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.
A law firm can succeed because of its founder's talent and reputation. But dependence on an individual can also become an organization's biggest limitation. When clients, professional qualities, and key decisions are all tied to the leader, the question is not only how far the law firm can grow, but also whether the organization will continue to grow as the founder's role changes.
In the increasingly competitive legal services market, advertising helps law firms reach clients and demonstrate their capabilities. But unlike the promotion of ordinary goods, the communication of legal services is simultaneously governed by advertising laws and lawyers' ethical standards. The problem is not how much advertising, but what to announce, what to prove and whether to maintain professional trust or not.
International investment flows are opening up new opportunities for Vietnam's legal services market. However, greater involvement in cross-border transactions does not mean that Vietnamese law firms have a higher position. As international law firms still have the advantage of client relations, coordination capacity and transaction experience, the question is not only how Vietnamese law firms can compete, but also how to move from the role of local legal advisor to a partner that has a real influence on investor decisions.
