Vietnam climbs to 10th in ease-of-doing-business survey

The survey, published on June 30 by the Asia Securities Industry and Financial Markets Association (ASIFMA) in collaboration with KPMG, assessed how member firms view operating conditions across Asia-Pacific in terms of market development and regulatory environments.

According to the survey, Vietnam saw a notable rise this year, with participants seeing promises of reform turn into real progress. Meanwhile, participants' views of several Southeast Asian markets, including Malaysia, the Philippines, Thailand, and Indonesia, have declined.

Vietnam stands out as a bright spot, with 36 per cent of participants indicating the environment has become easier. This likely reflects recent capital market liberalisation efforts, including its Non-Prefunded model, Global Broker Model, and streamlined foreign ownership procedures. These reforms culminated in FTSE Russell upgrading Vietnam to secondary emerging market status, announced in April. However, FTSE reclassification does not extend to MSCI, which continues to classify Vietnam as Frontier.

Regarding the operating environment, 27 per cent of participants rate Vietnam 'easier'. From a market development perspective, 45 per cent of participants report improved conditions in Vietnam. The country is taking steps to attract international players, and this response suggests some success.

Participants expect easier conditions ahead in several Southeast Asian markets, particularly Vietnam, the Philippines, and Thailand. Vietnam stands apart with the highest 'easier' readings across both regulatory and operating environment questions and zero 'harder' responses across multiple categories. Specifically, 42 per cent of participants expect easier conditions ahead in Vietnam, the highest across all surveyed markets. This reinforces Vietnam's reputation as the region's most consistently improving operating environment.

In addition, Vietnam and Thailand have surged up this year's environmental, social, and governance (ESG) rankings, reflecting broader regulatory modernisation efforts in both markets. Vietnam and Thailand rise five and eight places, respectively, to claim fourth and fifth positions. Both markets introduced strengthened ESG reporting requirements over the past year, with participants clearly taking notice.

Regarding digital assets, Vietnam, India, and the Chinese Mainland are rated lowest, reflecting regulatory uncertainty, restrictive stances, or evolving frameworks that limit market participation. The survey noted that Vietnam has a highly protectionist framework that excludes stablecoins and foreign platforms.

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