[LMS 2025] VIAC and ITPC successfully held the Conference "Legal framework and solutions for business capital mobilization"

On August 14, 2025, in Ho Chi Minh City, the Ho Chi Minh City Investment and Trade Promotion Centre (ITPC), in cooperation with the Vietnam International Arbitration Centre (VIAC), organized a Conference themed “Legal framework and solutions for business capital mobilization”. The event marked the opening of the Legal Management Series in Ho Chi Minh City 2025 (LMS 2025) and successfully attracted more than 200 participants, including representatives of enterprises, investment funds, credit institutions, and legal professionals …

Ms. Hồ Thị Quyên - Deputy Director of the Ho Chi Minh City Investment and Trade Promotion Center (ITPC)

In the Opening Remarks, Ms. Hồ Thị Quyên - Deputy Director of the Ho Chi Minh City Investment and Trade Promotion Center (ITPC) emphasized that, in its role as a connection between the business community in the city and state management authorities, ITPC has consistently accompanied, supported, and listened to the challenges and concerns of enterprises. She therefore welcomed the initiative of organizing activities that provide businesses with timely and practical information, effectively supporting their investment and business operations. Building on the long-standing close cooperation between ITPC and VIAC over the years, Ms. Quyên highly appreciated the outcomes achieved from their collaboration; among them, LMS 2025 - with 9 events focusing on 3 key sectors: Finance and Banking, Energy, and Real Estate - serves as a prime example. She expressed her expectation that, with events carefully prepared both in terms of organization and information conveyed, LMS 2025, under the overarching theme “Forging new directions in legal risk management,” will deliver timely and valuable insights to help enterprises quickly adapt to the evolving legal and financial policy framework witnessed in recent years.

Mr. Vũ Ánh Dương – Standing Vice President, cum Secretary General of the Vietnam International Arbitration Centre (VIAC)

During the welcome speech, Mr. Vũ Ánh Dương – Standing Vice President, cum Secretary General of the Vietnam International Arbitration Centre (VIAC) shared that, from the perspective of a dispute resolution institution, Mr. Dương observed that the number of disputes in the financial and banking sector has been rising significantly in recent times, with their nature becoming more complex compared to other types of disputes. This complexity arises from sector-specific technical factors, the large volume of data and evidence involved, cross-border elements, and the chain reactions leading to interconnected disputes across multiple areas. Mr. Dương further noted that, given the ongoing changes in economic development policies and the legal framework, the number of disputes in this sector is expected to continue increasing. In particular, the adoption by the National Assembly on 27 June 2025 of Resolution No. 222/2025/QH15 on the International Financial Centre in Vietnam - with a favorable legal framework aligned with international practices, ranging from applicable law and dispute resolution mechanisms to preferential policies - is expected to create significant opportunities for robust growth of the financial sector.

Dr. Tạ Thanh Bình – Member of the Board of Members and the General Director of the Vietnam Securities Depository
and Clearing Corporation (VSDC), Arbitrator of VIAC

In the Conference, Dr. Tạ Thanh Bình – Member of the Board of Members and the General Director of the Vietnam Securities Depository and Clearing Corporation (VSDC), Arbitrator of VIAC – delivered the keynote “Corporate capital mobilization: Opportunities, challenges, and new regulatory developments”. Dr. Bình assessed that, currently businesses are able to mobilize capital from a variety of sources, including bank credit, financial institutions, the securities market, as well as domestic and foreign investment funds. The development of the securities market and the trend of international financial integration have opened up access to large-scale funding at more reasonable costs, particularly for enterprises with sound corporate governance and clear development strategies.

Nevertheless, alongside these opportunities lie considerable challenges. Enterprises, especially small and medium-sized enterprises, still face significant difficulties in accessing quality capital sources. In addition, reflecting on recent regulatory and market developments, Dr. Bình noted that on 5 August 2025, the Government issued Resolution No. 226/NQ-CP, setting the national economic growth target for 2025 at 8.3 - 8.5%, which is higher than the previous target. Accordingly, in the final months of 2025, in order to achieve the GDP growth target, the Vietnamese economy will continue to experience a high demand for capital mobilization to serve production and business activities, debt restructuring, and the implementation of major public investment projects. With respect to the legal framework on capital mobilization, numerous provisions - particularly in the securities sector - have undergone important revisions in recent times. These changes, on the one hand, create a more transparent regulatory environment and afford stronger protection for investors; on the other hand, they also require enterprises to adapt swiftly, ensure strict compliance, and enhance their internal capacities in order to fully seize the opportunities presented.

The Conference was structured into two sessions, focusing on discussions and analyses of several typical and potential capital mobilization channels for enterprises. In Session 1, moderated by Dr. Tạ Thanh Bình – Member of the Board of Members and the General Director of the Vietnam Securities Depository and Clearing Corporation (VSDC), and Arbitrator of the Vietnam International Arbitration Centre (VIAC), with the participation of experts including Mr. Nguyễn Văn Hải - Partner at Allen & Overy Shearman Sterling Vietnam, and Mr. Hoàng Anh Tuấn - Head of Customer Relationship at MB Securities JSC (MBS), the session provided extensive insights and exchanges on capital mobilization through the securities market. Drawing from current developments in the financial market, the experts had discussed both opportunities and challenges facing Vietnamese enterprises when raising capital via the securities channel.

