Stock market capitalization reached approximately $278 billion, accounting for 65% of GDP.

"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, ranking first or second in the region in terms of liquidity. Interestingly, the liquidity of the Vietnamese and Singaporean stock markets is comparable," Mr. Phuoc said.

The Minister of Finance emphasized that the Vietnamese Government always considers the foreign-invested economic sector as an important component of the economy. It consistently creates favorable conditions for long-term development, cooperation, and healthy, equal competition.

In this context, the Vietnamese Ministry of Finance is committed to supporting and creating favorable opportunities for partners, businesses, and investors to seek investment and cooperation opportunities that yield the highest efficiency. The Ministry 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.

Delegates attending the conference shared information about the Vietnamese stock market and opportunities for Vietnam-Singapore cooperation in the fields of financial markets, capital markets, and securities.

Also at the conference, the State Securities Commission (SSC) provided Singaporean investors with information on the current state of the Vietnamese stock market, its prospects, and future development goals and policies.

Representatives from securities companies, fund management companies, and major listed companies on the Vietnamese stock market shared their views on the growth potential of the Vietnamese stock market. They also discussed the preparations of securities companies and custodian banks, as well as opportunities for cooperation in the context of upgrading the Vietnamese stock market.

Commenting on the stock market upgrade process, the Chairwoman of the State Securities Commission, 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 that the Vietnamese Government is aiming for. Over the past period, the Ministry of Finance and the State Securities Commission have implemented numerous activities and exchanged information with relevant parties to implement solutions to meet the criteria for the Vietnamese stock market to be upgraded.

Currently, the Ministry of Finance has drafted a circular amending and supplementing four circulars on transactions, registration, custody and clearing and settlement, the operations 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 sought broad public opinion to finalize the draft and publish it on the Ministry of Finance's and the State Securities Commission'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," Ms. Phuong emphasized.

Hoai Anh