Making every effort to meet the criteria for upgrading the stock market status.

The Minister stated that Vietnam and Singapore still have much room for development, especially in the areas of financial markets, capital markets, and securities. Accordingly, the Ministry of Finance, in coordination with its partners, organized this conference with the aim of providing more investment opportunities and creating a substantive dialogue channel to help businesses and investors better understand the policies, directions, and potential of the Vietnamese economy in general and its financial markets in particular.

The Minister of Finance shared that, under the attention and guidance of the Government, the Vietnamese stock market has developed increasingly efficiently, with high quality and sustainability, becoming an important channel for medium and long-term capital mobilization for the economy. In over 24 years of operation, the Vietnamese stock market has proven its attractiveness through the number of listed securities, high liquidity, and strong participation of domestic and foreign investors.

As of July 2024, the market had a total of over 1,600 listed and registered stocks and fund certificates; the stock market capitalization reached approximately US$278 billion, equivalent to 65% of the 2023 GDP. The number of investors grew strongly with 8 million securities accounts, equivalent to more than 10% of the adult population. Within the ASEAN region, the Vietnamese stock market is a very dynamic market with liquidity reaching approximately US$1 billion per day. The liquidity of the Vietnamese and Singaporean stock markets is comparable, ranking first and second in the region.

“Despite initial successes, Vietnam is determined to continue developing a public, transparent, safe, efficient, comprehensive, integrated, and sustainable stock market, ensuring the legitimate rights and interests of all participants. Currently, we are also making every effort to meet the criteria for upgrading our stock market and expect to be upgraded to an emerging market in the near future,” Minister Ho Duc Phoc emphasized.

Specifically regarding the development of the green capital market, Minister Ho Duc Phoc further informed that this is one of the objectives included in the Securities Market Development Strategy to 2030 approved by the Prime Minister, and is one of the important solutions to mobilize capital for green and sustainable growth. In recent years, in implementing the Government's policy, the Ministry of Finance and the State Securities Commission have always paid attention to policies and created favorable conditions and mechanisms for businesses to raise capital, as well as strengthen green and sustainable development.

The Minister of Finance stated that the Vietnamese Government has always considered the foreign-invested economic sector as a crucial component of the economy. Therefore, Vietnam always creates favorable conditions for long-term development, cooperation, and healthy, equal competition. Minister Ho Duc Phoc affirmed that the Vietnamese Ministry of Finance is committed to accompanying and creating favorable opportunities for partners, businesses, and investors to seek investment and cooperation opportunities that yield the highest efficiency. The Ministry of Finance welcomes businesses and investors from Singapore in particular, and the region in general, to increase new investments and expand the scale of investment in Vietnam, further enhancing the effectiveness of cooperation and investment for mutual success and prosperity.

The investment promotion conference "My Vietnam - Your Investment Destination" attracted more than 250 delegates from leading businesses in Singapore and Vietnam, including financial institutions, banks, investment funds, securities companies, and businesses from both countries.

At the conference, the State Securities Commission of Vietnam (UBCKNN) provided Singaporean investors with an overview of the current state of the Vietnamese stock market, its prospects, and future development goals and policies. In addition, representatives from securities companies, fund management companies, and major listed companies on the Vietnamese stock market shared insights into the growth potential of the Vietnamese stock market, the preparations of securities companies and custodian banks, and opportunities for cooperation in the context of upgrading the Vietnamese stock market.

Following this, Minister of Finance Ho Duc Phoc chaired a policy dialogue session with the participation and sharing of information from the Chairwoman of the State Securities Commission, Vu Thi Chan Phuong, and representatives from several units under the Ministry of Finance on the potential and investment opportunities in Vietnam. Many Singaporean investors expressed interest in the macroeconomic prospects and investment opportunities in Vietnam, especially solutions to attract investment into the capital market, green finance, and the upgrading of the Vietnamese stock market from a frontier market to an emerging market.

Sharing her thoughts on the stock market upgrade efforts, the Chairwoman of the State Securities Commission (SSC), Vu Thi Chan Phuong, stated that upgrading the Vietnamese stock market from a frontier market to an emerging market is one of the major goals the Vietnamese government is pursuing. Over the past period, the Ministry of Finance and the SSC have implemented numerous activities and exchanged information with relevant parties to implement solutions to meet the criteria for the Vietnamese stock market upgrade. Currently, the Ministry of Finance has drafted a Circular amending and supplementing four circulars concerning trading, registration, custody and clearing, the operation of securities companies, and information disclosure. To ensure the most feasible and effective application of the circular after its issuance, the Ministry of Finance has widely solicited feedback from market participants, experts, and scientists. This feedback has been compiled and incorporated into the final draft, which will be published on the Ministry of Finance and SSC's online portals before issuance. According to assessments by domestic and international experts, the new solutions and regulations in the draft circular are appropriate and highly feasible. The circular will soon be issued by the Ministry of Finance.

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Overview of the Conference.

Notably, the conference attracted over 250 delegates from leading businesses in Singapore and Vietnam, including financial institutions, banks, investment funds, securities companies, and enterprises from both countries.

The conference noted positive exchanges and discussions among delegates from both countries. The event created a networking forum, thereby opening up greater and more effective opportunities for cooperation and development of businesses, investment funds, investors, and the stock markets of both countries, as well as the shared prosperity of Vietnam and Singapore.