In pursuit of elevating Vietnam's stock market status, officials from the State Securities Commission (SSC) on October 18 engaged in a dialogue with representatives from FTSE Russell, an essential market indices player.
The discourse centred on policy updates, market insights, and strategies to overcome hurdles affecting the upgrading criteria for the Vietnamese stock market.
The SSC delegation featured prominent figures such as Vu Thi Chan Phuong, chairwoman of SSC, Pham Hong Son - SSC's vice chairman, and other high-ranking SSC officials. They were joined by representatives from the Vietnam Securities Depository and Clearing Corporation (VSD).
On the FTSE Russell side, the meeting was graced by Tim Batho, head of Strategy, Policy, and Global Client Solutions, Asia-Pacific, and Wanming Du, director of Index Policy, Asia-Pacific, both representing FTSE Russell. Furthermore, the World Bank was also present, with Ketut Kusuma, a senior financial sector expert and the national coordinator for finance at the World Bank in Vietnam.
"Through recent meetings with various market participants, we have reached a unanimous agreement on the significance of our mission and the necessity to implement strategies that advance Vietnam's stock market," Phuong said.
She also provided insights into the current progress and cooperation between SSC and the Ministry of Finance in addressing persisting impediments that stand in the way of Vietnam's ascent into the ranks of emerging markets.
Phuong expressed her contentment with the consensus that materialised during recent discussions between SSC, securities firms, custodian banks, and other parties.
"These dialogues have asserted the collective acknowledgment of the paramount importance and urgency in implementing strategies that propel Vietnam's stock market to the next level," she said.
FTSE Russell representatives commended the vigorous efforts exerted by SSC, alongside the collaborative endeavours of affiliated entities and market participants.
Tim Batho from FTSE also shared valuable insights on the recent assessment and market ranking reports from the September 2023 review. This report notably maintains Vietnam's position on the watchlist for promotion to the secondary emerging market category.
"The recent efforts by SSC, the Ministry of Finance, and related entities show that Vietnam has taken significant strides, and we eagerly await the transformation of regulatory efforts into concrete actions," Batho said.
His remarks underscore the optimism surrounding Vietnam's stock market, as it seeks to carve a prominent niche on the global stage.
These discussions signify the nation's unwavering commitment to enhancing the transparency, efficiency, and accessibility of its stock market.
The progression towards emerging market status holds the promise of attracting more foreign capital, stimulating investment, and offering greater opportunities for investors, reinforcing Vietnam's role as a burgeoning player on the global financial landscape.
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