Overview of the Workshop
On April 16, 2024, the Ministry of Finance, in collaboration with the World Bank, organized a scientific workshop on “Solutions for Upgrading the Vietnamese Stock Market”.
The workshop was attended by Ms. Vu Thi Chan Phuong – Chairwoman of the State Securities Commission (SSC); Mr. Nguyen Nhu Quynh – Director of the Institute of Strategy and Policy on Finance; Mr. Andrea Coppola – Lead Economist of the World Bank in Vietnam; Ms. Arabella Bennett – Second Secretary, Australian Embassy in Vietnam; Mr. Ketut Kusuma – Senior Financial Sector Specialist, World Bank Financial Sector Coordinator in Vietnam; Ms. Wanming Du – Head of Index Policy, APAC, FTSE Russell.
The workshop was also attended by more than 100 delegates, including representatives from central ministries, agencies, local authorities, units under the Ministry of Finance, economic and financial universities, securities companies, commercial banks, securities investment funds, securities business associations, domestic and international economists and financial experts, international organizations, and financial and non-financial press agencies.
Mr. Nguyen Nhu Quynh, Director of the Institute of Strategy and Policy on Finance, Ministry of Finance, delivering the opening speech
In his opening speech, Mr. Nguyen Nhu Quynh, Director of the Institute of Strategy and Policy on Finance, Ministry of Finance, assessed that the stock market is becoming an important capital mobilization channel for the Vietnamese economy, especially for medium and long-term capital.
“Upgrading the Vietnamese stock market will be an important step for a new development stage of the market, contributing to increasing the scale, improving the efficiency of capital mobilization and utilization, attracting investment capital, especially foreign investment capital, and promoting economic development.” Mr. Nguyen Nhu Quynh emphasized.
The target by 2025 is to upgrade the Vietnamese stock market from a frontier market to an emerging market according to the stock market classification standards of international organizations, which has also been approved by the Prime Minister in the Stock Market Development Strategy to 2030.
The Director of the Institute of Strategy and Policy on Finance shared that to clarify the issues related to upgrading the Vietnamese stock market, the Ministry of Finance, in collaboration with the World Bank, organized a scientific workshop on “Solutions for Upgrading the Vietnamese Stock Market” to exchange and discuss opportunities, challenges, and bottlenecks in this process, thereby studying and proposing policy mechanisms and solutions to promote the upgrading of the Vietnamese stock market in the coming time.
Mr. Andrea Coppola – Lead Economist of the World Bank in Vietnam speaking at the Workshop
Speaking at the workshop, Mr. Andrea Coppola – Lead Economist of the World Bank in Vietnam also said that international organizations have assessed Vietnam as a frontier market. Since September 2018, Vietnam has been on the watchlist for stock market upgrades. The upgrade will boost the position of the Vietnamese market, helping to attract foreign investors. According to the World Bank’s estimates, if Vietnam is upgraded to an emerging stock market, it will attract $25 billion by 2030.
Ms. Arabella Bennett – Second Secretary, Australian Embassy in Vietnam, speaking at the workshop
Also sharing information at the workshop, Ms. Arabella Bennett – Second Secretary, Australian Embassy in Vietnam, said that despite facing challenges, Vietnam has made significant progress in its efforts to upgrade to an emerging market. Ms. Arabella Bennett also emphasized that upgrading the stock market will make Vietnam a亮点 in the region and that the Australian Embassy will cooperate with the World Bank in supporting Vietnam to attract foreign investors to the Vietnamese stock market.
The workshop listened to presentations from many speakers, including: (1) Mr. Vu Chi Dung – Deputy Director of the International Cooperation Department, SSC, reported on the opportunities and challenges in upgrading the Vietnamese stock market from a frontier market to an emerging market, analyzing the market classification criteria of international rating organizations; (2) Mr. Ketut Kusuma – Senior Financial Sector Specialist, World Bank Financial Sector Coordinator in Vietnam, presented a roadmap for Vietnam towards emerging market status.
