Overview
The State Securities Commission of Vietnam (SSC) is Vietnam's principal securities market regulator, established in 1996 and operating under the Ministry of Finance. The SSC holds comprehensive authority over the securities industry, capital markets development, investor protection, and market supervision across Vietnam's two major stock exchanges and the over-the-counter (OTC) market. The organization is instrumental in Vietnam's emerging markets integration and IOSCO compliance.
Current Leadership:
- Chairwoman: Vu Thi Chan Phuong (appointed November 2024)
- Deputy Chairpersons and Board Members (multiple)
The SSC operates as both a supervisory and development-focused regulator, balancing market oversight with initiatives to enhance Vietnam's capital market competitiveness and international standing.
Basic Identity
| Field | Value |
|---|---|
| Official Name (English) | State Securities Commission of Vietnam (SSC) |
| Official Name (Local Language) | State Securities Commission of Vietnam (SSC) |
| Acronym | SSC |
| Country | Vietnam |
| Jurisdiction Level | National |
| Official Website | https://ssc.gov.vn/webcenter/portal/ssc |
| Official Website Language(s) | Vietnamese (primary), English (partial) |
| Headquarters | Vietnam |
| Year Established | 1996 |
| Current Status | Active |
Classification
| Field | Value |
|---|---|
| Entity Type | Securities Regulator |
| Control Layer | Layer 1 — Sovereign/Government Regulator |
| Legal Authority Level | Binding |
| Jurisdiction Level | National |
| Scope of Power | Licensing, Supervision, Enforcement, Rulemaking |
Inclusion Justification
| Field | Value |
|---|---|
| Why This Entity Is Included | Primary authority for capital markets regulation, securities licensing, and investor protection |
| Type of Influence | Direct |
| Exclusion Risk | Removes the capital markets regulatory authority, leaving securities and investment regulation undocumented |
What This Entity Oversees
Capital Markets Structure
Market Operators:
Stock Exchanges:
- Ho Chi Minh City Stock Exchange (HOSE)
- Primary equities market
- Hosts ~1,200+ listed companies
- Primary focus: equity shares
- Hanoi Stock Exchange (HNX)
- Secondary equities market
- Hosts ~400+ listed companies
- Restructuring: will focus on derivatives and bonds under 2027 reorganization plan
- UPCoM (Unlisted Public Companies Market)
- Over-the-counter market for smaller companies
- Alternative listing pathway
- Hosts ~700+ companies
Exchange Management:
- Vietnam Exchange (VNX) - Holding company (100% state-owned)
- Subsidiary: HOSE
- Subsidiary: HNX
- Market Reorganization Plan: Under implementation, expected completion before 2027
- HOSE to focus on share trading
- HNX to focus on derivatives and bond markets
Settlement and Custody:
- Vietnam Securities Depository and Clearing Corporation (VSDC) - Centralized clearing, settlement, and custody operations
Market Capitalization (July 2025):
- Equity Markets: VND 8,316 trillion (~72.2% of estimated 2024 GDP)
- Corporate Bond Market: VND 2,500 trillion (~22% of estimated 2024 GDP)
- Listed Companies: ~1,600 companies across all three markets
Vietnam's fund market operates under SSC regulation:
Fund Categories:
- Domestic mutual funds
- Exchange-traded funds (ETFs)
- Bond funds
- Equity funds
- Mixed funds
- Real estate investment funds (REITs)
Fund Manager Requirements:
- SSC licensing with minimum capital requirements
- Professional management team with qualifications
- Compliance and risk management infrastructure
- Custody arrangements with approved custodians
- Regular reporting and disclosure obligations
Investor Protection:
- Segregation of fund assets from manager assets
- Independent custodian arrangements
- Regular audited financial statements
- Transparent fee disclosure
Corporate Disclosure Requirements:
- Quarterly and annual financial statements (audited)
- Material event notifications (within required timeframes)
- Ownership structure and related-party transaction disclosures
- Executive compensation disclosure
- ESG (Environmental, Social, Governance) reporting
Investor Rights:
- Information access and transparency requirements
- Voting rights protection in shareholder meetings
- Dividend payment protections
- Dispute resolution mechanisms
Consumer Protection:
- Mandatory arbitration and mediation frameworks
- Investor compensation arrangements
- Know-Your-Customer (KYC) requirements
- Suitability assessments for investment recommendations
SSC enforces AML/CFT standards aligned with FATF recommendations:
AML/CFT Requirements:
- Customer identification and beneficial ownership verification
- Transaction monitoring and suspicious activity reporting
- Sanctions screening against international lists
- Record-keeping and reporting obligations
- Staff training and compliance programs
- Third-party (vendor) due diligence
Regulatory Coordination:
- Coordination with State Bank of Vietnam (central bank)
- International cooperation on sanctions enforcement
- APG (Asia/Pacific Group on Money Laundering) participation
Regulatory Powers
Supervisory Functions:
- Continuous Market Monitoring - Real-time surveillance systems
- Periodic Examinations - On-site inspections of market participants
- Information Requests - Authority to demand data and documentation
- Corrective Actions - From warnings to license revocation
- Sanctions Authority - Fines, trading bans, criminal referrals
Enforcement Priorities (2024-2025):
- Market manipulation and insider trading prevention
- Disclosure accuracy and compliance
- Anti-money laundering and sanctions screening
- Corporate governance standards enforcement
- Consumer protection and fraud prevention
- ESG commitment verification
Sanctions Framework:
- Administrative fines (significant penalty capacity)
- License suspension or revocation
- Trading restrictions and bans
- Public censure and compliance orders
- Criminal prosecution referrals (serious violations)
Regulatory Role and Function
| Role | Description |
