Vietnamese stock market rapidly advancing towards global standards: Prime Minister

Prime Minister Phạm Minh Chính has revealed that he closely monitors the stock market on a daily basis because it reflects the "health" of businesses and the government's management.

"The stock market in Việt Nam holds a prominent position as a high-level market and plays a crucial role in the financial market and our country's socialist-oriented market economy.

"Despite being relatively young in comparison to global counterparts, the Vietnamese stock market has experienced remarkable growth, aligning itself with international standards. It has rapidly closed the gap and achieved significant progress, catching up with leading global markets."

Prime Minister Pham Minh Chínhchaired a conference to discuss the development of the stock market in 2024 at the Government Office on Wednesday in Hà Nội. This conference marked the first time a Prime Minister has taken the lead in such discussions in nearly 25 years. Photo Government Portal
Prime Minister Pham Minh Chính chaired a conference to discuss the development of the stock market in 2024 at the Government Office on Wednesday in Hà Nội. This conference marked the first time a Prime Minister has taken the lead in such discussions in nearly 25 years. Photo Government Portal

The Prime Minister chaired a conference to discuss the development of the stock market in 2024 at the Government Office on Wednesday in Hà Nội. This conference marked the first time a Prime Minister has taken the lead in such discussions in nearly 25 years.

The conference was attended by Deputy Prime Minister Lê Minh Khái, ministers, heads of various agencies, central government officials, ambassadors, international representatives in Việt Nam, leaders of associations, corporations, domestic and foreign investors, as well as organisations participating in the stock market.

During the conference, the Prime Minister emphasised the government's commitment to protect the legitimate rights and interests of investors and other stakeholders in the stock market. He expressed his desire for the Vietnamese stock market to grow in a healthy, sustainable manner, keeping pace with global trends. The Prime Minister acknowledged the challenges faced by market participants in the past two difficult years and called for collective efforts to accelerate the development of the stock market in 2024 and achieve significant progress in 2025.

To realise these goals, the Prime Minister directed the State Securities Commission (SSC) to promptly implement necessary measures to elevate the Vietnamese stock market from a frontier market to an emerging market by 2025. Special attention must be given to resolving difficulties and obstacles to meet the criteria for the upgrade, with a firm commitment to turn words into action.

He urged a thorough review and suggested amendments to relevant legal regulations to address technical issues and enhance transparency in the stock market. Immediate action was required to remove barriers and create favourable conditions for foreign investors to access the market.

Chính emphasised the need to review and disclose the maximum foreign ownership limits in sectors with certain conditions or restrictions. Simplification of procedures and streamlining of the process for foreign investors to open indirect investment accounts were also highlighted.

Regarding securities companies, the Prime Minister emphasised the importance of corporate restructuring to enhance their management capabilities, risk management and competitiveness in the market. Professional development of permitted services was encouraged, along with the continued growth of a diverse range of securities companies operating under both multi-functional and specialised business models.

The Prime Minister highlighted the necessity of researching and establishing mechanisms to guide, manage and supervise the application of financial technology in securities transactions.

To attract issuers, Chính encouraged various types of businesses to conduct initial public offerings (IPOs) coupled with listings and trading registrations on the stock market. Efforts should be made to attract large-scale enterprises with strong financial positions and good corporate governance to list on the stock market.

The Prime Minister asked the Ministry of Finance, the SSC, the State Bank of Việt Nam, the Ministry of Planning and Investment, and other relevant ministries and agencies to focus on developing and implementing specific action plans to realise the Stock Market Development Strategy up to 2030.

The Ministry of Finance needs to promptly review and amend existing regulations, especially those related to transparency requirements for business information, rights and responsibilities of market participants such as government regulatory agencies, enterprises, securities companies and investors.

The Ministry of Finance and the SSC are urged to upgrade and build the market infrastructure system to serve the securities market in a modern and digitally advanced manner. They should also enhance the quality of market management and supervision, and create favourable conditions for enterprises, market institutions and investors to participate in the Vietnamese stock market, ensuring a harmonious balance of interests between the state, service providers and investors.

