05.10.2026
On 2 October 2026, Mr. Johan Nyvene, Chairman of HSC, participated in the thematic forum βInvesting in Vietnam: Rising to a New Eraβ, held as part of the 31st Asian Securities Forum Annual General Meeting (ASF AGM 2026) in Hanoi.
Speaking at the panel βEmerging Markets: From Market Upgrade to a Pillar of Capital Formation for the Economyβ, Mr. Johan discussed the conditions required for the capital market to become a more effective channel of long-term funding for businesses.
Corporate quality is fundamental to accessing capital
According to Mr. Johan, a companyβs decision to raise capital through the market depends on several factors, including the cost of capital, tenor, valuation and execution certainty. These factors need to be sufficiently attractive for companies to accept the accompanying requirements for transparency, disclosure and the sharing of control.
Bank lending remains a familiar source of financing for many businesses. Raising capital through equity or bond issuance, by contrast, requires companies to prepare comprehensive documentation, engage and build confidence with investors, and meet ongoing post-issuance obligations. Profitability alone, therefore, does not necessarily mean that a company is ready to access the capital markets.
Reliable consolidated financial statements, transparent ownership structures, robust internal controls and a credible plan for the use of proceeds provide the foundation for investors to assess risk and determine valuation.
The barriers also vary across different types of companies. For founder-controlled businesses, concerns over dilution and sharing control may influence the decision to issue securities. Established companies tend to focus more on valuation and execution certainty. Smaller or first-time issuers must weigh preparation costs against their internal capabilities, while companies seeking long-term funding need to identify investors whose investment horizons are aligned with their financing needs.
Domestic institutional investors can strengthen long-term capital formation
On the demand side, Mr. Johan highlighted the importance of domestic institutional investors in building the marketβs capacity to absorb new issuance. With their capital base and professional investment capabilities, these institutions can provide long-term funding while contributing to more robust price discovery and market-based valuation benchmarks.
He cited voluntary pension funds as a potential source of long-term savings and suggested considering income-based tax incentives to encourage greater participation. He also proposed expanding the range of exchange-traded funds (ETFs) to provide individuals with broader investment options. These are among the areas that could be considered as Vietnam continues to develop its policy framework and capital-market products.
The successful execution of an issuance ultimately depends on the alignment between investorsβ return expectations and risk appetite, and the issuerβs valuation, tenor and commitments. Developing a deeper long-term investor base therefore needs to go hand in hand with improving corporate quality and strengthening investor protection.
Reforms should address barriers to capital raising
To encourage more domestic listings and issuance, Mr. Johan proposed greater support for companies preparing to access the market for the first time, greater standardisation of documentation and processes, and more streamlined access to follow-on fundraising for companies with strong disclosure track records.
Alongside reducing the cost of market entry, he emphasised the importance of enforcing disclosure obligations, protecting minority shareholder rights, monitoring compliance with contractual covenants, and strengthening mechanisms for collateral enforcement. These improvements can help investors assess risks more effectively while increasing issuersβ ability to successfully complete capital-raising transactions.
Against this backdrop, the effectiveness of reform should be assessed across the entire capital-raising process: whether companies are able to meet issuance requirements, successfully raise capital at an appropriate cost, and fulfil their post-issuance obligations.
As Vietnam progresses on its market-upgrade journey, greater access to international capital will create new opportunities for domestic businesses. Capturing these opportunities will require parallel progress in corporate governance, capital-raising processes and the development of a strong domestic institutional investor base-ultimately enabling the capital market to play a greater role in providing long-term funding for the economy.
HSC has been recognized in the PRIVATE 100 β Top 100 Largest Private Taxpayers in Vietnam, and ranked among the Top 5 securities companies with the largest contributions to the State budget nationwide.
HSC announced its financial results for the second quarter of 2026, reporting total revenue of VND 1,172 billion, up 39% year-on-year. For the first six months of 2026, total revenue reached VND 2,452 billion while profit before tax amounted to VND 704 billion, representing year-on-year increases of 44% and 35%, respectively.
HSC successfully hosted the 12th edition of Emerging Vietnam in Ho Chi Minh City on 10β11 June 2026, bringing together more than 500 global investors, corporate leaders, policymakers, and industry experts to discuss the opportunities and challenges shaping Vietnamβs next phase of growth.