In 2007, the Vietnamese securities market had a total market capitalization of VND 500 trillion (US$31.25 billion), equal to 43.7 per cent of national GDP, double the figure in 2006 and 15 times higher than in 2005. The number of listed companies increased to 249 (138 on the Ho Chi Minh City Stock Exchange-HOSE and 111 on the Hanoi Stock Exchange-HASTC), compared to 193 in 2006 and 41 in 2005. The stock market proved to be an effective channel for mobilising capital, allowing listed companies to rise more than VND90 trillion. However, in the first seven months of 2009, the situation of the securities market changed dramatically with the VN-Index falling in consecutives sessions. While the number of listed companies increased to 372 (165 on the HOSE and 207 on the HASTC), the VN-Index fell down towards 400 points at the end of July 2009 from a top 1,170 points in March 2007 (losing a total of 60 per cent market capitalization). These events brought into sharp focus the independent role of the SSC as market regulator for a stable development of the securities market.. This article examines the role of the State Securities Commission (SSC) as Vietnam’s principal market regulator under the Securities Law 2006. It investigates whether the Securities Law 2006 makes adequate provisions to ensure the independence of the SSC and the realisation of a fair, efficient and accountable securities market.