Decision 1413/QD-TTg 2026 approving the Scheme on overall reform of Vietnam’s financial market in association with sustained high growth through 2045

DECISION

Approving the Scheme on overall reform of the Viet Nam’s financial market in association with sustained high growth through 2045^[1]

THE PRIME MINISTER

Pursuant to the February 18, 2025 Law on Organisation of the Government;

Pursuant to Conclusion No. 18-KL/TW of April 2, 2026, of the 14^th Party Central Committee, on the five-year socio-economic development plan, national financial plan, plan on public debt borrowing and repayment, and medium-term public investment plan for the 2026-2030 period, in association with the target of striving for a “double-digit” growth rate;

Pursuant to the National Assembly’s Resolution No. 25/2026/QH16 of April 24, 2026, on the five-year socio-economic development plan for the 2026-2030 period;

Pursuant to the Government’s Resolution No. 109/NQ-CP of April 16, 2026, on updating and supplementing the Government’s Action Programme for implementation of the Resolution of the 14^th National Party Congress and Conclusion No. 18-KL/TW, in association with the target of striving for a “double-digit” growth rate;

At the proposal of the Minister of Finance,

DECIDES:

Article 1. To approve the Scheme on overall reform of the Viet Nam’s financial market in association with sustained high growth through 2045 (below referred to as the Scheme), with the following contents:

I. VIEWPOINTS

1. To place the reform of the financial market within the overall reform of the economy and associated with renewal of the growth model to meet requirements for rapid and sustainable development through 2045, in conformity with the country’s socio-economic development strategy and in synchronisation with other reforms (concerning enterprises, land, labour and public administration). To ensure macroeconomic stability, risk management capacity, safety of the financial system, and national financial and monetary security and sovereignty and enhance resilience to domestic and international shocks.

2. To consider institutional reform the pillar for improving the operational efficiency of the financial market, enhancing openness and transparency, and improving the effectiveness of state management and supervision; to maximise the mobilisation of resources from the private sector, the foreign-invested sector and international financial institutions for investment in economic development. To reform the financial market according to a roadmap with appropriate steps; to implement, review and evaluate pilot plans in a timely manner; not to insist on perfection, while remaining steadfast in pursuing long-term objectives.

3. To develop the financial market towards a more balanced structure, with reduced dependence on the banks’ credit market, ensuring linkages among market components. To upgrade and renew market infrastructure to support the development of new products; to promote digital transformation, green transition and innovation.

II. REFORM OBJECTIVES

1. Overall objectives

To build Viet Nam’s financial market to be a synchronous and modern market integrated with regional and global markets; to develop a balanced and rational market structure capable of effectively mobilising and allocating domestic and foreign resources for socio-economic development; to promote its role as an important channel for supplying medium- and long-term capital to the economy; and to make it a driving force for achieving sustained high economic growth through 2045. To strive for Viet Nam’s financial market to reach a high level of development by 2045, operate in adherence to market principles, and have a system of institutions, infrastructure, products, investors, and management and supervision mechanisms meeting international standards, in which the securities market plays a key role, the banking system develops in a safe and modern manner, the insurance market develops sustainably, and the Viet Nam International Financial Centre gradually becomes an important component in connecting capital flows, financial services and financial institutions in the region.

2. Specific objectives

a/ To develop the financial market towards a balanced structure, with linkages and mutual support among market components

- To develop the domestic capital market so that it gradually becomes an important channel for mobilising medium- and long-term capital for the economy, reducing dependence on the banks’ credit market, in association with the “double-digit” growth rate target.

- To comprehensively renew the management and supervision mechanism in the financial market, fully identifying subjects and acts so as to adopt appropriate management and supervision methods, thereby contributing to the stable and sustainable development of the financial market and ensuring national financial safety and security.

b/ To develop an open and transparent capital market and securities market, increasing their size and depth, enhancing the efficiency of mobilisation of medium- and long-term capital for enterprises and the economy, promoting capital mobilisation through public offerings of shares and bonds; and improving the operational efficiency of securities businesses and intermediary financial institutions

- To maintain the securities market classification under FTSE Russell standards and satisfy the criteria for an upgrade to emerging market status by MSCI and advanced emerging market status by FTSE Russell between now and 2030.

- To strive for the target that during the 2026-2030 period, the value of capital mobilised through the capital market will reach an average VND 2 quadrillion per year; the total value of capital mobilised by enterprises through the securities market will reach VND 5.4 quadrillion; the total value of capital mobilised through government bonds will meet approximately 60-65% of the Government’s borrowing needs over the entire period; and the total value of municipal bonds issued will meet approximately 20% of local budgets’ borrowing needs over the entire period.

To strive for the target that during the 2031-2045 period, capital mobilised through the capital market will account for 30-35% of the total realised social investment capital (excluding the foreign-invested sector); securities market capitalisation will reach 120% of GDP by 2045; and outstanding bonds in the bond market will reach 60% of GDP by 2045.

c/ To develop the investor base in a sustainable manner, prioritising the development of institutional investors with strong financial capacity (investment funds, pension funds, insurance enterprises, etc.). To increase the proportion of institutional investors so as to achieve a better balance between institutional investors and individual investors. To strive for the target that by 2030, the value of investment assets of foreign investors in the capital market and securities market will reach approximately 15% of GDP; the total net asset value of securities investment funds will reach 5% of GDP; and the total assets of pension funds will grow at an average annual rate of 11.5% during the 2026-2030 period.

d/ To modernise the banking system, improve credit quality, develop digital banking and financial inclusion, and ensure the safety of the system of credit institutions

To develop a modern system of credit institutions operating safely and efficiently on the basis of digital technology; by 2030, 100% of commercial banks will apply prudential ratios in accordance with regulations of the State Bank of Viet Nam, approaching Basel III standards; and to improve the effectiveness and efficiency of inspection and supervision by the State Bank of Viet Nam.

To comprehensively renew credit information activities to fully and promptly meet requirements of credit institutions; and to develop information services provided directly to borrowers, thereby helping improve borrowers’ access to credit and ensuring the transparency of credit information. By 2030, information on credit history of at least 75% of adults will be available in the credit information system of the State Bank of Viet Nam.

dd/ To develop the insurance market in a comprehensive, safe and sustainable manner, making positive contributions to financial stability, social security and long-term investment

To strive for the target that by 2030, the insurance market’s revenue will reach approximately 3.3-3.5% of GDP; to expand insurance coverage; and to develop new insurance products suited to market demand.

