Stock market pioneers in the transformation process of Vietnam's economy

(Chinhphu.vn) - The Vietnamese stock market has demonstrated its role and effective contribution in each stage of the country's economic development; affirming itself as an important medium- and long-term capital channel for the economy and enterprises.

Deputy Prime Minister Ho Duc Phoc, Minister Nguyen Van Thang and other leaders took a photo at the ceremony to celebrate the 25th anniversary of the operation of the Vietnamese stock market.

Effective capital mobilization channel for businesses

From the first trading session with only 2 listed stocks, up to now, after 25 years of development, the Vietnamese stock market has grown strongly in terms of scale, liquidity, and quality. If in the early days, the market only had 2 listed enterprises, 4 securities companies, capitalization of only 0.28% of GDP, then by the end of June 2025, the market had up to 1,600 listed enterprises and registered for trading; the capitalization scale of the stock and bond market reached nearly 100% of GDP; the average liquidity of the stock market in the first 6 months of 2025 reached over 21,000 billion VND/session... The Vietnamese stock market is considered by economic experts to be one of the most vibrant markets, with capitalization and liquidity among the top in the ASEAN region.

As the representative of the first enterprise listed on the market, Ms. Nguyen Thi Mai Thanh, Chairwoman of Refrigeration Electrical Engineering Company (stock code: REE) shared: In 2000, she believed that the stock market was not only an effective capital mobilization channel for enterprises but also helped investors flexibly choose portfolios, create liquidity for stocks, and promote the economy.

The Chairman of REE assessed that over the past 25 years, the Vietnamese stock market has continuously developed. Currently, capital mobilization channels in the market have become more diverse (including banks, corporate bonds and issuing shares through the stock market). Regarding the channel of issuing shares through the stock market, the Chairman of REE believes that this is a safe, transparent and sustainable method of capital mobilization. Investors in the market always have high requirements for transparency, clear strategies and long-term companionship with businesses. This creates motivation for businesses to develop more healthily.

The Vietnamese stock market is aiming for an upgrade. Ms. Thanh assessed that this is an opportunity for the business community in the context of the country entering a new era with development aspirations, strong belief and high determination.

Sharing about the prospects for the development of the stock market in the coming time, Mr. Don Lam, co-founder and General Director of VinaCapital Fund, said that over the past 25 years, the stock market has played a pioneering role in the transformation of the Vietnamese economy.

Looking ahead, the role of the stock market will become even more important in helping Vietnam achieve its long-term goals, including strong private sector development and national financial autonomy.

According to Mr. Trinh Hoai Giang, General Director of Ho Chi Minh City Securities Corporation (HSC), for a new stock market like Vietnam, the past 25 years have been a breakthrough development. Many businesses have mobilized capital and increased capitalization through the stock market. Another important thing is that listed companies have formed a culture and mechanism for effective corporate governance.

In particular, according to many experts' forecasts, Vietnam may be announced by FTSE Russell to be upgraded from a frontier market to an emerging market in the upcoming September review. When upgraded, Vietnam may attract more investments from index funds and active funds.

Synchronize solutions to soon upgrade the stock market to emerging market status

From the perspective of State management, Ms. Vu Thi Chan Phuong said that the Securities industry is committed to continuing to effectively, proactively, creatively implement and complete assigned tasks, perfect the legal framework, improve the quality of management, supervision, reform administrative procedures, strongly transform digitally, enhance transparency, discipline, and market discipline, protect the rights and legitimate interests of organizations and investors participating in the market; coordinate with relevant ministries and branches to resolutely and synchronously implement solutions to soon upgrade the stock market from frontier to emerging.

"The road ahead is a new one with many opportunities and many challenges. Therefore, the Vietnamese stock market hopes to continue to receive the attention and close direction of the Party, the National Assembly, the Government and the Ministry of Finance ; the coordination and support of ministries, branches, localities and the joint efforts of organizations, market members, the business community and investors," Ms. Vu Thi Chan Phuong emphasized.

Le Anh

Source: https://baochinhphu.vn/ttck-tien-phong-trong-qua-trinh-chuyen-minh-cua-nen-kinh-te-viet-nam-102250728151255943.htm