The government leader also pointed out existing limitations, challenges and difficulties in the Vietnamese stock market, particularly in terms of legal framework consistency, price manipulation and securities fraud, accuracy of disclosed information by some public companies, listed companies, and investors, application of technology, especially digital technology in market operations and management, and the incomplete and diverse development of the stock market ecosystem.

According Vũ Thị Chân Phương, Chairwoman of the SSC, the Vietnamese stock market has undergone significant improvements and modernisation. The market structure has been gradually strengthened, expanding from a stock market to include a government bond market and derivatives market.

At its inception on July 28, 2000, the stock market had only two listed companies and six member securities firms. However, by the end of 2023, there were nearly 2,300 listed companies and 82 active securities firms.

The securities business organisations and service providers have witnessed remarkable development in terms of professional expertise, financial capacity, and service quality. They now play a vital role in bridging the gap between investors and businesses.

Trading securities has evolved from requiring investors to physically visit stock exchange centres and complete paper-based transactions to allowing them to trade from anywhere using various smart devices. Investors now have access to a wide range of analysis tools across multiple platforms, surpassing the reliance on electronic boards, she said.

The market has experienced continuous growth in scale and its ability to mobilise capital for businesses. The market capitalisation of stocks has shown positive growth, increasing from 0.22 per cent of GDP in 2000 to 33.52 per cent of GDP in 2010, and reaching 58.1 per cent of GDP in 2023.

According to Ketut Ariadi Kusuma, a Senior Financial Sector Specialist at the World Bank (WB), the WB estimates that upgrading the Vietnamese stock market could attract up to $25 billion in new international investor capital into the Vietnamese bourse by 2030, subject to certain important conditions.

First, for Việt Nam to achieve this, it needs to be upgraded by both international index providers, FTSE Russell and MSCI. The WB acknowledged and supported the SSC's current approach of prioritising the market upgrade.

Second, it is crucial to address issues related to foreign investor ownership limits and continue the process of equitising large state-owned enterprises. This would entail improving information disclosure, facilitating access to stocks that have reached the ownership limit, and most significantly, raising the foreign investor ownership limit, he said.

Third, it is essential to foster a robust global investment environment to enable Việt Nam to benefit from the natural growth of global investment into emerging markets. This growth is estimated to be around 7 per cent annually.

Source: VNS

See also

PM demands strengthened gold market management

PM demands strengthened gold market management

Prime Minister Pham Minh Chinh has asked the State Bank of Vietnam (SBV) to keep a close watch on international and domestic gold prices, and put in place measures and tools in a timely and effective way to regulate the gold market in line with regulations.
Domestic coffee prices at record high

Domestic coffee prices at record high

New records have continuously been set in the prices of coffee in Central Highlands localities recently, now standing at over 90,000 VND (3.65 USD) per kilo.
Difficulties in sales of OCOP products

Difficulties in sales of OCOP products

(VEN) - With more than 10 thousand One Commune One Product (OCOP) products, the promotion of Vietnamese local specialties on e-commerce platforms is an effective solution to resolve the output problem for the products.

See more news

Demand slumps for meat, eggs in HCM City

Demand slumps for meat, eggs in HCM City

After the long Tết holiday, sales of meat and eggs in HCM City are falling due to limited demand and changes in consumer diets for the vegetarian month.
Growth motivation from domestic market

Growth motivation from domestic market

Consumption demand is forecast to be among the main contributors to economic growth in 2024, along with public investment and export activities.
Australian peaches and nectarines promoted in Vietnam market

Australian peaches and nectarines promoted in Vietnam market

(VEN) - It's harvest time for Australia’s summer fruits. Vietnamese consumers can now enjoy some of the best-eating peaches and nectarines that are sweet and tangy, crispy and crunchy, soft and juicy.
Taste of Australia program launched in MM Mega Market Vietnam

Taste of Australia program launched in MM Mega Market Vietnam

The “Taste of Australia” program has opened in MM Mega Market Vietnam in Ho Chi Minh City (HCMC) from December 7-20, 2023.
Domestic market should be promoted to maintain economic growth: Expert

Domestic market should be promoted to maintain economic growth: Expert

Amid difficulties in the world market, greater attention should be paid to promoting the domestic market, one of the "healthy" pillars at present of the economy, to boost growth, according to Prof. Dr. Bui Quang Tuan, Director of the Vietnam Institute of Economics.
Attraction from domestic logistics market