To strive for the target that during the 2026-2045 period, the insurance industry’s revenue will grow at an average annual rate of 6-8%; total assets, total investment, total technical reserves and total equity each will grow at an average annual rate of 5%; 20% of the population will participate in life insurance; and per-capita insurance premiums will reach VND 7 million per year by 2045.

e/ To modernise financial infrastructure and promote digital transformation. By 2028 at the latest, to establish modern and synchronous payment infrastructure that operates smoothly and autonomously and is connected with bilateral and multilateral payment systems of partners in the region and around the world. To implement the central counterparty clearing mechanism in the underlying securities market in 2027. To build a shared database serving management and supervision of the financial market during the 2030-2035 period.

g/ To effectively operate new products and new markets and promulgate breakthrough mechanisms for developing the capital market in terms of both size and liquidity

To put into operation the cryptoasset market with stringent requirements on financial capacity, technology and compliance, striving towards building a transparent market conforming to international standards following the pilot period.

To complete synchronous infrastructure for the official operation of the carbon credit trading market from 2029.

To effectively operate the Viet Nam International Financial Centre in Ho Chi Minh City and Da Nang under the “one centre, two destinations” model, with a view to reaching the regional level by 2035 and international level by 2045.

To study the establishment of a securities trading market for innovative enterprises; to diversify derivatives products and improve and refine operational techniques so as to strongly develop the securities market in terms of both size and liquidity.

III. TASKS AND SOLUTIONS

1. Group of institutional and policy solutions

a/ Reviewing, amending and supplementing specialised laws

- For the capital market, securities market and cryptoasset market:

+ To continue reviewing, amending and improving the Law on Securities so as to cover and regulate new products and services in the securities market and strengthen management and supervision.

+ To review and amend and supplement overlapping provisions between the Law on Securities and the Law on Real Estate Business, the Housing Law, the Land Law, the Civil Code, and the State Bank of Viet Nam’s regulations on foreign exchange management, thereby facilitating the development of new products (tokenisation of real-world assets (RWAs), bonds secured by project cash flows, real estate investment funds, etc.) and attracting foreign capital flows.

+ To study, amend and supplement regulations on the issuance of corporate bonds with a view to classifying bonds based on risk level.

+ To study and promulgate legal documents guiding the application of financial technology (Fintech) in the securities sector, regulatory sandbox in the securities sector, and tokenisation of RWAs.

+ To improve the legal framework based on the digital asset classification model and study the promulgation of a law on digital assets towards clearly classifying groups of cryptoassets, thereby providing a basis to manage these assets in a way appropriate to the nature of each type, including: (i) cryptoassets used for payment; (ii) utility tokens; and (iii) security tokens/RWAs.

+ To improve regulations on ESG standards and green finance in the securities market.

- For the monetary and banking sector

+ To improve the legal framework on banking and payment activities and the foreign exchange management mechanism by replacing, amending, supplementing or repealing regulations that are no longer appropriate, thereby ensuring consistency with the existing legal system

. Regarding the Law on the State Bank of Viet Nam: To review and improve regulations on management and supervision and services related to payment, credit, banking and foreign exchange management.

. Regarding the Law on Credit Institutions: To review, amend and supplement regulations on operational safety of credit institutions; settlement of non-performing loans, sources for settlement of non-performing loans, and handling of risks in the system of credit institutions; and to add the legal framework governing new business models, including digital banking, peer-to-peer lending, electronic money and electronic money funds.

. To study, formulate and comprehensively improve the legal framework on the settlement of non-performing loans toward transparency, efficiency and conformity with the market mechanism

+ To review, study and propose the promulgation or amendment and supplementation of legal provisions to facilitate digital transformation in the banking sector and development of digital banking models. To formulate and promulgate data standards and technical standards of the banking sector to facilitate the connection, sharing and utilisation of data within the banking sector and between the banking sector and other sectors and fields.

+ To improve institutions and laws on operational safety, governance, administration and risk management of credit institutions, and enhance risk management capacity of credit institutions in conformity with international practices and standards and the operational realities of credit institutions, specifically as follows:

. To synchronously implement and specify provisions of the 2024 Law on Credit Institutions through guiding circulars on credit extension limits, shareholding ratios, and criteria for selection of senior personnel at credit institutions.

. To require large-sized joint-stock commercial banks to fully and comprehensively apply Basel III standards and International Financial Reporting Standard 9 (IFRS 9) in order to transparentise debt classification and risk provisioning activities.

. To establish a regulatory sandbox for new Fintech, digital lending and green finance so as to concurrently promote innovation and control arising risks.

. To promulgate accounting guidance for integrated sale and redemption transactions and bond borrowing and lending transactions conducted by commercial banks in the government bond market.

+ To improve the organisational model and legal framework for credit information activities to develop a streamlined, specialised and modern system, ensuring synchronisation and consistency and conformity with the laws on data, cybersecurity and digital transformation.

+ To study, formulate and propose a legal mechanism for data sharing between the credit information database and ministries, sectors and localities in order to expand and improve the quality of the credit information database and strengthen the capacity for credit risk assessment and early warning.

- For the insurance business sector

To conduct a comprehensive review of difficulties and inadequacies arising in the process of implementation of the Law on Insurance Business and guiding documents for amendment and supplementation or replacement, with a view to approaching the standards of the International Association of Insurance Supervisors (IAIS) and increasingly better protecting the interests of customers, with a particular focus placed on improving the framework for risk-based management and supervision of insurance enterprises; enhancing the transparency of information on enterprises and the market; promulgating regulations or solutions to promote digital transformation in insurance; building a common database; and developing insurance products and distribution channels in line with new development trends in the market.