|---|---|
| Primary Role | Regulation and supervision of securities markets and capital market participants |
| Licensing Role | Licenses broker-dealers, investment advisors, fund managers, and market intermediaries |
| Supervisory Role | Market conduct supervision and prudential oversight of capital market participants |
| Enforcement Role | Enforcement against market abuse, insider trading, and securities fraud |
| Payment Systems Oversight Role | Oversight of securities settlement systems and central counterparties |
| AML / CFT Role | AML/CFT supervision for securities sector participants |
Legal Foundation
Primary Legislation:
- Law on Securities (Law No. 54/2019/QH14) - Effective June 1, 2020
- Comprehensive modernization of securities regulation
- Enhanced corporate governance requirements
- Strengthened disclosure obligations
- Improved investor protection mechanisms
- Stricter enforcement authority
Supporting Regulations:
- Decree 155/2020/ND-CP - Detailing implementation of Securities Law 2019
- Circular Guidance from Ministry of Finance - Operational requirements for:
- Securities offerings and listings
- Trading and settlement procedures
- Information disclosure and corporate governance
- Market participant licensing and supervision
- Fund management and investment advisory services
Legal Framework Evolution:
The 2019 law represented a major regulatory modernization, introducing:
- Stricter corporate governance standards aligned with international best practices
- Enhanced disclosure obligations for listed companies and market participants
- More robust enforcement mechanisms including administrative and criminal sanctions
- Improved investor dispute resolution procedures
Licensing and Authorization Relevance
SSC maintains comprehensive licensing authority over:
- Securities Companies - Brokers, dealers, market makers, underwriters
- Capital adequacy requirements
- Professional certifications required
- Risk management frameworks
- Client segregation requirements
- Fund Management Companies
- Mutual funds and collective investment schemes
- Foreign investment funds
- Bond funds
- Equity funds
- Investment Advisors and Financial Consultants
- Portfolio management services
- Investment recommendations
- Financial advisory services
- Market Infrastructure Operators
- Exchanges and trading platforms
- Clearing and settlement providers
- Custodians and depository participants
- Information providers
Licensing Standards:
- Minimum capital requirements (tiered by business type)
- Professional competency certifications
- Corporate governance standards
- Fit and proper person assessments
Payments and Money Movement Relevance
The State Securities Commission of Vietnam (SSC) oversees securities settlement and post-trade infrastructure in Vietnam:
| Function | Relevance |
|---|---|
| Securities Settlement | Oversees the securities settlement system and central securities depository |
| Central Counterparty Oversight | Oversees clearing and central counterparty services |
| Post-Trade Infrastructure | Regulates post-trade processes including clearing, settlement, and custody |
| Market Infrastructure Standards | Sets standards for financial market infrastructure |
Payment Systems Governed or Overseen
The SSC oversees securities settlement infrastructure in Vietnam:
| System Name | Relationship Type | Notes |
|---|---|---|
| Central Securities Depository | Oversight | Securities clearing and settlement |
| Stock Exchange(s) | Licensing / Oversight | Capital markets trading infrastructure |
[Specific system names require verification from official sources]
Relationship to Other Regulators
IOSCO Membership and Compliance:
- Adherence to International Organization of Securities Commissions principles
- Regular assessments of regulatory effectiveness
- Peer reviews and mutual evaluation participation
Recent International Engagement (2024):
- Meetings with CSRC (China Securities Regulatory Commission) on market integration
- Collaboration with FTSE Russell and Morgan Stanley on index inclusion discussions
- Discussions on market upgrade and international competitiveness enhancements
Regional Participation:
- ASEAN Securities Regulators Forum (ASRF) membership
- Bilateral cooperation with regional securities regulators
- Cross-border enforcement coordination
Technical Assistance and Capacity Building:
- World Bank and IMF engagement on market development
- Technical partnerships with developed market regulators
- Exchange of best practices on regulation and supervision
Geography and Jurisdiction Notes
| Field | Value |
|---|---|
| Applies Nationwide | Yes |
| Applies at State or Sub-National Level Only | No |
| Cross-Border or Regional Reach | No |
| Special Territorial Notes | National jurisdiction within Vietnam |
Important Departments and Divisions
| Division / Department | Primary Function |
|---|---|
| Market Supervision Division | Oversight of trading and market conduct |
| Licensing and Registration Division | Processing of license applications |
| Enforcement Division | Investigation and prosecution of violations |
| Corporate Finance Division | Review of securities offerings and disclosures |
| Investor Protection Division | Investor education and complaint resolution |
Key Public Resources
State Securities Commission of Vietnam (SSC)
- Website: https://ssc.gov.vn/webcenter/portal/ssc
- Address: Hanoi, Vietnam
- Official Language: Vietnamese/English
Board of Directors:
- Chairwoman: Vu Thi Chan Phuong
- Multiple Deputy Chairpersons and Board Members
- Functional Departments: Licensing, Supervision, Enforcement, Legal, Economics
Notes on Naming and Language
| Field | Value |
|---|---|
| Preferred English Rendering | State Securities Commission of Vietnam (SSC) |
| Official Local-Language Rendering | State Securities Commission of Vietnam (SSC) |
| Primary Language | Vietnamese |
| English Availability | Partial |
| Official Website Language(s) | Vietnamese (primary), English (partial) |