[Last updated: 1 February 2026, unless otherwise noted]

The Law on Securities No. 54/2019/QH14  adopted by the National Assembly on 26 November 2019, as amended by Law No. 56/2024/QH15 adopted by the National Assembly on 29 November 2024 (Law on Securities), established the foundation for one concentrated stock exchange in Vietnam, the Vietnam Exchange (VNX), whose establishment, organization and operation are further governed by Decision No. 37/2020/QD-TTg dated 23 December 2020 of the Prime Minister. On 11 December 2021, the VNX was officially launched. The VNX and its subsidiaries (the Hanoi Stock Exchange and the Ho Chi Minh Stock Exchange) perform the function of organizing the securities market in Vietnam and operate under the management and supervision of the State Securities Commission (SSC).

Ho Chi Minh Stock Exchange (commonly referred to as HOSE) is one of two subsidiary stock exchanges of the VNX in Vietnam and also the largest one. Originally, the HOSE was officially opened as a securities trading center in 2000 and then upgraded to a stock exchange in 2007.

As recorded in its latest annual report for 2024, the HOSE has a total volume of listed securities as follows:

• Stocks (cổ phiếu): 166.1 billion (a 9.65% increase compared to 2023);
• Fund certificates (chứng chỉ quỹ): 62.2 million fund certificates (no change from 2023);
• Exchange-traded funds (ETF) (quỹ hoán đổi danh mục): 1.082 billion (a 23.54% decrease compared to 2023);
• Covered warrants (chứng quyền có bảo đảm): 1.302 billion (a 32.61% decrease compared to 2023).

The total value of the above-listed securities is equivalent to VND1,672,443 billion (approximately US$66.90 million), which reflects an increase of 9.34% compared to 2023. As of December 2024, a total of 393 companies were listed on the HOSE.

The mechanism of trading on the stock exchange in Vietnam is via put through or order-matching methods. Settlement is centralized through the Vietnam Securities Depository and Clearing Corporation (VSDC). As of 1 February 2026, 124 banks and securities companies (being depository members (thành viên lưu ký)) have been authorized to provide securities depository services (also known as ‘securities custody services'). By laws, all shares of public companies (including listed and unlisted companies) are required to be centrally deposited at VSDC prior to trading. The securities depository is managed at two levels, namely the securities are deposited with a depository member, who will then redeposit the securities with the VSDC.

The HOSE does not specialize in, or encourage listings of any particular type of company, but instead encourages any company that meets its listing requirements to list in Vietnam.

In the past, foreign investors were restricted to holding no more than a 49% shareholding in a Vietnamese listed company. Since 1 September 2015, the Vietnam Government has lifted this restriction and entitled foreign investors to acquire up to a 100% shareholding in a Vietnamese listed company, save for the limits that remain in certain service sectors pursuant to the international treaty to which Vietnam is a party (the Commitments to the World Trade Organization) and specialized laws of Vietnam or the limits set by the listed companies in their own charter. Practice has seen several listed companies that successfully raised their foreign ownership cap to allow up to 100% foreign investor ownership. Prior to 11 September 2025 (the effective date of Decree No. 245/2025/ND-CP, issued by the Government dated 11 September 2025), public companies were permitted to prescribe in their charters a foreign ownership cap lower than that permitted under international treaties and Vietnamese law, thereby further restricting foreign investors’ participation. With effect from 11 September 2025, public companies are no longer permitted to impose any foreign ownership limit that is lower than, or otherwise inconsistent with, the minimum foreign ownership threshold applicable to them under international treaties and Vietnamese law.

In Vietnam, there are three main regulators involved in any proposed listing on the HOSE and post-listing compliance matters. They are the SSC, HOSE and VSDC. The SSC is responsible for capital market development, licensing of participants, the issuance and enforcement of regulations and approval of listing rules issued by the VNX. The HOSE is in charge of implementing the listing rules, carrying out the listing procedures and managing the listed shares. The VSDC is in charge of matters relating to share registration services, securities depository services, clearing and settlement services. Securities must be deposited with a depository member, who will redeposit the shares with the VSDC before they can be listed.