- For the International Financial Centre

To review and improve documents so as to fully regulate relations between members of the International Financial Centre and domestic organisations and individuals. To improve the Operation Regulation of, and review policies applicable to, the International Financial Centre, and proceed towards formulating a separate law on the International Financial Centre.

b/ Studying international experience in order to propose the formulation of a Law on management and supervision of the financial market and financial services which regulates all activities related to the establishment, trading and exchange of financial products at an appropriate time.

c/ Continuing to improve policies and laws on inspection, examination and supervision in the fields of finance, banking and insurance, and in the financial market and financial services.

d/ Conducting reviews and evaluations so as to formulate and update development strategies for each component market, including the banking, securities and insurance markets, and the development strategy of the International Financial Centre; and proposing specific objectives, solutions, tasks and implementation roadmaps appropriate to development requirements.

2. Group of solutions regarding products and commodities

a/ For the stock market

- To review and amend regulations on the principles for application of the List of sectors and trades subject to conditional market access for foreign investors in the securities market, ensuring conformity and consistency with the investment law, thereby further increasing opportunities for foreign investors to access appropriate sectors and fields and attracting large-sized enterprises with sound financial conditions and good corporate governance to be listed on the securities market.

- To accelerate the equitisation of, and divestment of state capital at, large groups and corporations (according to the list promulgated together with Decree No. 57/2026/ND-CP): To continue reviewing and removing obstacles concerning land-related legal issues, enterprise valuation and valuation of public assets. To study the application of flexible mechanisms such as electronic book-building and electronic auctions in order to broaden access for international institutional investors and enhance transparency in the process of divestment of state capital, thereby improving capital mobilisation efficiency and optimising the value of state assets. To actively carry out equitisation of, and divestment at, enterprises according to the plans and roadmaps approved by competent authorities; to study promulgating scoring criteria accompanied by strict reward and sanction mechanisms; and to encourage equitised enterprises to register their stocks for trading/listing as soon as they become eligible.

- To gradually implement the listing and trading of stocks of public companies that are foreign-invested enterprises on stock exchanges.

- To improve corporate governance and carry out information disclosure in accordance with international standards. To publish and disseminate the ASEAN and OECD corporate governance assessment criteria; to organise training courses and provide guidance for enterprises; to strive for the target that by 2030 at the latest, Viet Nam’s corporate governance indicators will move out of the lower-ranking group in ASEAN.

- To formulate a roadmap for developing the green capital segment of the securities market through the development of green stocks, green corporate bonds and specialised ESG investment funds. To develop a Green Stock Index and upgrade existing ESG indices approaching international standards, thereby forming a green investment ecosystem.

- To study the establishment of a specialised trading market exclusively for innovative start-ups, thereby contributing to promoting appropriate capital mobilisation for the knowledge-based economy. To study the establishment of specialised market segments to meet investors’ needs based on their risk appetite.

b/ For the government bond market

- To proactively regulate issuance volumes, maturities and interest rates in accordance with Resolution No. 26/2026/QH15 on the national financial plan and public debt borrowing and repayment plan for the 2026-2030 period, closely following market developments so as to mobilise capital for the state budget at reasonable costs, in association with restructuring the government debt portfolio towards sustainability. To develop a benchmark government-bond yield curve for use as a reference for financial products.

- To diversify products (green bonds, sustainability bonds, floating-rate bonds, inflation-linked bonds, etc.) to meet investors’ needs and enhance the Government’s capital mobilisation capacity.

- To proactively conduct bond redemption and swap operations so as to improve debt management efficiency, and develop repo transactions and liquidity management support instruments to develop the secondary market.

c/ For the corporate bond market

- To implement regulations on credit ratings for bonds offered to the public and regulations on mandatory credit ratings for privately placed bonds offered to individual investors.

- To study the diversification of products and capital mobilisation models for infrastructure development, including infrastructure bonds, ESG bonds and PPP bonds for special-purpose vehicles (SPVs), with a view to mobilising capital during the prefeasibility stage of projects or transforming infrastructure assets with stable cash flows into financial products.

d/ For the derivatives market

To gradually introduce stock index option contracts, futures contracts and option contracts based on individual stocks or baskets of stocks; to improve the quality of existing indices, revise index rules in conformity with international practices, and develop additional indices for use as underlying assets for the derivatives market, etc.; to diversify derivative products based on various underlying assets.

dd/ For the monetary and credit market

- To continue developing financial inclusion and expanding people’s access to banking services: To promote digital banking and agent banking and develop financial products and services serving people and enterprises, particularly those in rural, deep-lying, remote, border and island areas, vulnerable groups, the poor, low-income earners, microenterprises and groups that do not yet have adequate access to formal financial services. To expand financial coverage, reduce “black” credit, and improve access to capital for microenterprises, business households and informal workers.

- To channel credit into production and business sectors, priority sectors (including small- and medium-sized enterprises) and economic growth drivers in accordance with the guidelines of the Government and the Prime Minister; to promote green credit, thereby contributing to transforming the economy towards green growth, low carbon emissions and climate change adaptation.

- To accelerate the provision of credit information products and services in the digital environment; to continue implementing the National Financial Inclusion Strategy for the 2026-2030 period; to implement solutions to facilitate access to credit capital for customers and enterprises (small- and medium-sized enterprises).

- To study and introduce hedging products in the foreign exchange market for foreign indirect investment activities.

- To develop the debt trading market towards modernity, transparency and high liquidity, with a focus on developing and operating a national debt exchange on a digital platform. The exchange will serve not only as a venue for debt trading but also as an integrated platform that enables: (i) standardisation and disclosure of information on debts and collateral (including their legal status, cash flows and current status of assets, etc.); (ii) organisation of electronic transactions and auctions in a transparent manner, reducing reliance on bilateral negotiation mechanisms; (iii) establishment of a pricing mechanism based on market supply and demand for special bonds issued by debt trading organisations and asset management organisations in connection with the trading of non-performing loans of credit institutions and overdue corporate bond debts held by credit institutions; and (iv) connection and development of a non-performing loan resolution ecosystem comprising credit institutions, domestic and foreign investors, investment funds, intermediary organisations (valuation, audit, legal and financial consultancy, and brokerage organisations), asset operation and restructuring entities, together with regulatory authorities and data infrastructure serving market surveillance and support. To develop a sector-wide non-performing loan data centre to strengthen confidence and improve the operational efficiency of the debt trading market.

