Vietnam's stock market aims for higher standards

Speaking to the press, Finance Minister Nguyen Van Thang said that FTSE Russell's announcement to upgrade Vietnam's stock market from frontier to secondary emerging was the result of a series of reforms.

According to Minister Nguyen Van Thang, recently, the State Securities Commission has implemented a comprehensive reform program to bring the Vietnamese stock market closer to the highest international standards and practices.

The market upgrade is the result of a series of reforms from the legal framework, technological infrastructure, product and service quality to the behavior of the investing public, marking a comprehensive transformation in quality and integration.

Minister of Finance Nguyen Van Thang.

The upgrade of Vietnam's stock market is an important milestone in its development journey over the past 25 years. The official upgrade of FTSE not only opens up great opportunities to attract foreign investment capital, but also proves the right development path and the increasingly deep integration capacity of Vietnam into the international financial system.

Regarding the market development orientation after being upgraded, the Minister said that upgrading is not a destination but a journey to develop the Vietnamese stock market to grow with quality, transparency and sustainability.

“FTSE's announcement of the upgrade is only the initial result. There are many higher goals that need to be implemented more consistently and drastically,” said Minister Nguyen Van Thang.

According to Minister Nguyen Van Thang, in the Project to upgrade the Vietnamese stock market, the goal set is not only to maintain the "secondary emerging market" ranking, but also to meet MSCI's criteria and move towards the "high-level emerging market" group by 2030.

“Vietnam’s capital market and stock market will witness a qualitative change. Not only will it welcome high-quality foreign capital flows, the market will also require higher standards of corporate governance and transparency. This is the driving force for management agencies, businesses and investors to improve and contribute more strongly to the economy ,” the Minister of Finance shared.

The Strategy for Development of Vietnam's Stock Market to 2030 has clearly identified the goal of developing a stable, safe, healthy, efficient, sustainable and internationally integrated stock market; becoming the main medium- and long-term capital mobilization channel for the economy; at the same time focusing on developing green finance, sustainable finance and promoting digital transformation.

The State Securities Commission and relevant units continue to improve the legal framework, promote modernization and digitalization of market infrastructure, create maximum convenience for domestic and foreign investors, and build a transparent, efficient, and modern stock market according to leading international standards.

Source: https://hanoimoi.vn/thi-truong-chung-khoan-viet-nam-huong-toi-cac-tieu-chi-cao-hon-718893.html