Attraction from domestic logistics market

(VEN) - Despite difficulties from the economic context, many large-scale logistics projects have been put into operation in Vietnam, showing that the attraction of the Vietnamese logistics market has not cooled down yet.
Fertilizer market aware of market volatility

Fertilizer market aware of market volatility

(VEN) - China’s temporary suspension of urea exports has immediately raised urea prices in the domestic and world market. In this context, stabilizing the fertilizer market is very urgent.
Strengthening domestic market’s role

Strengthening domestic market’s role

(VEN) - Vietnam Economic News’ Phuong Lan & Nguyen Hanh talked with Assoc. Prof., Dr. Dinh Trong Thinh, economist, about the domestic market’s role in economic growth.
Hanoi biggest promotional event to open next month

Hanoi biggest promotional event to open next month

“Hanoi Promotion Month 2023', the largest promotion event of Hanoi, will begin on October 27, offering an entire month of big discounts, some even reaching 100%.
Flash Sales Holiday to gather over 120 well-known brands

Flash Sales Holiday to gather over 120 well-known brands

The Flash Sales Holiday, as part of the Shopping Season 2023, will take place at Tan Son Nhat Pavilion Centre, Ho Chi Minh City from September 8-10, announced the municipal Department of Industry and Trade on September 5.
View more
Latest Most Read
Deputy PM’s visit to further augment Vietnam - Cuba ties

Deputy PM’s visit to further augment Vietnam - Cuba ties

Deputy Prime Minister Tran Luu Quang is scheduled to pay an official visit to Cuba from April 14 to 16, aiming to continue reinforcing multifaceted cooperation between the two countries.
Vietnam’s agricultural products appeal to foreign customers

Vietnam’s agricultural products appeal to foreign customers

Vietnam's agricultural products were sold well in foreign markets in Q1, with a surge in both volume and prices documented.
Majority of enterprises forecast positive performance in Q2 2024

Majority of enterprises forecast positive performance in Q2 2024

Despite difficulties forecast for the second quarter of 2024, many enterprises in the processing and manufacturing industry expect their production and business activities in the quarter will improve, according to a recent survey of the General Statistics Office.
Vietnam ready to ride US investment wave

Vietnam ready to ride US investment wave

Vietnam is on the verge of seeing a massive influx of investments from the US, and stands ready to welcome the wave.
Special policies needed to develop semiconductor industry

Special policies needed to develop semiconductor industry

(VEN) - According to Gartner, a leading global technology consulting and research company, the global semiconductor industry is projected to generate over US$620 billion in revenue in 2024 and US$1 trillion by 2030. This industry is considered a core part of the technological competition among nations in the 21st century.
a pilgrimage to find inner peace

A pilgrimage to find inner peace

Địa Tạng Phi Lai Pagoda has become a must-visit site for thousands in the past five years, especially during the Lunar New Year festive season. This spiritual tourism destination charms visitors with its majestic yet serene landscape, tranquillity and unique architectural features.
experts work to have con moong cave recognised by unesco

Experts work to have Con Moong Cave recognised by UNESCO

The cave has been excavated many times and determined to be the oldest site in the country containing traces of ancient humans from the Paleolithic to the Neolithic period, from about 60,000 years to 7,000 BC.
ha noi sees improved performance in hospitality market

Hà Nội sees improved performance in hospitality market

The average room rate increased by 2 per cent quarter on quarter and 11 per cent year on year. Movenpick Hà Nội (four-star) recently resumed its operation after renovation, which supported this increase.
female artists tell stories in strokes

Female artists tell stories in strokes

The exhibition entitled HerStory: Women in Art features 12 paintings and four sculptures by Nguyễn Thị Hoà, Cristina González, Mai Minh Hằng, Nguyễn Thị Thanh Lưu, Nguyễn Thị Thu Hiền and Alix Aymé.
photo exhibition features vietnamese revolutionary cinema

Photo exhibition features Vietnamese revolutionary cinema

More than 100 photos featuring Vietnamese revolutionary cinema are on displayed on Nguyễn Huệ Pedestrian Street as part of the first Hồ Chí Minh City International Film Festival 2024 from April 6-13.
New decrees contribute to perfecting anti-IUU fishing regulations