- To study and formulate a Scheme on the establishment of a gold exchange in Viet Nam according to a roadmap appropriate to the domestic situation and conditions and to national financial and monetary security and safety.

- To study and assess the feasibility of introducing a central bank digital currency (CBDC).

e/ For the insurance market

- To develop a modern digital insurance and Insurtech ecosystem: To study and propose mechanisms to promote the application of digital technologies in the insurance sector; to study the feasibility of implementing a regulatory sandbox for a number of appropriate insurance business models applying new technologies.

- To develop an ecosystem of insurance products serving social security and adaptation to population ageing: To promote voluntary pension insurance products and elderly care insurance products, and develop an ecosystem combining insurance, healthcare and elderly care.

- To encourage the development of insurance products covering emerging risks of the digital economy and climate change, such as cybersecurity insurance, data insurance, digital asset insurance, climate insurance and national disaster insurance.

- To diversify and professionalise insurance distribution channels: To establish a legal framework and professionalise distribution channels; to standardise insurance distribution activities through agents being organisations and banks; to improve service quality and minimise arising disputes. To promote the application of information technology in insurance transactions and customer care services.

- To promote the dissemination of information and knowledge about insurance.

g/ For the cryptoasset market

- To implement a regulatory sandbox for products, services and business models applying technology in the financial and banking sectors.

- To formulate a roadmap for implementation, starting with a regulatory sandbox and subsequently expanding to tokenised securities, tokenisation of RWAs, tokenised bonds, tokenised investment funds, and depository and payment services based on distributed ledger technology (DLT).

3. Group of solutions regarding the investor base

a/ For domestic institutional investors

- To implement solutions to restructure the investor base and develop the securities investment fund industry; to focus on developing and diversifying types of investment funds and securities indices, expanding investment limits for open-ended funds and diversifying distribution channels for fund certificates; to encourage types of investment funds serving long-term investment in infrastructure, real estate, innovative start-ups, and programmes and projects with green and sustainable objectives, etc.

- To study regulations allowing insurance enterprises to make long-term investment in infrastructure bonds and real estate investment trusts (REITs).

- To renew the investment mechanism of the Vietnam Social Security towards professionalism and proactive participation in the primary and secondary government bond markets in association with the management needs of insurance funds.

- To study the application of a Stewardship Code to institutional investors in accordance with recommendations of the Organisation for Economic Co-operation and Development (OECD).

- To expand the participation of investment funds, insurance enterprises and credit institutions in the derivatives market.

b/ For individual investors

- To encourage individual investors to participate in the capital market and the securities market through professional investment institutions in order to minimise risks and improve investment efficiency.

- To strengthen training, knowledge dissemination and communication for investors, particularly individual investors, in order to improve their investment knowledge and skills.

c/ For foreign investors

- To gradually simplify account opening procedures, foreign currency conversion procedures and procedures for remittance of profits to their home countries for foreign investors.

- To accelerate the roadmap for application of International Financial Reporting Standards (IFRS) in order to enhance transparency and international comparability and facilitate the attraction of long-term foreign investment capital flows.

- To review and expand market access for foreign investors according to an appropriate roadmap, on the basis of a full and comprehensive assessment of impacts, so as to ensure uniform application between domestic investors and foreign investors.

4. Group of solutions for developing intermediary financial institutions and service providers

a/ For credit institutions

- To study the formation of large-sized banks capable of competing in the region and possessing a governance system approaching international standards and practices; to continue encouraging a number of important commercial banks to early apply prudential ratios in accordance with regulations, approaching Basel III standards from 2026; to step up the resolution of non-performing loans and prevent and limit cross-ownership; to continue renewing supervision towards shifting from compliance supervision to risk-based supervision, approaching international standards and practices.

- To strengthen supervision of credit institutions, particularly activities posing latent risks, such as extension of credit to the real estate and securities sectors and investment in corporate bonds, etc.

- To develop the Vietnam Asset Management Company (VAMC) into a central institution in the formation and development of the debt trading market, while continuing to serve as an effective instrument of the State for resolving non-performing loans and restructuring credit institutions. To develop the debt exchange into infrastructure for the national debt trading market; to establish a database on non-performing loans and collateral. To improve the legal framework on resolution of non-performing loans, disposal of collateral and debt trading. To increase VAMC’s charter capital in accordance with the approved policy.

- To continue directing credit institutions to: (i) improve credit quality, strictly control credit extended to sectors posing latent risks; to strengthen substantive resolution of non-performing loans through recovery of debts from customers, disposal of collateral for non-performing loans, etc.; (ii) review, assess, regularly monitor and strictly control credit extension activities so as to promptly detect and prevent risks; and (iii) carry out decentralisation and delegation of powers in association with risk control.

b/ For securities businesses

- To improve financial capacity, operational quality and risk management capacity of securities businesses (securities companies and securities investment fund management companies) towards professionalism and modernity and with the capacity to provide integrated financial services.

- To study the promulgation of regulations to strongly promote the application of Fintech, artificial intelligence (AI), digital data and digital transactions.

c/ For insurance enterprises

To improve financial capacity and strengthen financial governance; to improve governance, administration and corporate risk management capacity towards modernity and professionalism; to enhance the disclosure of information in a complete, comprehensive and timely manner; to encourage capable enterprises to be listed on the securities market; to encourage insurance and reinsurance enterprises to conduct credit ratings.

d/ For service providers

- For providers of specialised services in the capital market

+ To promote credit rating activities in the capital market and the securities market through: (i) improving the legal framework; (ii) encouraging investment funds, credit institutions and insurance enterprises to use independent credit rating results as a measure of risks in investment portfolio management; and (iii) raising enterprises’ and investors’ awareness of the role of credit rating services.

+ To study the development of bond pricing service providers so as to provide an additional source of reference information for investors in the corporate bond market.

+ To implement the certification of green project and green bond standards in accordance with the law on environmental protection, and, if difficulties or obstacles arise during the implementation, promptly amend relevant legal provisions.

- For accounting, auditing and valuation services

+ To continue improving the legal framework towards closer alignment with international standards in association with digital transformation. To study and assess the inclusion of new types of assets and transactions, such as digital assets, tokenised RWAs, digital data and decentralised finance models, in the scope of subjects subject to auditing.

