On March 12th, the Ministry of Finance of Vietnam organized the Financial Investment Promotion Conference in Japan with the theme “Vietnam – An Investment Destination”. The conference was chaired by Minister of Finance Ho Duc Phoc.
Attending the conference from Vietnam were Mr. Pham Quang Hieu – Ambassador Extraordinary and Plenipotentiary of Vietnam to Japan; Ms. Vu Thi Chan Phuong – Chairman of the State Securities Commission; Mr. Mai Xuan Thanh – Director General of the General Department of Taxation; Mr. Luu Manh Tuong – Deputy Director General of the General Department of Customs, and representatives of several units under the Ministry of Finance.
From Japan, there were representatives from the Ministry of Finance of Japan (MFJ); Japanese Financial Services Agency (FSA); Japan International Cooperation Agency (JICA); Tokyo Metropolitan Government Bureau of Industry and Labor (BILAT); and Japan Securities Dealers Association (JSDA).
The conference was also attended by over 200 delegates from leading Japanese and Vietnamese companies (including financial institutions, banks, life insurance corporations, investment funds, securities companies, and corporations from both countries).
In his opening speech, Minister of Finance Ho Duc Phoc welcomed the delegates, businesses, and investors attending the conference, expressing their dedication and responsibility in jointly building and developing the increasingly solid and prosperous relationship between Vietnam and Japan.
The Minister stated that this year marks the first year for Vietnam and Japan to implement the “Comprehensive Strategic Partnership for Peace and Prosperity in Asia and the World”, which was upgraded in November 2023. Japan has become a leading economic partner of Vietnam, and Vietnam has also become an important partner of Japan in Southeast Asia.
The Minister expressed confidence that the conference will open up even greater opportunities for cooperation and development between the two countries. Furthermore, the Government of Japan, related agencies, and organizations will continue to collaborate to strengthen the relationship between the two nations, creating a favorable investment environment and supporting Japanese businesses in investing in Vietnam.
“I hope that after this conference, businesses from both countries will have more ideas and new cooperative projects to deepen economic cooperation and the comprehensive strategic partnership between Vietnam and Japan,” the Minister stated at the conference.
The Ministry of Finance of Vietnam is committed to accompanying and facilitating businesses from both countries and hopes that Japan will continue to be one of the leading and long-term partners for direct and indirect investment in Vietnam. They will continue to cooperate in order to strengthen the solid relationship between the two nations, create an open investment environment, and support Japanese businesses in investing in Vietnam.
At the conference, the Ministry of Finance introduced Japanese investors to the development of the Vietnamese stock market in recent times. In 2023, despite facing numerous challenges and difficulties from the global and domestic economic situation, with the support of a stable macroeconomic foundation and proactive, flexible, and resolute guidance and management from the Government, Prime Minister, and Ministry of Finance, as well as close coordination among ministries, sectors, and relevant units, the Vietnamese stock market has recovered well, its market structure has been increasingly improved, and it has achieved significant results in many aspects. The Vietnamese stock market continues to be an attractive investment destination for domestic and foreign investors and an effective and important capital channel for the economy.
Upgrading the Vietnamese stock market from a frontier market to an emerging market is one of the major goals that the Government of Vietnam is aiming for. This goal has been included in the plan to restructure the stock market and the insurance market until 2020 and orient towards 2025, as well as the strategy for developing the stock market until 2030. The Ministry of Finance and the State Securities Commission have implemented various activities to deepen and comprehensive cooperation with foreign partners, exchanged information with relevant parties to attract foreign investment capital, and overcome obstacles when investing in the Vietnamese stock market.
Sharing the key tasks and solutions for the development of the stock market in the medium and long term, Minister of Finance Ho Duc Phoc affirmed that they will resolutely implement solutions to develop the market, improve the legal framework, strongly promote digital transformation in the securities sector, coordinate with relevant ministries and sectors to address difficulties for businesses, focus on inspection and examination to ensure the safety and transparency of the stock market, and enhance international cooperation to attract indirect foreign investment, aiming to upgrade the Vietnamese stock market from a frontier market to an emerging market.
The overall view of the conference
During the policy dialogue session at the conference, Japanese investors expressed their interest in investment opportunities in the Vietnamese stock market and raised questions about market development policies, market upgrading, attracting new capital flows, and more.
Chairwoman of the State Securities Commission Vu Thi Chan Phuong directly discussed solutions to resolve remaining issues in upgrading the market, as well as policies to enhance regulations on information disclosure, internal trading, and improve the quality of listed companies on the Vietnamese stock market.
The Financial Investment Promotion Conference in Japan is expected to provide useful information and a broad outlook for the positive development of the Vietnamese capital market, creating opportunities for Vietnam to further improve its mechanisms and policies to attract the participation of a diverse range of international investors.
