When issuing bonds with collateral, businesses often focus on the value of assets and the security ratio. However, the provisions on management, supplementation, discharge and disposal of assets can directly impact the right to take the initiative in business throughout the bond term. The problem is not only which assets are used as collateral, but also who has the right to decide on that asset, under what circumstances and with what limits.
Vietnam's establishment of a pilot framework for the digital asset market sets new requirements for transparency and accountability. Resolution No. 05/2025/NQ-CP and Circular No. 165/2026/TT-BTC not only define the information to be reported and disclosed, but also require businesses to be able to verify transaction data, asset status, and operational risks. The core issue is therefore not only to disclose on time, but also to organize a control system that is reliable enough to take responsibility for the published information.
Tokenization of stocks, bonds, and real assets promises to change the way capital is raised, recognized, and traded property rights. Blockchain technology can allow tokens to be transferred almost instantaneously; but token transfer does not mean rights to the legally transferred underlying asset. The gap between technical efficiency and legal validity is the biggest challenge for a token-based capital market.
September 21, 2026 marks a remarkable milestone for Vietnam's capital market when FTSE Russell's reclassification of Vietnam from a marginal market to a secondary emerging market officially takes effect . But upgrading does not mean that the reform process is complete. On the contrary, when entering the emerging market group, the more difficult question is: how does the Vietnamese stock market really operate according to the standards of an emerging market?
Vietnam's stock market does not lack the need for capital mobilization, but there is still a lack of many financial structures capable of converting that demand into medium- and long-term capital. While the economy needs capital for infrastructure, green transformation, technology and innovation, products in the market still mainly revolve around stocks, bonds and some basic derivatives.
A newly established law firm with a modern website and using artificial intelligence may not be a new-generation law firm. On the contrary, an organization with a decades-long history can still lead innovation if it knows how to reorganize how to provide services, manage resources and create value for clients. The problem is not in age or form, but in the ability to move from an individual-based practice model to a professional organization that can operate stably and adapt to the market.
Five years is not a long way for a law firm, but it is enough for the initial aspirations to be tested in practice. The half-decade journey of HM&P Law Firm (“HM&P”) is not only a story of building a law practice organization, but also a process for a Vietnamese law firm to build a position with the professional capacity, reliability and different values of a new generation of lawyers.
