During a working visit to the United States, Vu Thi Chan Phuong, chairwoman of the State Securities Commission of Vietnam, met Robert H McCooey Jr, vice-chairman of Nasdaq, in New York on August 26 local time.
Leaders of the State Securities Commission and Nasdaq meet for talks (Photo: State Securities Commission).
According to the State Securities Commission, the meeting focused on recent developments in Vietnam's stock market, including reforms to the legal framework, market operations and infrastructure aimed at improving transparency, efficiency and access for international investors.
Phuong said FTSE Russell's decision to upgrade Vietnam from frontier-market status to secondary emerging-market status would create new opportunities to attract international capital. The move is also expected to encourage more US investors to explore the Vietnamese market and increase their participation.
“Vietnam will continue to improve the quality of its market, diversify financial products and strengthen the effectiveness of management and supervision, while creating more favourable conditions for domestic and international investors,” the State Securities Commission said.
McCooey welcomed the progress made by Vietnam's stock market and congratulated the country on its reclassification. He described Vietnam as a dynamic market with considerable potential to attract growing interest from investors in the US and around the world.
The Nasdaq vice-chairman also reaffirmed the exchange's willingness to continue working with the State Securities Commission and Vietnam's stock market as the country enters a new phase of development.
The two sides discussed potential areas of co-operation to strengthen links between the Vietnamese and US capital markets, with a particular focus on connecting Vietnamese businesses with financial institutions, investment banks and the international investment community.
Nasdaq is prepared to draw on its global network and experience to help connect companies with potential investors, promote investment opportunities and assist Vietnamese businesses in exploring suitable methods of raising capital in international markets.
The two sides also exchanged experience in developing new financial products and market segments, in line with Vietnam's efforts to diversify investment products, expand channels for raising capital and deepen its stock market.
On market supervision, Phuong called on Nasdaq to share its expertise, provide training and facilitate professional exchanges to strengthen the capacity of Vietnam's market surveillance officials.
McCooey said Nasdaq was ready to co-operate on exchange, training and knowledge-sharing programmes, either in person or online.
The State Securities Commission and Nasdaq signed a memorandum of understanding in New York in September 2023. The agreement focuses on promoting investment and developing Vietnam's capital market, strengthening business links and helping promising Vietnamese companies explore and gain access to international capital markets.