+ To develop new-generation accounting and auditing standards, adding provisions on ESG reporting, carbon emissions auditing, data auditing and intellectual asset auditing.

+ To modernise accounting and auditing supervisory infrastructure on digital technology platforms. To study the feasibility of developing a national financial and accounting database system capable of interconnecting with tax, e-invoice, customs, banking and securities market data.

+ To improve the quality, independence, professional ethical standards and legal responsibilities of audit firms and auditors. To apply stringent audit quality control mechanisms to public-interest entities, credit institutions, listed enterprises and major PPP projects, while enhancing the supervisory role of regulatory authorities.

5. Group of solutions regarding market infrastructure and information technology application

- To organise the implementation of the Strategy on development of payment systems through 2030; to upgrade and modernise the National Interbank Electronic Payment System and the financial switching and electronic clearing system. To study a mechanism for connecting the national electronic payment system with the digital identification system and population database.

- To improve securities market infrastructure towards modernity and alignment with international practices: To prepare the necessary conditions for implementing the central counterparty mechanism for the underlying securities market in 2027, allowing commercial banks and foreign bank branches to act as central counterparty clearing members in accordance with law and international practices, ensuring stable operation of the system.

- To upgrade the listing and trading systems in the securities market. To synchronously improve and complete the centralised corporate bond portal at the Stock Exchange, covering information on both corporate bonds offered to the public and privately placed corporate bonds.

- To promote digital transformation and technology application and modernise trading and payment infrastructure in the securities market; to upgrade technical functions to meet requirements for operation of new products according to the roadmap (such as new types of trading orders, securities borrowing and lending, trading through the lunch break, controlled short selling through the mechanism for selling securities pending settlement, intraday trading, etc.); to strictly control risks and ensure safety and security.

- To modernise information technology infrastructure of the banking system:

+ To invest in and develop information technology infrastructure for the application of new technologies (big data, AI and blockchain) in the banking sector. To promote research into and deployment of AI and other digital technologies in the provision of banking products and services. To study the application of automated credit scoring solutions using customer data repositories, open data, third-party data and reliable scoring models to support and facilitate customers’ access to loans by electronic means.

+ To enhance the capacity to protect network systems, databases and information systems providing services in the cyber environment, particularly payment systems, core banking systems and systems providing services to customers via the internet, in compliance with domestic and international standards. To proactively detect and promptly address threats to information security. To effectively operate the Security Operations Centre (SOC) and strengthen monitoring and early detection of risks, intrusions and cyberattacks.

+ To apply new technologies to banking inspection activities: To deploy SupTech and use AI and machine learning to analyse big data from credit institutions and automatically and early detect signs of cross-ownership and circular flows of funds among subsidiaries and affiliated companies within private economic groups.

+ To thoroughly shift the approach from “static data analysis” to real-time monitoring of “dynamic cash flows”.

+ To promote the application of information technology and actively provide high-level online public services, striving to build a digitalised foreign exchange management system.

+ To modernise technological infrastructure and vigorously apply science and technology, innovation and digital transformation to credit information activities; to continue researching and applying big data processing technologies, data lakes, AI, etc., to the collection, processing and analysis of data and provision of credit information.

+ To develop Fintech and insurance technology companies; to apply AI and blockchain in the supervision (SupTech and RegTech) of insurance business activities.

- To study the establishment of an on-chain data analysis centre applying AI, big data and blockchain analytics to support transaction tracing, detect unusual flows of funds, and supervise the activities of issuers and digital asset exchanges.

- To strengthen cybersecurity, ensure information security and protect data for securities trading, payment, registration, depository, clearing and listing systems; payment systems; the digital financial market; and critical financial infrastructure of the financial market.

6. Group of solutions regarding market surveillance, supervision and administration

a/ Regarding market administration

- To continue administering the monetary policy in a proactive and flexible manner, in close coordination with the fiscal policy and other macroeconomic policies, while remaining steadfast in the objectives of controlling inflation, maintaining macroeconomic stability and supporting sustainable economic growth, specifically as follows:

+ To implement interest rate administration solutions appropriate to market developments, macroeconomic conditions, inflation and objectives of the monetary policy.

+ To flexibly conduct open market operations in synchronous coordination with monetary policy tools so as to support liquidity for the system of credit institutions; to study the use of government bonds as a tool for administering the monetary policy to support the Government’s capital mobilisation and reduce costs for administering the monetary policy in line with international practices.

+ To administer exchange rates in a flexible and appropriate manner and synchronously coordinate tools and measures so as to contribute to stabilising exchange rates and the foreign exchange market. To closely monitor domestic and international market developments and promptly implement foreign exchange management measures to ensure market stability.

+ To implement credit programmes and policies under the direction of the Government and the Prime Minister and coordinate with ministries, sectors and localities in promptly removing obstacles arising during implementation.

+ To closely monitor credit growth for timely administration, ensuring that credit growth closely follows macroeconomic developments, contributes to inflation control and meets the capital needs of sectors and fields of the economy. To direct credit institutions to ensure safe and efficient credit growth; and channel credit into production and business sectors, priority sectors and economic growth drivers, etc.; to strictly control credit extended to sectors posing latent risks (real estate, transport BOT and BT projects, and securities); to implement solutions to facilitate access to credit for people and enterprises.

- The Ministry of Finance shall closely coordinate with the State Bank of Viet Nam in information sharing and the administration of fiscal and monetary policies in order to mobilise funds for the state budget at reasonable costs, while maintaining macroeconomic stability and promoting growth.

b/ Regarding management and supervision

- For the securities market: To promote the application of digital technologies to market supervision and surveillance through application of RegTech, SupTech, AI and big data in the supervisory infrastructure of the State Securities Commission of Vietnam and Stock Exchanges in order to enable early detection of signs of abnormal trading, price manipulation, insider trading or emerging risks.

- For the monetary and banking market:

+ To continue renewing banking supervision towards shifting from compliance supervision to risk-based supervision, approaching international standards and practices.

+ To improve mechanisms for handling poorly performing credit institutions, and bankrupt securities companies and insurance enterprises; and mechanisms for deposit insurance and investor protection.

