Hanoi (VNS/VNA) – The stock market is set for a major restructuring as nearly 300 listed stocks will be transferred from the Hanoi Stock Exchange (HNX) to the Ho Chi Minh Stock Exchange (HoSE) by the end of 2026, under a roadmap issued by the Ministry of Finance (MoF).

The restructuring marks the completion of a long-planned reorganisation of Vietnam's securities market, ending HNX's role as a stock exchange for listed equities while establishing clearer functional separation between the country's two bourses.

Under the new market model, HoSE will become the sole exchange for listed stocks, fund certificates and covered warrants. HNX, meanwhile, will focus exclusively on the bond market and derivatives trading.

The restructuring is based on Circular No. 139/2025/TT-BTC issued by the MoF, which provides the legal framework for reorganising Vietnam's securities trading market in a more centralised and specialised manner.

According to the roadmap stipulated in the circular, all stocks currently listed on HNX must complete their transfer to HoSE no later than December 31.

As of the end of May 2026, HNX had around 299 listed stocks with more than 19.4 billion shares outstanding. It also hosted 824 stocks registered for trading on the UPCoM market, representing more than 46.4 billion shares. The total market capitalisation of HNX-listed equities stood at approximately 479 trillion VND (18.2 billion USD).

By comparison, HoSE currently lists and trades 655 securities, including 403 stocks, four closed-end fund certificates, 18 exchange-traded funds (ETFs) and 230 covered warrants, with more than 217.92 billion listed securities.

The exchange's equity market capitalisation reached approximately 8.78 quadrillion VND by the end of May, up 5.68% from the end of 2025. The figure is equivalent to 68.36% of Vietnam's 2025 GDP and accounts for more than 94.83% of the total market capitalisation of all listed stocks nationwide.

HoSE is also home to 52 companies with market capitalisations exceeding 1 billion USD, including five valued at more than 10 billion USD.

In the short term, the transfer of nearly 300 listed companies from HNX is expected to place additional demands on HoSE's trading infrastructure and supervisory operations.

Given that the exchange already accounts for almost 95% of the market's capitalisation, it will need to ensure its technology systems can accommodate growing trading volumes, particularly as the roadmap to move qualified UPCoM companies to the main board continues.

The transition also underscores the importance of maintaining stable trading operations and avoiding the system congestion that affected the market in previous years.

To prepare for the migration, HoSE has implemented a range of measures, including refining operational procedures, upgrading its information technology infrastructure and strengthening its market surveillance and risk management capabilities.

A key element of the preparation is the deployment of the KRX information technology system, which provides a modern trading platform capable of supporting up to around 2,000 listed securities. HoSE is also studying further system upgrades to meet rising trading demand.

At the same time, the exchange is developing a market segmentation framework under which listed companies could be classified into different trading boards based on market capitalisation, corporate governance quality or other criteria.

According to the restructuring roadmap, consolidating equity trading on a single exchange is intended to support the development of a more professional, transparent and modern securities market while strengthening its role in mobilising medium- and long-term capital for the economy.

The restructuring also aims to unify and specialise the functions of the country's exchanges, reduce market fragmentation, facilitate regulatory oversight and improve systemic risk management.

In addition, applying a common set of listing, corporate governance and disclosure standards on HoSE is expected to enhance market transparency and strengthen investor protection./.