Minister of Finance Nguyen Van Thang speaks at the meeting - Photo: VGP/HT
On July 17, Minister Nguyen Van Thang worked with a delegation from FTSE Russell, a member of the London Stock Exchange Group (LSEG). The meeting aimed to discuss reform progress, orientations for upgrading Vietnam's stock market, and promote cooperation in the capital market sector.
Attending the meeting were representatives of leaders of units under the Ministry of Finance, the State Securities Commission (SSC) and the Department of Debt Management and Foreign Economic Relations .
FTSE Russell has leaders in charge of equities, index policy, derivatives and business for the Asia- Pacific region.
Speaking at the meeting, Minister Nguyen Van Thang highly appreciated the role of FTSE Russell in supporting Vietnam in reforming its financial market, especially through technical recommendations and close coordination with regulatory agencies. He affirmed that the presence of the delegation demonstrated FTSE Russell's interest and long-term commitment to accompany Vietnam.
According to the Minister, Vietnam is aiming for sustainable, high-quality growth in the 2025–2030 period. GDP growth in the first 6 months of the year reaching 7.52% is a positive signal in the context of the global economy still facing many risks. The Government is determined to achieve a growth rate of 8% or more in 2025, while implementing many solutions to promote capital market development.
Minister Nguyen Van Thang emphasized that upgrading the stock market is not only a goal, but also a natural result of the reform process. The Ministry of Finance has directed the State Securities Commission to regularly dialogue with rating agencies and investors to update the reform progress and receive comments.
Mr. Gerald Toledano, representative of FTSE Russell, spoke at the meeting - Photo: VGP/HT
In response, the representative of FTSE Russell acknowledged Vietnam's comprehensive reform efforts in recent times. Mr. Gerald Toledano highly appreciated the development trend of voluntary pension funds in the Asian region, saying that Vietnam needs to prepare infrastructure and policies to welcome long-term capital flows. At the same time, FTSE Russell committed to supporting the State Bank in developing financial risk management indexes and supporting the upgrading of Vietnam's capital market infrastructure.
On the Vietnamese side, Minister Nguyen Van Thang provided additional information on some reform contents being implemented by the Ministry of Finance:
Firstly, complete the Draft Decree amending Decree 155/2020/ND-CP, publicize the foreign ownership ratio and remove inappropriate regulations. Minister Nguyen Van Thang also directed to complete the legal framework for securities offering and issuance activities, creating conditions for expanding the scale and improving the quality of goods on the market.
At the same time, as assigned by the Government, the Ministry of Finance has taken over the function of representing state ownership in a number of enterprises from the State Capital Management Committee. On that basis, the Ministry will review the potential for equitization and develop a plan to accelerate the divestment process in enterprises that do not need to hold controlling shares.
Second, the Ministry of Finance is working with the State Bank to simplify procedures for foreign investors, shorten processing time, reduce paperwork and consular legalization. The draft Circular amending Circular 17/2024/TT-NHNN is being widely consulted with many reform contents.
At a working session with FTSE Russell on July 17, Minister of Finance Nguyen Van Thang affirmed his determination to reform Vietnam's capital market towards the goal of upgrading - Photo: VGP/HT
The Ministry also promotes the digitization of securities procedures, from licensing to market supervision, to increase transparency, automation and reduce processing time. This is an important criterion in evaluating market upgrades.
Third, regarding the foreign exchange market, the Ministry of Finance continues to coordinate with the State Bank to develop a legal framework for foreign investors to access exchange rate risk hedging products, meeting the need to protect long-term investment value.
Fourth, with the KRX securities trading system officially operating from May 2025, the Ministry of Finance has assigned the State Securities Commission to deploy a roadmap to put the central clearing counterparty (CCP) mechanism into operation from the beginning of 2027, enhancing safety and transparency for market transactions.
The Ministry of Finance also highly appreciated FTSE Russell's proposal to develop a new index suitable for the Vietnamese market. The Ministry is ready to facilitate the expansion of cooperation between the State Securities Commission and domestic financial institutions with FTSE Russell, especially in the fields of training, technology transfer and capacity building of experts.
At the end of the meeting, Minister Nguyen Van Thang expressed his gratitude to FTSE Russell for accompanying and sharing many practical initiatives. The representative of the Ministry of Finance affirmed: The Ministry of Finance is committed to continuing to cooperate closely with international organizations, perfecting institutions, removing obstacles, promoting stock market reform, aiming for the goal of upgrading in the time.
Mr. Minh
Source: https://baochinhphu.vn/bo-tai-chinh-doi-thoai-thuc-day-nang-hang-thi-truong-chung-khoan-102250717181652091.htm
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