+ To synchronously implement solutions for management of the gold market.

- For the insurance market:

+ To reform management and supervision methods towards gradually transiting to risk-based management and supervision, in parallel with building and improving the information technology system; to improve the level of full compliance with management and supervision standards issued by the International Association of Insurance Supervisors (IAIS).

+ To establish a National Insurance Data Centre and an inter-sectoral data-sharing mechanism in order to improve the effectiveness of management and supervision and prevent and combat insurance fraud. In the long term, to study the application of blockchain to maintain records of insurance claims and establish a market-wide insurance fraud warning network.

- Regarding coordination in management and supervision:

+ To improve the supervisory model combining functional supervision with cross-sectoral supervision among the banking, securities and insurance sectors in order to prevent risks; to supervise capital flows in the financial market through intermediary institutions; to contribute to the combat of money laundering, the financing of terrorism and systemic risks; to enhance openness and transparency; prevent and combat corruption, waste and negative practices; and improve the effectiveness of state management and supervision.

+ To strengthen coordination and information exchange among the Ministry of Finance, the State Bank of Viet Nam and the Ministry of Public Security in order to closely supervise capital flows, promptly handle complicated cases showing signs of criminal offences, and improve the effectiveness of economic crime prevention. To establish a mechanism for sharing data and information among the State Bank of Viet Nam, the Ministry of Finance, tax authorities, customs authorities and financial institutions in order to enable early detection of fraud, manipulation of capital flows and risks of systemic crises.

To study a mechanism for sharing information on supervision of the financial market with inspection and examination agencies; to study the development of national data sharing and coordination platforms to ensure unified data governance for state management, inspection and examination, settlement of complaints and denunciations, and prevention and combat of corruption, waste and negative practices.

+ To study the formulation and implementation of a mechanism for supervision of financial groups, focusing on supervision of cross-ownership and systemic risks.

+ To implement a coordination mechanism for the resolution of non-performing loans in accordance with assigned functions, tasks and powers, specifically as follows:

. The Ministry of Finance: To continue promoting the safe and sustainable development of, and removing difficulties facing, the securities market and the corporate bond market, thereby providing channels for mobilisation of medium- and long-term capital for the economy and reducing dependence on bank credit.

. The Ministry of Public Security: To direct public security agencies at all levels to continue coordinating with, and supporting, credit institutions and VAMC in ensuring security and order during the seizure and disposal of collateral for debt recovery. To handle violations of law in the monetary and banking sectors.

. The Ministry of Justice: To continue directing the Civil Judgment Enforcement Management Agency to coordinate with, and support, VAMC and credit institutions in the enforcement of court judgments and decisions concerning the disposal of collateral and to accelerate the enforcement of unsettled cases.

. The Ministry of Construction: To continue implementing solutions to remove difficulties, obstacles and legal bottlenecks in order to accelerate the implementation of real estate projects. To continue coordinating with the Ministry of Public Security in updating, improving and operating the national database system on housing and the real estate market, connected with national databases on population, notarisation, land, investment and construction, etc.

7. Group of solutions regarding financial integration, upgrading of the securities market and implementation of the International Financial Centre

a/ Regarding international financial integration

- To comprehensively and effectively carry out activities concerning external relations and international economic integration in conformity with major policies and guidelines of the Party and the Government, ensuring macroeconomic stability and the security and safety of the financial, monetary and banking system, specifically as follows:

+ To formulate and effectively implement the Strategy on international integration in the monetary and banking sector.

+ To implement treaties and international agreements and commitments to which Viet Nam is a contracting party, ensuring fulfilment of rights, obligations and commitments with the highest quality and effectiveness.

+ To effectively implement international commitments through the formulation and promulgation of plans for implementation of free trade agreements (FTAs), so as to maximise opportunities and minimise challenges arising from FTAs.

- To study and selectively refer to international standards and practices so as to improve financial policies: To monitor, study and appropriately apply good practices of central banks and recommendations of international organisations concerning the reform and development of the monetary and banking, securities and insurance markets.

- To strengthen extensive international integration and cooperation in order to enhance the position of Viet Nam’s securities market, promote bilateral and multilateral relations at international forums, and implement international commitments.

- To coordinate and effectively utilise international technical assistance programmes:

+ To strengthen cooperation with the IMF, BIS, WB, ADB and bilateral partners to mobilise technical assistance for priority areas such as the monetary policy framework, foreign exchange reserve management, macroprudential supervision, banking system stress testing, crisis resolution, prevention and combat of money laundering, digital finance and climate risk management.

+ To study and propose that international organisations implement a comprehensive assessment programme for Viet Nam’s financial market in order to objectively assess the current state of the financial market, serving as a basis for formulating overall strategies and individual strategies for each sector for the 2026-2030 period, with a vision towards 2045, in conformity with development requirements and international practices.

- To proactively participate more extensively in international insurance forums and make use of commitments under CPTPP, EVFTA and RCEP to attract capital flows, technology and modern governance experience.

b/ Regarding the upgrading of the securities market

- To focus on implementing solutions for upgrading the securities market in accordance with the Scheme approved by the Prime Minister. To sustainably maintain the upgrading of the securities market in accordance with FTSE Russell criteria and gradually meet higher assessment criteria of international rating organisations such as MSCI.

- To continue promoting cooperation and integration with global financial and securities markets, meeting increasingly stringent requirements for financial security and safety and improving competitiveness and risk management, etc., in accordance with international standards and practices; to improve the quality of corporate governance in adherence to the principles of OECD.

- To promote investment promotion programmes in order to enhance the image of Viet Nam’s capital market among major institutional investors worldwide; to renew investment promotion activities to proactive, professional and substantial and in a long-term orientation.

c/ Regarding the International Financial Centre

- The International Financial Centre’s Executive Body shall assume the prime responsibility for, and coordinate with relevant ministries and agencies in, promptly promulgating the Regulation on Operation of the International Financial Centre and documents guiding the organisation and operation of the International Financial Centre.

- Ministries and sectors shall coordinate with the International Financial Centre’s Executive Body in:

+ Continuing to propose and improve the legal framework and guiding documents for the International Financial Centre, particularly processes and procedures for licensing/approval of members. To study and propose the development of new and effective financial products and services appropriate to Viet Nam’s practical conditions.

