In late 1987, Lê Văn Châu, then working at the State Bank, held a meeting lasting until 10 p.m. with top leaders including General Secretary Nguyễn Văn Linh, focused on how the US economy, government bonds and capital markets worked, which sparked the idea of building a capital market in Vietnam. In early 1991, Châu formally proposed researching a stock market amid surging demand for medium- and long-term capital for infrastructure, a sharp decline in credit aid from the Soviet Union and Eastern Europe, and heavy pressure on commercial banks. The proposal faced concerns about securities being associated with “capitalism”; in response to questions from adviser Phạm Văn Đồng and General Secretary Đỗ Mười, Châu argued that securities are a product of human civilisation that could operate under state management in a socialist system, and the Politburo approved the research. In 1992, the State Bank gathered a temporary research group of well-trained young officials, even though no one truly knew how the market would operate.
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Original headline: Chiếc ghế Chủ tịch Ủy ban Chứng khoán Nhà nước đầy bất ngờ và hành trình “khai sinh” thị trường từ con số không
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VNINDEXVietnamState Bank of Vietnamcapital marketsState Securities Commission
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Related tickers and likely impact
VNINDEX
• NeutralRelevance: low
| Market | Vietnam stocks |
|---|---|
| Close on 10/26/2026 | 1,763.55 |
| Change that session | -0.60% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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