Experts highlight 'key' points after stock market upgrade

(NLDO) - After upgrading the stock market, it is necessary to continue reforming and developing the capital market, aiming for higher and more comprehensive goals.

Currently, there are more than 10 million investors participating in the Vietnamese stock market. The liquidity of the Vietnamese stock market is at the highest level in the region, higher than markets that have developed for 70-100 years.

Mr. Bui Hoang Hai spoke at the conference

The above information was announced by Mr. Bui Hoang Hai, Vice Chairman of the State Securities Commission ( Ministry of Finance ), at the seminar "Upgrading the stock market, expanding capital mobilization channels for the economy" organized by the State Securities Commission (SSC) in coordination with Lao Dong Newspaper on the afternoon of July 30.

According to Mr. Bui Hoang Hai, over the past 25 years, we have narrowed the gap with countries in the region. As of July 21, 2025, the VNIndex reached 1,485.05 points, up 7.9% compared to the end of last month and up 17.2% compared to the end of 2024. The market capitalization of stocks on the three exchanges HOSE, HNX and UPCOM on July 21, 2025 reached VND 8,214.67 trillion (USD 328.5 billion), up 14.5% compared to the end of last year, equivalent to 71.4% of estimated GDP in 2024.

"This shows that stock investment is gradually asserting its role as an important investment channel and is increasingly attracting widespread participation from the public. The number of investor accounts has increased from 3,000 accounts in 2000 to more than 10 million accounts, reflecting the increasingly large participation of people in this high-level financial market," said Mr. Hai.

According to Mr. Bui Hoang Hai, with the goal of upgrading Vietnam's stock market in 2025, the Ministry of Finance and the State Securities Commission have been urgently reviewing and proposing amendments and supplements to legal documents to gradually remove bottlenecks in considering upgrading according to the criteria of international organizations.

At the same time, coordinating with ministries and branches to deploy solutions to meet the criteria of market rating organizations towards the goal of upgrading Vietnam's stock market from frontier to emerging and has achieved remarkable results.

Ms. Pham Thi Thuy Linh, Head of the Securities Market Development Department (SSC), said that regarding the review of the upgrade by the FTSE Russell rating organization, according to tradition, in March and September every year, the FTSE Russell rating organization will announce the list of upgraded and downgraded stock markets and countries on the watch list.

According to Ms. Linh, up to now, in terms of law, the Ministry of Finance has issued solutions to fully meet the 9 criteria of the FTSE Russell rating organization. In addition to the evaluation criteria of the FTSE Russell rating organization, there is also a need for feedback from foreign investors participating in the Vietnamese stock market.

However, the experience and positive feedback of foreign investment organizations on the Vietnamese stock market is one of the important bases for FTSE to consider upgrading the stock market. Therefore, the State Securities Commission is actively implementing solutions to help foreign investment organizations participate in the Vietnamese stock market.

Mr. Pham Luu Hung spoke at the conference

Mr. Pham Luu Hung, Chief Economist and Director of SSI Investment Analysis and Consulting Center (SSI Research), acknowledged that upgrading not only has opportunities but also challenges.

According to Mr. Hung, countries in the world such as Pakistan and UAE, when upgraded, did not achieve growth as expected. In the world, many countries reduced foreign capital attraction when upgraded. For example, Greece was upgraded from emerging to developed, but did not achieve as expected.

To achieve good results, Vietnam needs to do a lot of work after the upgrade. Mr. Hung proposed that "post-upgrade", it is necessary to continue the reform process, develop the capital market, and aim for higher and more comprehensive goals.

Along with that, research is needed to loosen regulations on stock listing (conditions of profit for 2 consecutive years, no accumulated losses) to help businesses in the technology, startup, and innovation industries participate in the capital market.

Mr. Nguyen Son, Chairman of the Board of Members of the Vietnam Securities Depository and Clearing Corporation (VSDC), said that we are striving to upgrade to attract foreign investors, but the more important thing is to maintain market stability. Upgrading and then downgrading is normal.

"Many countries, after being upgraded, have seen capital flows increase rapidly, but they cannot maintain this, leading to being downgraded again. Therefore, maintaining stability after the upgrade is key," said Mr. Son.

Source: https://nld.com.vn/cac-chuyen-gia-neu-diem-then-chot-sau-khi-thi-truong-chung-khoan-duoc-nang-hang-196250730163120415.htm