Securities Regulation and Market Practices
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Abstract
Abstract
In the context of emerging economies increasingly integrating with the global economy, ensuring the integrity and transparency of the stock market has become a pressing requirement. This article examines the enforcement of insider trading regulations in Vietnam, with particular attention to challenges in inspecting, detecting, and supervising increasingly sophisticated insider trading practices. Employing doctrinal legal analysis, structured institutional comparison, and descriptive analysis of a census of 705 administrative sanctioning decisions issued between 2022 and 2025, the study evaluates Vietnam’s current supervisory framework under the Securities Law 2019 and its implementing regulations. The institutional arrangements of the United States and the United Kingdom are used as contrasting benchmarks to identify alternative mechanisms to reduce the distance between surveillance detection and enforceable proof. The analysis identifies several structural weaknesses, including a clear separation between detection and enforcement functions, limited enforcement authority at the exchange level, and technological bottlenecks stemming from fragmented data systems that hinder timely detection and handling of illegal transactions. These factors contribute to delays and reduced effectiveness in law enforcement, despite Vietnam’s official prohibition of insider trading. Drawing on the domestic enforcement record, practical assessments of administrative enforcement activities, and selectively on these institutional benchmarks, the paper proposes specific recommendations to strengthen market inspection and supervision, improve data-sharing and coordination mechanisms among regulatory agencies, and modernize the transaction-monitoring system. These reforms are necessary to strengthen control over insider trading in Vietnam amid rapid technological change and increasing market complexity.
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@article{Nguyen2026Insider,
title = {Insider trading surveillance and enforcement in emerging markets: a comparative analysis of Vietnam’s surveillance regime},
author = {Chau Nguyen and Chinh Tran},
journal = {Humanities and Social Sciences Communications},
year = {2026},
doi = {10.1057/s41599-026-09159-8},
url = {https://doi.org/10.1057/s41599-026-09159-8}
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