New decrees contribute to perfecting anti-IUU fishing regulations

The Ministry of Agriculture and Rural Development held a conference in Hanoi on April 11 to popularise new contents in regulations on illegal, unreported and unregulated (IUU) fishing prevention and combat prescribed in newly-issued legal documents.
Revised land law shows fair policy towards OVs: Ambassador

Revised land law shows fair policy towards OVs: Ambassador

Overseas Vietnamese (OV) are thrilled to hear about new provisions in the Land Law (revised) passed recently by the National Assembly (NA), which demonstrates the attention of the Party, the State, the Government, and the NA in ensuring equal rights between OVs and Vietnamese citizens residing inside the country to purchase and own land use right and houses in their homeland, said Vietnamese Ambassador in Hungary Nguyễn Thị Bích Thảo.
New legal documents in second half of March 2024

New legal documents in second half of March 2024

VEN lists the latest legal documents issued by the Vietnamese Government, ministries and state agencies.
Prime Minister issues directive to enhance cybersecurity

Prime Minister issues directive to enhance cybersecurity

Prime Minister Phạm Minh Chính has recently issued a significant directive aimed at bolstering cybersecurity measures. This directive serves to reinforce prior initiatives undertaken by the Prime Minister to fortify cybersecurity across various sectors and regions.
Majority of enterprises forecast positive performance in Q2 2024

Majority of enterprises forecast positive performance in Q2 2024

Despite difficulties forecast for the second quarter of 2024, many enterprises in the processing and manufacturing industry expect their production and business activities in the quarter will improve, according to a recent survey of the General Statistics Office.
Dong Nai expands role of industry promotion collaborators

Dong Nai expands role of industry promotion collaborators

(VEN) - With their efficient performance, industry promotion collaborators in the southeastern province of Dong Nai have helped improve industry promotion activities in the region qualitatively and quantitatively.
Leather & footwear industry to increase local content

Leather & footwear industry to increase local content

(VEN) - The leather and footwear industry, a leading exporter of Vietnam, has reached an average export growth of more than 10 percent per year. The sector set a target of increasing its local content rate to 75-80 percent in 2025.
Gia Lai calls for  private investment in IC infrastructure

Gia Lai calls for private investment in IC infrastructure

(VEN) - Thanks to good support policies, industrial clusters (IC) in the Central Highlands province of Gia Lai are attracting many businesses from the private sector in accordance with the set target of the province.
Vietnam ready to ride US investment wave

Vietnam ready to ride US investment wave

Vietnam is on the verge of seeing a massive influx of investments from the US, and stands ready to welcome the wave.
Government listens to partners, investors

Government listens to partners, investors

(VEN) - At the recent Prime Minister’s meeting with FDI enterprises and Annual Vietnam Business Forum (VBF) held on March 19, 2024, Prime Minister Pham Minh Chinh committed to creating favorable conditions for domestic and foreign investors with the spirit of “harmonious interests, shared risks.”
Vietnam, Latvia enjoy enormous potential for stronger trade, investment links: Ambassador

Vietnam, Latvia enjoy enormous potential for stronger trade, investment links: Ambassador

With good friendship and mutual trust, Vietnam and Latvia hold enormous potential and room for promoting bilateral trade and investment, particularly in such spheres as information technology, agro-forestry-fisheries, pharmaceutical, wood processing, and labour, a diplomat has said.
French businesses interested in Vietnamese market

French businesses interested in Vietnamese market

French enterprises gathered at a recent talk held by the Chamber of Commerce and Industry (CCI) of Nièvre province and the administration of Nevers city to seek investment opportunities and promote economic and trade cooperation with Vietnam.
Banks’ charter capital up,  total asset value down

Banks’ charter capital up, total asset value down

(VEN) - The State Bank of Vietnam’s latest data show that the total charter capital of credit institutions reached more than VND1 quadrillion as of January 31, 2024, an increase of 0.7 percent over the end of 2023. Specifically, state commercial banks reached VND217.882 trillion, equal to the capital they had at the end of 2023; joint-stock commercial banks had VND543.191 trillion, up 0.12 percent from the end of 2023; and joint-venture and foreign banks VND163.165 trillion, the same as that at the end of 2023.
Tax sector

