The Legal Framework on Stock Listing in Vietnam: Insights From New Institutional Economics and the Context of International Integration

As Vietnam’s stock market increasingly move toward qualitative development and is subjected to growing impacts from international integration, assessing and improving the legal framework governing stock listing have become an urgent requirement from both theoretical and practical perspectives. This article analyses the legal framework on stock listing in Vietnam through the lens of new institutional economics, assessing the degree of institutionalisation of regulations concerning transaction costs, property rights, and enforcement mechanisms. From the perspective of international integration, the article examines the process of domestic incorporation of international standards in Vietnam, clarifying both the achieved results and the remaining shortcomings. On this basis, the article proposes policy recommendations aimed at improving the legal framework on stock listing, thereby contributing to the development of a transparent, efficient, deeply integrated, and sustainable stock market in the context of globalisation.