In recent years, the upgrade of the Vietnamese stock market has garnered considerable attention. With the goal of attaining secondary emerging market status in FTSE Russell’s rankings in 2025 and emerging market status in MSCI’s rankings during the 2026 - 2028 period, Vietnam has undertaken various efforts to improve its technical infrastructure and legal framework. A notable development in this process is the issuance of Circular No. 68/2024/TT-BTC by the Ministry of Financeon on 18 September 2024 amending and supplementing several provisions of existing regulations on securities trading on the securities trading system; clearing and settlement of securities transactions; the operation of securities companies; and information disclosure in the securities market; with aims to address outstanding barriers as per FTSE Russell’s requirements while progressively aligning with MSCI’s criteria. This article analyses the role of this circular in strengthening the legal framework for upgrading the market. It also assesses its impacts on the Vietnamese stock market, with a particular focus on the regulatory and operational challenges arising for securities companies as the entities most directly affected, and proposes appropriate solutions.
