Vietnam taps NYSE cross-listing opportunities, eyeing global know-how

In a symbolic gesture forging closer ties between the United States and Vietnam, Vietnamese Prime Minister Pham Minh Chinh rang the opening bell at the New York Stock Exchange (NYSE) on September 21.

New York City, revered as a global financial hub, boasts two premier stock exchanges: the NYSE, known for its broader appeal, and the NASDAQ, a beacon for high-tech stocks.

In the midst of burgeoning political ties between the two nations, PM Chinh said, "The NYSE can play a pivotal role in driving US corporate investments in Vietnam and shining a light on the vast opportunities our nation presents."

As reported by Vietnam News Agency, speaking on deepening capital market collaborations, PM Chinh said, "It's crucial we foster seamless ties between our stock markets, integrating Vietnamese companies into global financial circuits."

He instructed the State Securities Commission of Vietnam "to collaborate closely with the NYSE, paving the way for enhanced technical assistance and nurturing a new generation of financial professionals."

Concluding his address, the PM said, "It would be an honour to welcome NYSE leadership to our shores, signifying the strengthening bond between our nations."

Responding to PM Chinh, NYSE vice chairman John Tuttle said, "We are deeply honoured to host Prime Minister Pham Minh Chinh, reflecting our mutual aspirations for closer economic synergies."

Recognising Vietnam's potential, Tuttle said, "The US corporate world has its eyes on Vietnam. At NYSE, we stand ready to bolster Vietnamese entities aiming for a global footprint."

"We are entirely on board with the PM's vision. A cross-listing venture can catalyse monumental growth for both our markets. Furthermore, we anticipate our forthcoming visit to Vietnam," he continued.

In an intimate dinner discussion with leaders of multinational corporations and prominent US investment funds on September 21, PM Chinh also called upon global conglomerates and investment houses to share their expertise to help Ho Chi Minh City to develop as a financial centre.

For these ambitious objectives, the PM acknowledged the need for financial capital and advocated for enhanced collaborations with international partners, multinational corporations, and major global and specifically US-based investment funds.

“Global entities, with their vast experience and resources, play a pivotal role in bolstering sectors driving sustainable growth, such as green and digital economies, and green finance,” PM Chinh said.

He specifically urged global corporations and investment funds to share their valuable experiences, offering policy advisories and financing priorities, as Vietnam seeks to develop its financial hub in Ho Chi Minh City.

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Bond mobilisation needed for Ho Chi Minh City infrastructure To realise its ambition of becoming Southeast Asia and Asia’s leading hub in multiple sectors, Ho Chi Minh City must bolster its infrastructure. With the city’s budget only covering 30-40 per cent of infrastructure costs, amidst an economic slump, there is an urgent need to devise strategies to entice international financing, potentially through bonds. A future financial centre could also be instrumental in this endeavour.