Kỳ vọng mới với thị trường chứng khoán

Deputy Prime Minister Ho Duc Phoc has just signed Decision 2014/2025 of the Prime Minister approving the Project to Upgrade the Vietnamese Securities Market (TTCK), with the goal of turning this market into an important medium- and long-term capital mobilization channel, while promoting regional and international integration.

Opportunity to assert position

The project sets a short-term goal of fully meeting the criteria for upgrading from a frontier stock market to a secondary emerging market by FTSE Russell in 2025; maintaining the secondary emerging market rating by FTSE Russell. The long-term goal is that by 2030, the Vietnamese stock market will meet the criteria for upgrading to an emerging market by MSCI and an advanced emerging market by FTSE Russell.

To achieve the criteria for upgrading to a secondary emerging stock market this year, the project focuses on removing pre-transaction margin barriers for foreign investors, especially when there is no Central Clearing Counterparty (CCP) mechanism, by solving the problem of pre-payment for securities purchases. At the same time, promoting transparency of foreign ownership information to ensure foreign investors have equal access to the stock market.

In the long term, to meet the criteria for upgrading the stock market to a higher level, the project clearly states that Vietnam will review and loosen foreign ownership room, remove restrictions in unnecessary industries, develop modern payment and clearing infrastructure, support a payment mechanism that does not require 100% margin and implement the CCP model. The management agency will also study the application of a mechanism for borrowing, lending securities and controlled short selling, develop the foreign exchange market with risk prevention tools...

According to Ms. Tran Ngoc Thuy Vy, analyst at Mirae Asset Securities Vietnam, the upgrade will trigger a "new level" in terms of stock market standards, transparency, operational capacity, and the ability to attract medium and long-term capital. This is an opportunity for the Vietnamese stock market to affirm its position in the region, while creating a boost to transform the capital structure, corporate quality, and legal corridor according to international standards.

"The upcoming FTSE review will be an important time for the Vietnamese stock market to be upgraded, opening up opportunities to participate in global index baskets, attracting large capital flows from ETFs, investors, and international organizations. This will not only bring positive effects on cash flow but also affirm the level of transparency, operational efficiency and attractiveness of the Vietnamese economy ," Ms. Vy said.

Kỳ vọng mới với thị trường chứng khoán - Ảnh 1. — With the goal of upgrading its stock market to secondary emerging status this year, Vietnam will focus on removing barriers to meet FTSE Russell's criteria. Photo: HOANG TRIEU

Businesses need to improve themselves

Economist - Dr. Dinh The Hien commented that the Project to Upgrade Vietnam's Stock Market demonstrates the Government 's strong determination in perfecting the institution to make the stock market an important part of the Vietnam International Financial Center. Because any international financial center needs a stock exchange of sufficient size to meet the needs of investors.

For a world-class stock exchange to develop sustainably, it is necessary to have good quality products, including stocks and bonds. Only good products can attract and retain international investors for a long time, creating a stable foreign capital flow, without the erratic fluctuations seen in the Thai market more than 10 years ago.

According to Mr. Dinh The Hien, to have good products on the stock market, enterprises themselves must innovate substantially, become large enterprises, represent the industry, and lead the supply chain. When the stock market attracts foreign capital, it will also bring direct benefits to enterprises in capital mobilization.

Mr. Vo Van Huy, Head of Senior Client Department - DNSE Securities Company, commented that there is a high possibility that Vietnam's stock market will be upgraded in the upcoming review period of FTSE Russell, scheduled for October 7. This is the result of strong reforms from the end of 2024, including: removing the pre-deposit mechanism for foreign investors, operating the KRX system, passing the amended Securities Law and most recently the decision to upgrade the stock market.

"If Vietnam's stock market is upgraded, about 1.5 billion USD from passive funds tracking the FTSE index will flow into Vietnam. Including active funds, this number will reach 10.4 billion USD. According to HSBC, about 38% of Asian funds and 30% of emerging investment funds already hold Vietnamese stocks, so the capital flow may not be sudden, but in general, upgrading the stock market will make both foreign and domestic capital flows very positive," Mr. Vo Van Huy analyzed.

Vietnam's stock market is among the fastest growing.

Minister of Finance Nguyen Van Thang is leading an investment promotion delegation in the UK and Italy from September 14 to 21.

The business trip took place in the context that Vietnam's stock market is among the fastest growing in the world with a total capitalization reaching 103.75% of estimated GDP in 2024. As of August 2025, the VN-Index had increased by 33% compared to the end of 2024.

According to the Ministry of Finance, through the working trip, Vietnam wants to affirm the message that it continues to be an attractive, safe, transparent and sustainable investment destination. The Vietnamese Government is steadfast in its goals of green growth, innovation and international integration.

Source: https://nld.com.vn/ky-vong-moi-voi-thi-truong-chung-khoan-196250914212435075.htm