Tax sector's budget revenue increases by nearly 11% in first quarter

The tax sector’s total state budget revenue in the first quarter of 2024 was estimated at 490.2 trillion VND (19.64 billion USD), equal to 33% of the estimate for the year, and 10.9% higher than the figure of the same period last year, the General Department of Taxation announced on April 9.
Over 163,000 new stock trader accounts created during March

Over 163,000 new stock trader accounts created during March

More than 163,000 new stock trader accounts were created during March this year, an increase of over 50,000 accounts compared to January, marking March the month with the most accounts created in the last six months, according to the Vietnam Securities Depository and Clearing Corporation (VSDC).
Vietnam attends ASEAN’s policy dialogue on finance, banking

Vietnam attends ASEAN’s policy dialogue on finance, banking

A Vietnamese delegation led by Deputy Governor of the State Bank of Vietnam (SBV) Pham Quang Dung attended a policy dialogue between central bank governors of ASEAN countries and financial institutions' Chief Executive Officers on April 4 in Luang Prabang, Laos.
Cô Tô calls for actions to prevent plastic pollution in tourism activities

Cô Tô calls for actions to prevent plastic pollution in tourism activities

Authorities have requested local accommodations and tourism businesses to increase the use of environment-friendly and recycled products
UNEP helps monitor plastic pollution in Vietnam

UNEP helps monitor plastic pollution in Vietnam

The Institute of Strategy and Policy on Natural Resources and Environment (ISPONRE) under the Ministry of Natural Resources and Environment and the United Nations Environment Programme (UNEP) are building steps to implement a project on enhancing the capacity of plastic pollution management in Vietnam.
Mekong Delta provinces brace for forest fire threats

Mekong Delta provinces brace for forest fire threats

Many localities in the Cửu Long (Mekong) Delta have raised forest fire warnings because of prolonged dry and hot weather.
Preserving forests is everyone

Preserving forests is everyone's business in Tuyên Quang

Tuyên Quang province has implemented robust mechanisms and policies to effectively harness the potential of its forests. These initiatives have garnered strong support from the local community, leading to improved forest management, protection and development.
Special policies needed to develop semiconductor industry

Special policies needed to develop semiconductor industry

(VEN) - According to Gartner, a leading global technology consulting and research company, the global semiconductor industry is projected to generate over US$620 billion in revenue in 2024 and US$1 trillion by 2030. This industry is considered a core part of the technological competition among nations in the 21st century.
Game design degrees expected to boost industry growth

Game design degrees expected to boost industry growth

With the emergence of university-level courses focusing solely on the gaming industry in recent years, Vietnam is looking forward to a growth boost in the industry for digital economy development in the near future.
Vietnam termed a bright spot in R&D field: RoK newspaper

Vietnam termed a bright spot in R&D field: RoK newspaper

Vietnam is seen a next generation workshop and a growing market to become an advanced research and development (R&D) centre, said an article published by Dong-a Ilbo newspaper of the Republic of Korea (RoK).
Over 20 million cyberattack warnings detected in Q1

Over 20 million cyberattack warnings detected in Q1

More than 20 million cyberattack alerts were uncovered in the first quarter of 2024, up 33% year-on-year, Spokesman of the Ministry of Public Security Lieutenant General To An Xo said at the Government’s regular press conference on April 3.
HCM City boosts partnership with foreign NGOs

HCM City boosts partnership with foreign NGOs

The Ho Chi Minh City Union of Friendship Organisations (HUFO) in coordination with the city's working group for foreign non-governmental organisations (NGOs) held an annual conference with foreign NGOs on April 12 to discuss cooperation orientations for the coming time.
Vietnam sends over 35,900 workers abroad in Q1

Vietnam sends over 35,900 workers abroad in Q1

Vietnam sent more than 35,900 labourers to work abroad under contracts in the first quarter of 2024, according to the Department of Overseas Labour under the Ministry of Labour, Invalids and Social Affairs (MoLISA).
Bến Tre to develop concentrated farming areas, improve produce quality

