Continuing the series of activities within the framework of the working trip to Singapore, on August 8, Chairwoman of the State Securities Commission (SSC) Vu Thi Chan Phuong and the SSC delegation had a working session with market rating organization Morgan Stanley Capital International (MSCI) on solutions to upgrade the Vietnamese stock market from a frontier stock market to an emerging stock market.

Ms. Vu Thi Chan Phuong updated the development of Vietnam's stock market and the latest information on the process of upgrading the stock market. Specifically, the State Securities Commission has drafted a Circular amending and supplementing 4 Circulars on transactions, registration, depository and clearing, activities of securities companies (SCs) and information disclosure. Up to now, the draft continues to complete the final stages to submit to the leaders of the Ministry of Finance for consideration and promulgation as soon as possible.

The relevant payment process is also being developed simultaneously to ensure that the new regulation will be effectively implemented as soon as it is issued. During the policy development process, the SSC held many working sessions with market participants and consulted with many experts from international organizations to come up with the most feasible and optimal solution.

Also at the meeting, in response to the MSCI representative's concern about the orientation of attracting foreign securities companies to operate in Vietnam, Ms. Chan Phuong said that Vietnam always welcomes and Vietnamese law does not restrict the operations of foreign securities companies in Vietnam. Currently, there are 8 foreign securities companies in Vietnam from many countries such as Taiwan, Japan, Korea, China... and large domestic securities companies also have the participation of many strategic shareholders who are foreign investors, such as the presence of Hana Bank - Korea at BSI Securities Company, Daiwa Securities Company - Japan at SSI...

With the desire to share information on amending regulations to simplify procedures for opening indirect investment capital accounts in Vietnam, a representative of the Foreign Exchange Management Department, State Bank also said that the State Bank is studying this content to amend and supplement Circular No. 05/2014/TT-NHNN on guiding the opening and use of indirect investment capital accounts to carry out foreign indirect investment activities in Vietnam.

Mr. Miguel, Head of MSCI Market Index Research Department, highly appreciated the efforts and solutions of the State Securities Commission to promote the process of upgrading the stock market, as well as the development achievements of the Vietnamese stock market in recent times.

MSCI representative affirmed that the solutions of Vietnamese management agencies are on the right track, creating more favorable conditions for foreign investors to participate in the market and will share this new information with members and customers so that they can grasp, experience and have assessments to serve the classification of Vietnam's stock market in the coming time.

At the end of the meeting, the two sides said they would continue to coordinate, exchange and update information during the process of reviewing and evaluating the upgrading of Vietnam's stock market.