how quickly companies adopt international governance practices and how aggressively regulators enforce them.
| Entity | Gains | Losses |
|---|---|---|
| Vietnam market upgrade push | ▲Higher credibility | ▼Persistent discount |
| Listed companies with strong governance | ▲Easier capital access | ▼Less advantage for weak peers |
| Investors and fund managers | ▲Better disclosure | ▼Less opacity-driven upside |
| Poor-reporting companies and weak auditors | ▲None | ▼Stricter scrutiny |