Head of Customer Relationship at MB Securities JSC (MBS)

According to research by Mr. Hoàng Anh Tuấn, many Vietnamese enterprises are currently focusing on mobilizing capital from the securities market through the issuance of shares and bonds. Explaining this trend, Mr. Tuấn observed that in order to meet the demands of expanding production, investing in technology, or penetrating new markets, enterprises require a larger amount of capital - one that traditional lending channels are often unable to adequately provide. Moreover, the prospective reclassification of Vietnam’s securities market from a “frontier market” to an “emerging market” has become a pressing topic, with expectations that it may take place as early as this coming September. This process is anticipated to generate positive impacts, including attracting substantial international capital inflows, increasing market liquidity, and enabling enterprises to access foreign investment at a lower cost.

Mr. Nguyễn Văn Hải - Partner at Allen & Overy Shearman Sterling Vietnam

On the other hand, taking the implementations of recent disputes related to capital raising through the securities market as the basis for his perspective, Mr. Nguyễn Văn Hải noted that risks originate from both sides. On the side of enterprises, the lack of transparency in information and limitations in management capacity may lead to various violations, such as misappropriation or misuse of funds, breaches of commitments on yields, repayment timelines, or other investor entitlements. In this respect, a series of newly promulgated regulations - governing key matters such as conditions for public offerings, rules on professional securities investors, and the framework for private placements - are expected to contribute to enhancing market transparency. On the side of investors, particularly retail investors, Mr. Hải cautioned that insufficient financial and business knowledge and experience may expose them to legal risks if they fail to properly understand or fully grasp the contractual terms, potentially even resulting in contracts being rendered void for violations of law. From these discussions and observations, the experts advised that, in order for the securities market to effectively fulfill its role in capital mobilization, all parties must ensure financial information transparency, strict compliance with regulations on share and bond issuance, as well as adopt appropriate strategies and plans for capital utilization and repayment.

Ms. Mã Thanh Loan - CEO of Auxesia Holdings and Standing Vice President of the Ho Chi Minh City Business Consulting Club

According to Ms. Mã Thanh Loan, individual investors currently account for a large proportion of the Vietnamese market; however, their investment practices remain predominantly self-directed rather than through participation in professional funds. This has prevented the fund market from fully realizing its role as an effective channel for capital mobilization, while at the same time exposing individual investors to risks arising from their lack of in-depth analytical expertise. On the side of enterprises, an increasing number of companies, particularly small and medium-sized enterprises (SMEs) tend to seek access to capital from foreign investment funds. These funds often provide short-term loans or swift financial solutions that correspond to the enterprises’ immediate capital needs.

Dr. Phan Hoài Nam - CEO of W&A Consulting & Law Firm, Arbitrator of VIAC

However, Dr. Nam noted that the interest rates and borrowing costs from these funds are often significantly higher than those of bank loans, accompanied by numerous terms and conditions that enterprises must commit to. At the same time, SMEs often struggle to meet the standards set by investment funds, which increases the likelihood of risks arising. Therefore, enterprises must carefully calculate their debt-servicing capacity and consider long-term strategies. As for future prospects, both experts agreed that the Vietnamese fund market holds substantial growth potential if supported by appropriate policies. The State may consider offering tax and fee incentives to both individual and institutional investors, while also encouraging the development of more diverse fund products. This would help redirect capital flows from short-term speculative channels toward professional, long-term investment channels, thereby enabling the fund market to become a key pillar of Vietnam’s capital market.

The conference concluded successfully with a wealth of valuable information. The discussion sessions provided multidimensional perspectives on the development trends of Vietnam’s capital market, offered practical experience and recommendations to enterprises in formulating appropriate risk management strategies during the capital mobilization process. In the same afternoon, within the Finance - Banking sector, VIAC and ITPC continued with the training workshop on “Instructions for drafting loan agreement and resolving contract performance issues” focusing on the negotiation, drafting, and implementation of loan agreements.

Some photos from the Conference

Related articles about the event:

1. What does a business need to do to raise capital effectively and safely? - Vietnam Economic News

2. Find solutions for raising capital for businesses - Capital Labor News

3. 2,000 listed companies will be required to disclose information in English - VietNamNet News

4. What can be observed from the current state of the capital market for Vietnamese businesses? - VNBusiness E-Magazine

5. Vibrant financial market - Great Unity News

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INFORMATION ON EVENTS IN THE FINANCE - BANKING SECTOR | LMS 2025

	Workshop "Instructions for drafting loan agreement and resolving contract performance issues" More details Here
	Talkshow "Pledging property rights as security for loans" More details Here