On February 3, 2026, the Ministry of Finance issued Circular No. 08/2026/TT-BTC, marking an important step in removing the last remaining technical barriers to Vietnam’s inclusion in the FTSE Russell Emerging Markets Index in September 2026. Key provisions of Circular 08/2026/TT-BTC include:

First, global broker connectivity: Foreign institutional investors (FIIs) are now allowed to place orders via global brokerage firms without being required to open trading accounts directly with each local securities company, streamlining cross-border trading processes.

Second, the NPF mechanism (no 100% pre-funding requirement): The new rules abolish public “naming and shaming” for failed trades. Instead, violations are subject to internal reporting, with sanctions limited to temporary suspension of NPF trading (ranging from 7 to 180 days) for foreign investors that fail to meet settlement obligations.

Third, removal of restrictions on NPF-eligible stocks: Local securities firms are now permitted to accept NPF orders for their own shares or those of related parties, significantly facilitating index-tracking funds’ ability to closely replicate benchmark portfolios.

Fourth, optimized asset management framework: Foreign fund managers are allowed to simultaneously open two accounts—a proprietary trading account and a client asset management account—fully aligned with the spirit of Decree No. 245/2025/ND-CP.

Maybank Investment Banking Vietnam (MSVN) commented, “Circular 08 is not merely a technical document but a strong affirmation of the Government’s determination to upgrade the market. Resolving the pre-funding issue and easing trading mechanisms for large financial institutions will likely trigger stronger foreign capital inflows into Vietnam’s market in the period ahead. This is particularly positive news for securities stocks, which stand to benefit directly from increased liquidity and foreign trading fees.”

Similarly, Nguyen The Minh, Head of Research at Yuanta Vietnam Securities, noted that the provisions of the Circular are designed to meet the global broker criterion in the March 2026 review.

“We believe the issuance of Circular 08 could help Vietnam’s stock market achieve a positive outcome in March 2026 and further strengthen our confidence that the market upgrade will take effect in September 2026. Based on our observations, active funds typically move ahead of passive funds, which are expected to deploy capital in September 2026. As such, we expect foreign inflows to turn more positive following this policy move,” Minh said.

Assessing the likelihood of reaching the historic upgrade milestone, Nguyen Thi Hoai Thu, Deputy CEO of VinaCapital Fund Management JSC, also noted that Vietnam has a solid chance of passing this review. Early preparedness by securities firms, combined with supportive policies and regulatory readiness, has helped remove fundamental bottlenecks, enabling Vietnam’s stock market to meet all key assessment criteria and ensure greater accessibility for investors.