+ Addressing arising difficulties and obstacles in relation to foreign exchange policies and specific mechanisms for the provision of financial services.

+ Coordinating with the Supervisory Body in inspection, examination, supervision, and handling of violations related to banking activities, securities activities, foreign exchange activities, prevention and combat of money laundering, prevention and combat of the financing of terrorism, and prevention and combat of the financing of proliferation of weapons of mass destruction at the International Financial Centre.

+ To monitor and assess the operation of the International Financial Centre in order to propose measures to ensure national financial and monetary security (such as ceasing or suspending one, several or all of activities of a member; restricting transaction objects, transaction currencies, etc.).

8. Group of solutions for improving quality of the financial human resources and promoting financial literacy

- To formulate a Scheme on development of high-quality financial human resources for implementation at key universities; to develop a contingent of experts in financial AI, cybersecurity, big data, quantitative risk management and international finance. To effectively utilise training programmes, policy dialogues and international expert networks, etc., in order to enhance the capacity of staff of regulatory authorities in research, analysis, negotiation, and investment promotion and support, as well as their knowledge of international experience in digital transformation, green finance and financial market reform.

- To improve the quality of human resources in the banking, securities, insurance, accounting and auditing sectors towards standardising the quality of human resources at enterprises; to promote the socialisation of training activities; to strengthen training and standardise professional competency frameworks; to enhance training cooperation with international training organisations. To renew CPA and accounting and auditing training programmes towards increasing their content on technology, data and modern risk management. To promote mutual recognition of professional qualifications with major countries and international organisations in order to enhance the competitiveness of Viet Nam’s human resources. To strengthen the role of professional associations in developing professional standards, supervising professional ethics, updating professional knowledge and providing policy feedback.

- To standardise competency frameworks and practising certificates in the securities, insurance, accounting and auditing sectors.

- To implement the Financial Inclusion Strategy and promote financial literacy among the public; to incorporate financial education into the general education curriculum. To establish mechanisms for financial consumer protection and for the settlement of disputes and complaints.

Article 2. Organisation of implementation

1. The Ministry of Finance shall assume the prime responsibility for performing tasks related to the capital market, insurance market and financial services in the capital market (accounting-auditing, credit rating, etc.), focusing on the following tasks:

a/ To review, amend and supplement specialised laws on securities, insurance, accounting-auditing, cryptoassets and the International Financial Centre; to formulate and update sectoral strategies to identify objectives, tasks and solutions for the 2026-2030 period, with a vision towards 2045. To proactively review and propose amendments to inappropriate regulations to strengthen management and supervision and enhance the sanctions against violations of law, and protect lawful rights and interests of entities participating in the financial market; to study international experience for proposing the formulation of a law on the management and supervision of the financial market and financial services for Viet Nam at an appropriate time.

b/ To implement solutions for upgrading, and maintaining the upgraded status of, the securities market and develop the securities market into a key component of the capital market, striving to achieve the objectives set for 2030 and 2045.

To direct the State Securities Commission of Vietnam, the Vietnam Exchange and the Vietnam Securities Depository and Clearing Corporation to review processes and regulations related to securities activities and professional operations; and perform the tasks set forth under the Scheme on upgrading of the securities market, this Scheme, and directions of the Party, the National Assembly, the Government and the Prime Minister.

c/ To implement the pilot operation of the cryptoasset market; to proactively conduct assessments so as to study and formulate a legal framework for digital assets, cryptoassets and licensed digital asset exchanges.

d/ To carry out an overall review of difficulties and shortcomings arising in the implementation of the Law on Insurance Business and guiding documents, and propose competent authorities to amendt legal documents to facilitate the operation of enterprises and the development of the insurance market.

dd/ To closely coordinate with the State Bank of Viet Nam in administrating fiscal and monetary policies so as to mobilise capital for the state budget at reasonable costs, maximise the mobilisation of resources for investment in economic development and maintenance of macroeconomic stability.

e/ To develop green finance products, sustainable finance products and financial products associated with the digital economy in the capital market and securities market.

g/ To upgrade and improve infrastructure and promote the operation of the capital market and securities market; to promote public offerings of shares and bonds in association with their listing for trading so as to increase the supply of high-quality goods in the securities market; to encourage credit rating activities. To continue implementing solutions to enhance financial capacity and risk management capacity and improve operational quality of securities trading organisations; to develop the investor base, prioritising the development of long-term investors such as investment funds and pension funds, and attracting foreign investors.

h/ To strengthen the examination and supervision of service provision activities of intermediary financial institutions in the capital market and securities market.

i/ To closely coordinate with the State Bank of Viet Nam and related agencies in formulating and improving mechanisms and policies; and in the inspection, supervision, and handling of violations. To promote digital transformation and the interconnection of national databases among sectors and fields, especially between the national database on the capital market with those on the monetary market, insurance, taxation, enterprises and population.

k/ To give advice and report to competent authorities on improving the legal framework and organising the implementation of solutions for operating and developing the International Financial Centre.

l/ To strengthen the provision of information on, dissemination and training of, and public communication about, laws for market participants, especially individual investors.

2. The State Bank of Viet Nam shall assume the prime responsibility for contents related to the monetary market, credit, foreign exchange, payment systems, restructuring of credit institutions, and supervision of the operations of credit institutions, with a focus on the following tasks:

a/ To administer the monetary policy in consistency with the objective of controlling inflation and supporting sustainable economic growth; to use tools and solutions in a synchronous manner, with flexible timing and intensity appropriate to practical circumstances. To strengthen coordination with the fiscal policy and other macroeconomic policies in order to maintain macroeconomic stability, control inflation and consolidate major balances of the economy.

b/ To continue improving the legal framework for banking activities; to simplify the institution on foreign exchange management by amending, supplementing or annulling regulations that are no longer appropriate, thereby ensuring consistency with newly enacted laws.

c/ To coordinate with the Ministry of Finance in studying international experience for proposing the formulation of a law on the management and supervision of the financial market and financial services.

d/ To continue restructuring poorly performing credit institutions in association with the handling of non-performing loans, improving the quality and effectiveness of inspection and supervision so as to ensure consistency and feasibility in realities and shift from compliance supervision to risk-based supervision, approaching international standards and practices.

dd/ To supervise the extension of credit, investment and capital mobilisation of credit institutions for activities with potentially high risks. To promptly provide early warnings and take handling measures under regulations so as to limit risks and threats to the safety of the system of credit institutions.

e/ To promote digital transformation in the banking sector and the application of new technologies and techniques to banking products and services.

g/ To implement the tasks assigned under the Scheme on upgrading of Viet Nam’s securities market; to study and amend, within the ambit of its functions and tasks, regulations on the opening and use of payment accounts and indirect investment capital accounts; to promulgate instruments for prevention of exchange rate-related risks for foreign investors, thereby facilitating their access and investment in Viet Nam.