Bến Tre to develop concentrated farming areas, improve produce quality

Bến Tre Province is restructuring agriculture towards establishing concentrated farming areas to produce high-quality products and improve farmers’ incomes.
PM orders sufficient water for residents during saline intrusion

PM orders sufficient water for residents during saline intrusion

Prime Minister Pham Minh Chinh on April 8 signed an official dispatch asking competent officials to take proactive response to ensuring sufficient fresh water supply for local residents in the Mekong Delta region which has been hard hit by prolonged heat waves and saline intrusion.
Vietnam Airlines to launch direct flights from Hanoi, HCM City to Manila

Vietnam Airlines to launch direct flights from Hanoi, HCM City to Manila

Vietnam Airlines is scheduled to launch direct flights from Hanoi and Ho Chi Minh City to Manila, the Philippines, from June 17.
Military Insurance targets top four spot in non-life insurance market for 2024

Military Insurance targets top four spot in non-life insurance market for 2024

Military Insurance Corporation (MIC) targets to secure a position among the top four non-life insurance markets in 2024, achieving a 33 per cent growth in insurance revenue, a 25 per cent growth in profit compared to 2023, and maintaining a minimum dividend ratio of 10 per cent.
Vietnam a shining example in national brand development

Vietnam a shining example in national brand development

(VEN) - Vietnam has been recognized as a shining example in national brand development, achieving a rapid growth rate in its brand value.
Viettel, VNPT win Vietnam

Viettel, VNPT win Vietnam's first 5G spectrum auctions

The military-run telecom service provider Viettel and the Vietnam Posts and Telecommunications Group (VNPT) have recently won Vietnam's first successful auctions for 5G spectrum licenses, Director General of the Authority of Radio Frequency Management Le Van Tuan told a monthly press conference on April 8.
Female artists tell stories in strokes

Female artists tell stories in strokes

The exhibition entitled HerStory: Women in Art features 12 paintings and four sculptures by Nguyễn Thị Hoà, Cristina González, Mai Minh Hằng, Nguyễn Thị Thanh Lưu, Nguyễn Thị Thu Hiền and Alix Aymé.
Vietnamese bread tops TasteAtlas world

Vietnamese bread tops TasteAtlas world's 100 tastiest sandwiches rankings

Bread was first made popular in Việt Nam by the French since 1859, but a source from the HCM City’s Tourism Department said it could have been present in the country earlier than that, through trade and commerce with Europeans.
Phu Tho launches “Returning to the UNESCO Heritage Site” tour

Phu Tho launches “Returning to the UNESCO Heritage Site” tour

(VEN) - On the occasion of the Hung King’s Death Anniversary and the Hung Temple Festival 2024, Phu Tho Province launched the tour “Returning to the UNESCO Heritage Site.”
Programmes and policies improve Khmer people’s livelihood

Programmes and policies improve Khmer people’s livelihood

The southern province of Sóc Trăng has the highest concentration of Khmer people in Việt Nam, accounting for 30 per cent of their total population. The implementation of the socialisation policy for housing in the locality has achieved positive results, addressing the issue of housing for impoverished Khmer households, while solving social welfare problems and reducing poverty.
Sun Group

Sun Group's journey helps promote Da Nang's culinary essence globally

Following Hanoi and HCM City, Da Nang will be the third city to be awarded the "rising star" status by the Michelin Guide, with the partnership of Sun Group as the destination partner.
A pilgrimage to find inner peace

A pilgrimage to find inner peace

Địa Tạng Phi Lai Pagoda has become a must-visit site for thousands in the past five years, especially during the Lunar New Year festive season. This spiritual tourism destination charms visitors with its majestic yet serene landscape, tranquillity and unique architectural features.
Experts work to have Con Moong Cave recognised by UNESCO

Experts work to have Con Moong Cave recognised by UNESCO

The cave has been excavated many times and determined to be the oldest site in the country containing traces of ancient humans from the Paleolithic to the Neolithic period, from about 60,000 years to 7,000 BC.
Quang Ngai Tourism Week 2024 to take place from April 22 to May 5

Quang Ngai Tourism Week 2024 to take place from April 22 to May 5

The Quang Ngai Tourism Week 2024 will take place from April 22 to May 5.
Mobile Version