On August 13 and 14, 2025, the Vietnamese government took decisive steps to reform its economic landscape, aiming to create a more open, competitive, and digitally advanced business environment. At the heart of these efforts were high-level meetings and directives led by Deputy Prime Minister Hồ Đức Phớc and the Minister of Industry and Trade, targeting key areas such as the securities market and administrative procedures across the Industry and Trade sector.
According to Nhịp Sống Thị Trường, Deputy Prime Minister Hồ Đức Phớc convened a crucial meeting with representatives from various ministries to discuss proposed amendments to Decree No. 155/2020/ND-CP, which details several provisions of the Securities Law. The gathering zeroed in on a handful of pressing issues: the maximum foreign ownership ratio in Vietnamese enterprises, the role of commercial banks as members of the central counterparty (CCP) mechanism in the securities market, the function of financial institutions in guaranteeing bonds, and the management of securities transaction accounts.
The Ministry of Finance reported that the draft decree had been meticulously prepared in line with expedited legal procedures. It was submitted for government review, with 23 out of 24 cabinet members voting in favor, one member abstaining, and three expressing alternative viewpoints, resulting in a total of seven distinct opinions. These differing perspectives primarily revolved around the use of national population data for administrative processes in the securities field, the clarity of transitional provisions concerning the maximum foreign ownership ratio, and the treatment of foreign financial institutions and credit organizations under the new regulations.
In response, the Ministry of Finance accepted four out of the seven alternative opinions, notably including the suggestion to leverage national population data for securities-related administrative procedures. The Ministry also clarified that, once the new decree is in effect, companies will lose the right to independently adjust their maximum foreign ownership ratio by shareholder decision—a significant shift in corporate governance. Additional adjustments were made to ensure the draft decree aligned with both the Securities Law and the newly updated Law on Credit Institutions 2024.
During the meeting, representatives from the State Bank of Vietnam voiced concerns about the risks associated with allowing commercial banks to participate in the CCP model, specifically regarding payment clearing on the securities market. The Ministry of Finance addressed these points, emphasizing the need for careful risk management and regulatory alignment. The Ministry of Justice also weighed in, focusing on the procedural integrity and legal consistency of the legislative process.
Deputy Prime Minister Hồ Đức Phớc concluded the meeting by underscoring the government’s commitment to protecting business rights and fostering conditions for sustainable enterprise growth. He stated, “Regulations must ensure business rights and create conditions for sustainable enterprise development. Upgrading the securities market must be based on the underlying vitality of the economy and enterprises.” He directed the Ministry of Finance to continue refining the draft, incorporating technical adjustments, and to coordinate with the Government Office for the necessary submission procedures.
While these reforms in the securities sector were underway, the Ministry of Industry and Trade was also moving swiftly to overhaul Vietnam’s approach to administrative procedures. As reported by Nguyễn Kiên, on August 14, 2025, the Minister of Industry and Trade issued a directive to all relevant departments, instructing them to collaborate with the Legal Department to review, consolidate, and implement a plan to cut and simplify business conditions in accordance with Government Resolution No. 66/NQ-CP. The goal: to establish a transparent, efficient, and business-friendly regulatory environment.
The Ministry’s plan calls for the complete standardization, publication, and full disclosure of all administrative procedures related to production and business activities within the Industry and Trade sector. This is especially pertinent for import-export procedures, which have recently been decentralized to local governments. To support this transition, the Ministry is prioritizing online training and the application of artificial intelligence, ensuring that localities are well-equipped for their new responsibilities.
Inspection and supervision are to be conducted regularly, aiming to prevent bottlenecks that could hinder investment, production, or business operations. The Ministry has also mandated an urgent review and revision of any regulations that conflict with the principle that administrative procedures should not be restricted by provincial boundaries. For example, requirements that force citizens or businesses to complete procedures only at their place of residence or registration are being reconsidered for greater convenience. All new guidance documents must be unified nationwide and finalized before August 30, 2025.
The Department of E-commerce and Digital Economy has been tasked with accelerating the development and updating of 40 critical databases within the Industry and Trade sector, either in real time or at mandated intervals. These databases must meet stringent criteria for accuracy, completeness, cleanliness, liveliness, unity, and shared usability. They are intended to seamlessly connect with the National Public Service Portal and provincial-level administrative systems, facilitating efficient administrative procedure resolution regardless of local administrative boundaries. The target completion date for these digital upgrades is August 15, 2025.
To ensure accountability, the Ministry has made it clear that department heads are directly responsible for the outcomes of these reforms. They must submit monthly reports before the 20th of each month, with the Ministry Office monitoring and reporting progress to the Minister by the 23rd. The anticipated result is a significant reduction in compliance costs for businesses, improved national competitiveness, and an accelerated digital transformation within the Industry and Trade sector—perfectly in line with the government’s vision for business environment improvement from 2025 onward.
These sweeping reforms, taking place in rapid succession, signal Vietnam’s determination to modernize its regulatory framework and create fertile ground for economic growth. By addressing both the intricacies of the securities market and the broader landscape of administrative procedures, the government is sending a clear message: Vietnam is open for business, and it’s ready to compete on the global stage with greater transparency, efficiency, and digital innovation.