3. The Ministry of Public Security shall

a/ Assume the prime responsibility for, and coordinate with related ministries and sectors in, promptly detecting and strictly handling violations in the securities, monetary-banking and insurance markets; protect the lawful rights and interests of investors, thereby contributing to helping the financial market operate in a transparent, stable, safe and sustainable manner and promoting economic growth.

b/ Direct relevant units and functional forces to investigate and verify violations for strict handling in accordance with law, especially acts of disseminating false or inaccurate information that affect security and safety of the financial market; and promptly provide information on the handling of such violations so as to ensure market stability.

c/ Coordinate with the Ministry of Justice, the Government Inspectorate, the Ministry of Finance and the State Bank of Viet Nam in lawmaking and prevention and combat of financial and banking crimes, money laundering and terrorist financing; and manage the system of population databases that share data and are connected with financial and credit management data systems to serve management and supervision work.

4. The Ministry of Science and Technology shall ensure telecommunications, information technology, digital and data infrastructure, thereby facilitating the development of the digital financial infrastructure; and coordinate with the Ministry of Finance and the State Bank of Viet Nam in studying and developing new financial products associated with the digital economy.

5. The Ministry of Agriculture and Environment shall provide guidance on the identification of green projects and projects meeting circularity criteria, and the application of circularity criteria and the ESG standards framework; and coordinate with the Ministry of Finance and the State Bank of Viet Nam in studying and developing new financial products associated with the environment and ESG.

6. The Ministry of Culture, Sports and Tourism shall

a/ Coordinate with the Commission for Publicity and Mass Mobilization of the Communist Party of Viet Nam Central Committee, the Viet Nam Journalists’ Association and related agencies in directing and giving orientations to press agencies at regular press briefings, thus strengthening the provision of information on, and public communication about, operations of the financial market and enterprises so as to attract domestic and foreign investors to participate in the financial market; and strengthen the dissemination of, and public communication about, legal provisions applicable to market participants.

b/ Coordinate with related units in handling acts of disseminating false or inaccurate information affecting the financial market and investor sentiment.

7. The Ministry of Education and Training shall

a/ Formulate and implement education programmes and programmes for disseminating financial knowledge from general education to specialised financial training programmes at undergraduate and postgraduate levels.

b/ Coordinate with international universities in implementing inter-university training programmes and programmes for the issuance of international financial certificates.

8. Ministries, sectors and provincial-level People’s Committees shall

a/ Coordinate in implementing relevant contents, particularly Ho Chi Minh City and Da Nang with respect to the International Financial Centre.

b/ Based on their functions and tasks, proactively keep up with developments in the sectors and fields under their respective management and promptly coordinate with the Ministry of Finance, the State Bank of Viet Nam and the Ministry of Public Security in developing a sustainable, transparent and efficient financial market.

9. Evaluation of the Scheme’s implementation

a/ The Ministry of Finance shall assume the prime responsibility for, and coordinate with the State Bank of Viet Nam and related ministries and sectors in, reporting to the Prime Minister on the establishment of the Steering Committee for Financial Market Reform headed by a Deputy Prime Minister. The Steering Committee shall operate on a part-time basis, hold regular meetings, and implement reporting and independent evaluation mechanisms to review and assess the implementation of the Scheme’s objectives, solutions and tasks.

b/ The Ministry of Finance, the State Bank of Viet Nam and related agencies shall proactively coordinate in developing a set of indicators for monitoring the financial market by field and period; and report to the Prime Minister on mid-term evaluation in 2030 for recommending appropriate policy adjustments.

c/ The Ministry of Finance and the State Bank of Viet Nam shall proactively coordinate with international organisations in studying, proposing and implementing a programme for comprehensive assessment of Viet Nam’s financial market and financial services to objectively assess the current state of the financial market and the impacts of the Scheme’s implementation on socio-economic development.

d/ The Ministry of Finance shall assume the prime responsibility for, and coordinate with the State Bank of Viet Nam and related ministries, sectors and agencies in, making a comprehensive assessment report on the results of implementation of the Scheme in 2030, and on that basis, propose objectives and solutions for comprehensive financial market reform in the subsequent period.

Article 3. Implementation roadmap

The Ministry of Finance, the State Bank of Viet Nam, the Ministry of Public Security, the Ministry of Science and Technology, the Ministry of Agriculture and Environment, the Ministry of Education and Training, the Ministry of Culture, Sports and Tourism, and related ministries, sectors and localities shall organise the implementation of tasks as assigned in the Appendix to this Decision.

Article 4. Resources for implementation

Funds for the implementation of tasks under the Scheme shall be allocated within the state budget estimates and medium-term and annual public investment plans assigned by competent authorities to ministries, central agencies and localities; lawful financial sources of agencies, units and organisations; capital sources of enterprises; and other lawful sources of capital in accordance with law.

Ministries, agencies and localities shall proactively allocate funds for implementation within their assigned estimates and capital plans. The estimation, management, use and account-finalisation of funds must comply with the law on the state budget, the law on public investment and other relevant laws.

Article 5. Effect

1. This Decision take effect on the date of its signing.

2. The Minister of Finance, the Governor of the State Bank of Viet Nam, ministers, heads of ministerial-level agencies, Chairpersons of provincial-level People’s Committees, and heads of related agencies shall implement this Decision.-

For the Prime Minister
Deputy Prime Minister

NGUYEN VAN THANG

* The Appendix to this Decision is not translated.