Prime Minister Pham Minh Chinh has instructed the Ministry of Finance, State Bank of Vietnam and the Ministry of Planning and Investment to address obstacles in relevant sectors for upgrading the stock market from frontier to emerging status.
The Ho Chi Minh Stock Exchange in Ho Chi Minh City. (Photo: VNA)
Hanoi (VNS/VNA) - Prime Minister Pham Minh Chinh has instructedthe Ministry of Finance, State Bank of Vietnam and the Ministry of Planning andInvestment to address obstacles in relevant sectors for upgrading the stockmarket from frontier to emerging status.
On February 15, 2024 the Prime Minister signed Directive 06/CT-TTg onaccelerating key tasks after the Lunar New Year holiday, including requirementsto implement measures to meet the criteria for upgrading the stock market.
In Official Dispatch 1360/CD-TTg of December 13, 2023, the government leaderhad requested relevant agencies to promote the safe, transparent, efficient andsustainable development of the stock market.
The dispatch stated that the stock market has maintained stable and safeoperations, becoming more substantial, efficient and transparent. It hasgradually restored order and discipline, continuing to strengthen investorconfidence both domestically and internationally. Efforts have been made toattract investment and promote the image of the Vietnamese stock market, withthe goal of upgrading it from frontier to emerging status.
However, it is necessary to urgently implement measures to enhance the qualityof goods in the stock market, and improve the efficiency of marketparticipants, securities companies and fund management companies.Diversification of the investor base is needed to attract the participation ofinstitutional investors, professional investors and investment funds, whileactively providing information and financial-securities knowledge training forindividual investors.
In the Stock Market Development Strategy towards 2030, approved by Deputy PrimeMinister Le Minh Khai on December 29, 2023, the government aims to achieve amarket capitalisation of stocks equivalent to 100% of GDP by 2025 and 120% ofGDP by 2030. The number of securities trading accounts is expected to reach 9million by 2025 and 11 million by 2030.
The market debt of bonds should reach at least 47% of GDP, with corporate bonddebt accounting for at least 20% of GDP, by 2025. By 2030, it aims to reach atleast 58% of GDP, with corporate bond debt accounting for at least 25% of GDP.The derivatives market is projected to grow at an average rate of 20 to 30%annually in 2021-2030.
The strategy strives to upgrade the Vietnamese stock market from a frontiermarket to an emerging market by 2025, according to the criteria ofinternational organisations for stock market classification./.
World Bank (WB) experts have suggested several things that Vietnam should do to attract foreign investment in the stock market at the recent Inter-Agency Seminar on Unlocking the Potential of Vietnam’s Capital Markets.
The market capitalisation of Vietnam’s stock market approximated 6 quadrillion VND (246.7 billion USD) in 2023, rising 9.5% from and equivalent to about 62% of gross domestic product (GDP) in 2022, statistics show.
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In the first seven months of the year, Phu Tho attracted an impressive 651.7 million USD in foreign direct investment, including 35 newly licensed projects totaling 119 million USD in registered capital and 45 existing projects with an additional capital of 533 million USD.
Under the agreements, VinEnergo will invest in, install, and operate 43 MWp of rooftop solar power capacity and 45 MWh of BESS capacity across the three plants.
Under a draft to amend and supplement the Government's Decree 125/2020/ND-CP on administrative sanctions for violations of tax and invoice regulations, the Ministry of Finance has proposed classifying the failure to issue invoices into five different levels. Infraction levels will correspond to fines of 1 million VND to 80 million VND, depending on the nature and number of invoicing violations.
A new airline developed and invested by Sun Group — has officially announced a strategic partnership with Amadeus IT Group (Amadeus), one of the world’s leading travel technology companies. This agreement not only lays the foundation for a modern digital infrastructure but also marks a pivotal step in SPA’s global expansion strategy, enabling the airline to access international distribution networks and reach customers worldwide.
Of the total, 107,700 were new firms, with combined registered capital of 928.4 trillion VND (35.4 billion USD), up 10.6% in number and 5.5% in capital compared with the same period last year.
Experts agree that a combination of technology, enforcement, education and cross-border cooperation is essential to protect copyrighted content in Vietnam’s growing digital ecosystem.
Poland is Vietnam’s largest export market in Central and Eastern Europe, with key staples including seafood, textiles, footwear, coffee, and cashew nuts.
Cashless payments are growing at an impressive rate, averaging 30–40% annually. Vietnam’s per capita cashless transaction volume now trails only China, with total value of 295.2 quadrillion VND (11.26 trillion USD), or 26 times of its GDP.
A draft resolution on piloting a digital asset and cryptocurrency market is being developed, aiming to create a broad-enough regulatory sandbox that enables investor participation and provides practical grounds for policy refinement in areas such as risk management and anti-money laundering.
Viettel was ranked third for overall mobile performance with a score of 82.56 just behind UEA’s e& (88.05) and Quatar’s Ooredoo (87.05) and ahead of Singapore’s Singtel (82.53). Vinaphone took second in 5G speed with a score of 78.11, trailing only behind e&.
PM Chinh proposed MUFG work closely with the Ministry of Finance to improve legal frameworks and support the establishment and operation of the international financial centre in Da Nang and Ho Chi Minh City.
The Prime Minister emphasised the significance of maintaining macroeconomic stability, controlling inflation, promoting growth, and improving the harmony between monetary and fiscal policies.
Petrovietnam will step up the development of new products and the expansion of international markets to reduce reliance on the domestic market. It also plans to optimise capital use, manage cash flow and costs, streamline operations, and enhance workforce quality to achieve its 2025 goals.
The Ho Chi Minh Stock Exchange in Ho Chi Minh City. (Photo: VNA) 
