On August 6, 2024, Vietnam’s Ministry of Finance and the State Securities Commission hosted an investment promotion conference titled “My Vietnam – Your Investment Destination” in Singapore. The conference was attended and chaired by Ho Duc Phoc, the Minister of Finance.
In his opening remarks, Minister Ho Duc Phoc highlighted the significant progress and strong bilateral relationship between Vietnam and Singapore over the past 50 years of diplomatic relations, including over a decade of Strategic Partnership. He emphasized the substantial growth and efficiency in economic, trade, and especially investment cooperation between the two countries.
The Minister believes that there is ample room for Vietnam and Singapore to further develop their relationship, particularly in the fields of financial markets, capital markets, and securities. The Ministry of Finance, in collaboration with partners, organized this conference to provide additional investment opportunities and create a substantive dialogue channel. This will help businesses and investors better understand the policies, orientations, and potential of Vietnam’s economy, especially its financial markets.
According to the Minister, under the government’s guidance, Vietnam’s stock market has become increasingly efficient, high-quality, and sustainable, serving as a crucial medium to long-term capital channel for the economy. In its over 24 years of operation, the Vietnamese stock market has proven its appeal through the volume of goods on the exchange, high liquidity, and strong participation from domestic and foreign investors.
As of July 2024, Vietnam’s stock market had over 1,600 listed and registered stocks and fund certificates. The market capitalization of stocks reached approximately $278 billion, equivalent to 65% of GDP in 2023. The number of investors has grown significantly, with 8 million securities accounts, equivalent to over 10% of the adult population.
Within the ASEAN region, Vietnam’s stock market is highly dynamic, with liquidity reaching approximately $1 billion per day, ranking first or second in the region. Interestingly, the liquidity of the Vietnamese and Singaporean stock markets is comparable.
“While we have achieved initial successes, Vietnam is determined to continue developing a public, transparent, safe, efficient, comprehensive, integrated, and sustainable securities market that protects the legitimate rights and interests of all participants,” emphasized the Minister. “We are also making every effort to meet the criteria for market upgrading, and we expect to be upgraded to an emerging market in the near future.”
The Minister of Finance affirmed that the Vietnamese government considers the foreign-invested economic sector as an important component of the economy. Therefore, it always creates favorable conditions for long-term development, cooperation, and healthy competition on equal footing.
The Minister affirmed the Ministry of Finance’s commitment to accompanying and creating favorable opportunities for partners, businesses, and investors to seek efficient investment and cooperation opportunities. The Ministry welcomes Singaporean and regional businesses and investors to increase new investments and expand their investment scale in Vietnam, further promoting the effectiveness of cooperation and investment for mutual success and prosperous development.
Subsequently, Minister Ho Duc Phoc chaired the Policy Dialogue session.
During the dialogue, Vu Thi Chan Phuong, Chairwoman of the State Securities Commission, shared information on the work to upgrade Vietnam’s stock market. Upgrading Vietnam’s stock market from a frontier market to an emerging market is one of the significant goals that the Vietnamese government is striving to achieve.
The Ministry of Finance and the State Securities Commission have implemented various activities and exchanged information with relevant parties to deploy solutions that meet the criteria for the market upgrade. Currently, the Ministry of Finance has drafted a Circular amending and supplementing four Circulars related to trading, registration, depository, and payment compensation, securities business activities, and information disclosure.
To ensure the feasibility and effectiveness of the Circular after its issuance, the Ministry of Finance has sought contributions from market members, experts, and scientists. They have compiled and incorporated the feedback and finalized the draft, which has been publicly announced on the portals of the Ministry and the State Securities Commission before its official issuance.
According to domestic and foreign experts, the solutions and new regulations in the draft Circular are feasible and highly practical. The Circular will soon be issued by the Ministry of Finance.
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